Opinions wanted on the pricing for this beach front townhouse in Keansburg? Think its worth it why or why not?

Asked by Victor Kaminski, Edison, NJ Sun Aug 3, 2008

Please no Yes/No answers put a little reasoning behind your answers.
This is a condo townhouse in Keansburg across the street from the beach. Large unit built in 2002 still practically new, around corner from the marina and two blocks from an amusement park, about 3 minutes from the ferry to NYC and close to the highways and trains and other transportation.

4 bedrooms, 2 full, 2 half baths 4 car driveway 1 car garage, low taxes Very Rarely available complex.
It just so happens the neighbor is selling his unit and just lowered the price to $399,000 but I think mine is in better shape and its priced at $360,000 any opinions from anyone with a clue?

You can see more detailed info here as featured property http://monmouthoceanmls.com/victor

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Victor Kaminski
Broker of Record
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757

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8
Victor Kamin…, Agent, Edison, NJ
Sun Aug 3, 2008
Kenneth, I agree with you without a doubt that under pricing will build the most activity on your property and get bidding wars started in any market however you really need to know for sure what the true market value of the property is in order to even under price it.

You also need the owner to be willing to under price it and hope when you get an offer others will come at the same time to start the frenzy. I know this works but and works quick but most sellers arent willing to take the chance of not getting the offers high enough and many buyers won't want to go too much higher then the asking price either.

We have done this recently but that still doesn't answer my question about pricing of this house.

Thanks though, I appreciate all the feedback and attention to my listing ;-)

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Victor Kaminski
Broker of Record
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
http://www.realrep.com/
(MIDDLESEX MLS SEARCH) http://search.victor.msx.mlxchange.com/
(GSMLS SEARCH) http://www.gsmls.com/
(Monmouth/Ocean MLS) http://monmouthoceanmls.com/victor
http://www.homes.com/Agent/4243382/victorkaminski
1 vote
Victor Kamin…, Agent, Edison, NJ
Sun Aug 3, 2008
The home went on the market yesterday; I'm just a diligent agent.

Ken I cannot imagine how your listing presentations go down with sellers.
"Well the neighbors house that just sold for $xxx however you need to cut 10% off the price of that and oh by the way don't forget to factor my commission in those figures because even properly priced homes are just sitting on the market." Yikes! Needs a little tweaking ;-)

All kidding aside,
Let me clarify this, there are no true comparable comps available. There are only 8 units in this complex none of which had been sold since originally purchased. Good indicator how much the owners love the place. All other condos in the area are tiny in comparison and the ones which are condo townhouses don't have garages and private driveways or a yard and are much older.

There was a condo project across the street that was started but temporarily put on hold due to market conditions so it is sitting there 3/4 done. Once complete this can do wonders for the market value of this property.

Anyway pricing has been done using local and regional market appreciation and depreciation statistics over the last 5 year term since the property was purchased. I think my pricing is pretty good but only time will tell I suppose. I was just looking for a little feedback from buyers and perhaps local agents familiar with the Keansburg market.

Gina, the one next door was listed with an agent for over $400K but expired and the owner put it up as a FSBO for $399K and is currently available. A unit has not been sold here since about 2003!

Thanks!

--
Victor Kaminski
Broker of Record
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
http://www.realrep.com/
(MIDDLESEX MLS SEARCH) http://search.victor.msx.mlxchange.com/
(GSMLS SEARCH) http://www.gsmls.com/
(Monmouth/Ocean MLS) http://monmouthoceanmls.com/victor
http://www.homes.com/Agent/4243382/victorkaminski
http://www.trulia.com/voices/profile/Real_Estate_Pro-Edison-…
http://www.city-data.com/forum/members/victorkaminski-211209.html
http://www.realrep.com/Listing/DefaultListingSummary.aspx?Sh…
http://www.city-data.com/forum/3305497-post16.html
http://www.trulia.com/voices/Home_Buying/I_m_thinking_of_pur…
http://nls.point2.com/members/US/New-Jersey/Edison/Victor-Ka…
1 vote
Kenneth Verb…, Agent, PRINCETON, NJ
Sun Aug 3, 2008
Doesnt matter what the other one on the market isnt selling for. You need very recent sold comps and then should probably take 10% off this. Buyers are looking for steals. How long have you had it on market? Even properly priced homes are sitting a while.
1 vote
Gina Chirico, Agent, Fairfield, NJ
Sun Aug 3, 2008
Victor,

Not knowing the area and/or complex but based on what you are saying - the two townhouses are almost identical with your house perhaps a little better, right? The one next door is a FSBO or with an agent?

Obviously you ran the comps and priced accordingly, so how is the other unit priced in comparison? Overpriced or still within the comps but at the higher end? From my experience, similar houses in the same immediate area that are overpriced typically sell the houses that are lower priced. Why would someone pay an additional $39,000 for the same unit especially if you have the better unit. Most buyers will not see the value in paying $39,000 more. However, if that unit goes under contract before your unit - then you may have to re-adjust your position. We all know the dangers of overpricing and assuming next door is overpriced - I would let "the neighbors" find out the dangers for themselves.

Good luck.

Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-715-1158 cell
973-239-7700 ext 132
GinaChirico@PruNewJersey.com
1 vote
Kenneth Verb…, Agent, PRINCETON, NJ
Sun Aug 3, 2008
Victor, We are at 2004 prices here. My suggestion was Anticipate the market as opposed to following it down. Sellers (and agents have been doing it for past boom years) "Over price and wait till the market hits it". Any seasoned agent knows you cant underprice a home as the market will drive the price up. My last listing sold for 15% above it's appraised value and exactly where I predicted. The previous 3 also sold in this declining market also sold right on my numbers (after about 2 months on the market)
After one day on the market it is funny you are reaching out for price opinions. I dont know about your market, but mine is declining and I plan accordingly.
0 votes
Joe Blow, Both Buyer And Seller, New Jersey
Sun Aug 3, 2008
This thread is funny it sounds like nobody knows what to do with pricing.

diane says use list of close sales when victor says there are none, kenneth says whatever your price is it should probably be 10% lower if its not selling and gina has no advice which is probably the better option here. she just comments by analizing the two properties that are for sale saying the cheaper one is the better deal.

keep it coming this is funny stuff and victor still has no help or answer to his question. funny!
0 votes
Victor Kamin…, Agent, Edison, NJ
Sun Aug 3, 2008
That is why as I said in my post I did not use the neighbors asking price in my pricing computation, I never do. One thing I usually pride myself on after performing thousands of BPO's and CMA which have sold many houses for the agents I've helped always use RECENT sold comps and expireds, not actives or under contract.

Old comps are no good except if you need to use market appreciation / depreciation factors to calculate price in a slow market or one with little or no recent or "true" comps.

Diane I hope you are not suggesting I take a price from 2003 of a neighbors unit selling and lower it from there? That is not the advice you are giving is it?

Most of the markets further up north from your area of Spring Lake didn't start their decline until about 2006, in 2005 Sales were still BOOMING! For me and my office anyway.

--
Victor Kaminski
Broker of Record
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
http://www.realrep.com/
(MIDDLESEX MLS SEARCH) http://search.victor.msx.mlxchange.com/
(GSMLS SEARCH) http://www.gsmls.com/
(Monmouth/Ocean MLS) http://monmouthoceanmls.com/victor
http://www.homes.com/Agent/4243382/victorkaminski
0 votes
Diane Glander, Agent, Spring Lake, NJ
Sun Aug 3, 2008
What yours is selling for or what your neighbor's is selling for is irrelevant when it comes to pricing. Find comps for closed sales. That's where we get our list price from, not from what the neighbors are asking.

Maybe you both are overpriced. It's not my market and I cannot tell. I just don't know that comparing the two units is fair without closed comp data. Even if you have to go back a few years to find a closed sale, prices have been declining since 2005 in most NJ markets. An old comp wouldn't be a bad place to start.
Web Reference:  http://www.dianeglander.com
0 votes
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