Is it reasonable to pay $258 per sqft for a 3 bedroom,ranch in Summit for nice location? Can anyone be help?

Asked by Mark, Iselin, NJ Mon Feb 9, 2009

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Felix Quist-…, Agent, Maplewood, NJ
Wed Jul 15, 2009
Hi Mark

As previously stated we do not use square footage to gauge a house value as many aspects go into that, however what you can do is find a builder and inquire how much he/she requires per square foot. This will give you a very base line cost (even though more costs will be added to that). Anything around $100 per sq foot would be good, but might be hard to find.
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Martha McDon…, Agent, Summit, NJ
Tue Feb 10, 2009
We do not use square feet to gauge values on re-sales. There are so many elements that go into determining value such as location (proximity to town, train, schools) condition, upgrades, property dimensions and so fourth. We rarely see SF mentioned on a listing or floor plan.
Here is an exert from my Blog: http://www.Summit-NJ.com
Today it is critical that you physically see what is out there on the market. Looking at listings on the web is fine but not a good way to establish a foundation or baseline education.
With that being said, hire a hard working, full time broker to show you as many properties as you can stomach, yes this takes time away from other things you would prefer doing, not to mention patience. Look at properties above your range and ask your broker for current market statistics: what is selling or why a property is “sitting”. Remember, all your friends and loved ones will discourage your from buying today. Yes, many are paralyzed by the unknown, or fear. Either way, do your homework, stay in front of the market, when you see value or a great opportunity, you will know it is time to make a move, all fear aside.
Martha McDonnell
Lois Schneider Realtor
Web Reference:  http://www.summit-nj.com
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