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Market Conditions in 08831 : Real Estate Advice

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  • Local Info5
  • Home Buying19
  • Home Selling7
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Activity 2
Wed May 1, 2013
Rohini Agarwal answered:
There is no association fee. The community charges $ 150 annually for retaining the water basin.
Please give me a call at 908-300-6802 cell to see this property with great schools and neighborhood.. ... more
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Sun Feb 10, 2013
Frank Bianco answered:
Hi Paul! To begin with, you should know that this home is in one of Monroe's Adult Communities,where you must be at least 55 years old. (A second resident can be 48 years old).

The property you asked about was sold in April of last year. It was listed at $24,900, and sold for $21,250. I should point out that it was a very, very small, 3 room home. It was also a co-op. When someone buys a co-op, they are not actually buying property, but instead, they are buying a share in the cooperatived. It's like saying you are buying General Motors, when you buy a share of GM's stock. You own a share of the corporation, but you really don't own any "hard" assets. Also, the monthly maintenence fee is very high in co-ops, because it includes the property tax...(even though you don't own any "real" property. In the case of 20A Rossmoor Dr., the maintenance fee was $590.00 per month. Furthermore, there are more restrictions as to what you can and can't do with a co-op, than there are when you own a "Condo". A condo, means that you own the INSIDE of the home. We call it "paint-to-paint. You own the appliances, the flooring, the lighting fixtures, etc., where with a co-op, you don't own anything but a piece of paper......A share in the cooperative.

As of now, there are 15 homes available in the adult communities that are "Condos", each with at least 2 bedrooms, 2 baths and a garage, all priced from $64,500 to $100,000. Naturally, you can go much higher if you want to, depending on the specifics of the home you want.

If I can help you further, please call me on my cell phone, (732)-245-4440, or e-mail me directly at: frank.bianco@levinsonassociates.com.
... more
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