Oak Ridge, Peachtree and Ken Gardens represent the complexes that comprise most of the units sold within Cliffwood. Some complexes hold or lose value at different rates. Several factors can impact the value, and just one of many examples may be how one complex is fiscally managed compared to another. Using just this one example, a unit at a higher price in a well managed complex may be a better deal than a lower priced unit in a poorly managed complex with low reserves and deferred maintenance.
On what data set did you determine that the anticipated sale price mirrors 2004 pricing? The integrity of the data matters.
Assuming your data is accurate, the complex is sound, and no external nearby factors are adversely affecting property valuesâ€¦â€¦..is 2004 pricing good? Yes.
Will prices go down next year? Impossible to say. Each of us wishes we had a crystal ball, but none of us do. There are projections that, overall, properties in NJ may go down 4% in 2008 and see positive movement in 2009. If you buy a property at a good price today, that bottom line may be better than you might find in 8 months, 10 months, or 12 months.
Deborah Madey - Real Estate Broker
Peninsula Realty Group - New Jersey