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Market Conditions in Plainfield : Real Estate Advice

  • All77
  • Local Info10
  • Home Buying22
  • Home Selling6
  • Market Conditions9

Activity 9
Sun Mar 15, 2015
Edfranko asked:
This question was asked from http://www.trulia.com/foreclosure/3192039230--Watchung-Ave-Plainfield-NJ-07060
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Sat Feb 15, 2014
Patrick Manies answered:
It's a short sale. The listed price is 155k right now and it's been on the market for over a year. Looks like it needs some work.
0 votes 1 answer Share Flag
Mon Jan 6, 2014
Joan Congilose answered:
There are many towns in Monmouth County where you can find a luxury home with a pool in a great neighborhood. I'm not sure by your question where you are interested in living and what your price range is. However, if you are open to looking in Central NJ feel free to call me.

Joan Congilose
RE/MAX Central
(732) 232-5277
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Tue Jul 23, 2013
Ronald Sheedy answered:
Gus,

This property is a Short Sale which is the cause for the low price. If you are interested in this property or need further information, please don't hesitate to contact me.

Ron Sheedy
(732) 239-7452
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Wed Jun 13, 2012
Ron Thomas answered:
Remember that Property Taxes are a function of the County that collects them:
How efficient is the County run?
Is there a perpetual deficit?
Are the schools run efficiently?
Is there corruption?
How are the assessments determined?
How long have the resident been holding their collective breath?
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Tue Aug 10, 2010
Liveattraditions answered:
I too have a 3 bedroom townhouse to sell in Traditions.
Please write to me at playnw@yahoo.com
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Mon Aug 9, 2010
Joely answered:
Please go and look. Plainfield is block to block - everything from mansions in pampered neighborhoods, to humble but well-kept family areas, on down to blocks of beat-up multi-families that haven't seen a can of paint since Nixon was in office complete with local spokes-thugs posing on the corner. However, the cops stay on top of nuisances like noise, fighting, and shenanigans, so don't assume that if a block is run down that it's also dangerous - it may not be. There are gangs, though. Avoid walking down the street at midnight asking for directions in tough areas, and in others, lock your doors at night and have an alarm system installed. Common sense anywhere, really.

You can get a nice 3-4 br house in a decent area in Plainfield for around $200-250K. It might cost you $400K in a more "prestigious" area. $400K in Plainfield can get you a REALLY nice spread now.

As in many cities, the school system is only reliable through elementary school. After that, plan on private school or being very involved in educating your kids. But again, just as Plainfield is block-to-block, school-to-school also applies.

The city has amazing people of all stripes who care deeply about it, and it's easy to get involved - they're not stand-offish. It also has its corrupt government-types: Everytown USA, in other words. It is racially diverse, has a large gay community (I think the largest in NJ), its own symphony, and used to be a weekend spot for wealthy New Yorkers. Check it out, and don't take out a mortgage to buy a zip code rather than a house and its surrounding community. The Joneses are in foreclosure!
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Mon Jun 8, 2009
Victor Kaminski answered:
To answer your question I suppose it would depend on the area in North Plainfield as well as the complex and when most of those people selling first purchased their units. If they bought between 2004-2007 chances are they may be experiencing financial difficulties or are just trying to take advantage of stimulus money or the banks to bail out of their properties and limiting their losses by doing short sales.

This is not really a reason for you to worry but an opportunity to get a better deal. I would be cautious if it is a very large amount of the units in the same complex because then the finances of the condo association may be on shaky ground so you may begin to see the grounds, buildings & other items the association is to maintain not being taken care of as well anymore until they get back into better financial shape. This would be my only concern.
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Mon Jun 8, 2009
Victor Kaminski answered:
Umm.... No generally they tend to be over priced! I don't know, either it's the agents or the home owners or both but either way they tend to generally price homes on the high side.

That aside, even homes "priced right" in Roselle, Roselle Park or Elmora section of Elizabeth which is right here as well, you can get more for the money plus a better school system, municipal services, lower crime and taxes, etc.. from other neighboring municipalities in the area for the same money. (Just my opinion ).

For the money I'd rather buy in Linden, Rahway, Cranford, Clark, Kennilworth or Union where you can get better schools, lower crime and taxes and more municipal services and programs but that's just my personal preference.

ROSELLE PARK has had 77 single family homes sold between 6/1/08 to 6/8/09
Average Days on market 84.3
Average List to Sale price ratio 95.1% with a minimum of, now get this... 75%, that's 25% over pricing!!! Yikes!

Guess I proved my point...

ROSELLE has had 97 single family homes sold between 6/1/08 to 6/8/09
Average Days on market 112.9
Average List to Sale price ratio 95.3% with a minimum of 38.5%, that's 61.5% over pricing, Geeze...

ELIZABETH Elmora Section has had 46 single family homes sold between 6/1/08 to 6/8/09
Average Days on market 104.5
Average List to Sale price ratio 94.2% with a minimum of 79.3%

Now in contrast
LINDEN has had 194 single family homes sold between 6/1/08 to 6/8/09
Average Days on market 94.7
Average List to Sale price ratio 98.4%

Rahway has had 144 single family homes sold between 6/1/08 to 6/8/09
Average Days on market 88.2
Average List to Sale price ratio 99.7% (Good Job there!)

CRANFORD has had 140 single family homes sold between 6/1/08 to 6/8/09
Average Days on market 70.4
Average List to Sale price ratio 95.6%

Regardless of the reason, agents should not be taking ridiculously over priced homes. They need to better communicate and educate the client and not just take over priced listings with hopes to get them to lower the price later multiple times. This is what gives agents a bad reputation not to mention wastes your time.

Most productive agents won't waste their time with over priced listings or very quickly with get a price adjustment if there is little to no activity.

There are very few homes still getting bidding wars today but that is generally found when prices are under priced, look at this one under priced home in Rahway which sold for 972.1% of the asking price. DANG!!! Yeah you read that right.
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Market Conditions in Plainfield Zip Codes

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