I haven't seen the house, but just looking at the pictures & the room sizes, think that for this price one can get similar size homes in Basking ridge area. I understand one gets more land and lower taxes, but then you are not getting basking ridge schools either.
I was doing my home work before I even ask my realtor to show me this house. Comparing houses online: For ex., home on 9 Coddington that is now sold, was listed for 939,000. Beautiful home, no comparison to Jordanna.
This home was listed in August for $1,050,--- then reduced to $999,000 and then to its current asking price of $949,000. The goal of any bidding process is to get a dialogue going with the seller - be happy to provide more guidance on this property or others in Bedminster/Basking Ridge area.
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Have you seen the house? Your best bet is to make an offer at a price where you think the value is. Have your agent back it with supporting documentation and see where it goes. The market is going to set the price and you won't know that seller's motivation until you open up a dialog.