Cranbury home $2,600,000 (Nicola Ct.)
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PostPosted: Mon, Apr 11 2016, 2:22 pm EDT    Post subject: Cranbury home $2,600,000 (Nicola Ct.) Reply with quote



$2,600,000
5 beds
5 full , 1 half baths
7,313 sq ft
6.09 acres lot
Year built: 1999

Spectacular custom colonial built on a private six acre cul-de-sac lot.

http://www.realtor.com/realestateandhomes-detail/9-Nicola-Ct_Cranbury_NJ_08512_M65665-47574
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anon-6696
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PostPosted: Mon, Apr 11 2016, 8:12 pm EDT    Post subject: Re: Cranbury home $2,600,000 (Nicola Ct.) Reply with quote

I wonder why 2 homes right next to each other both go on sale at the same time, both asking about twice the Zillow assessed value and over a $1MM more than the tax appraised value?
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anon-qrs4
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PostPosted: Mon, Apr 11 2016, 11:12 pm EDT    Post subject: Re: Cranbury home $2,600,000 (Nicola Ct.) Reply with quote

Tax values and Zillow are not good estimates. Zillow has my home under assessed by 20% based on comps both from an appraiser I hired from my employer and an agent. I was looking to sell due to a possible Relo, but we opted not too for the kids.
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anon-sp0n
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PostPosted: Tue, Apr 12 2016, 11:04 am EDT    Post subject: Re: Cranbury home $2,600,000 (Nicola Ct.) Reply with quote

anon-qrs4 wrote:
Tax values and Zillow are not good estimates. Zillow has my home under assessed by 20% based on comps both from an appraiser I hired from my employer and an agent. I was looking to sell due to a possible Relo, but we opted not too for the kids.


1) One of the properties is asking more than double what it sold for about 14 years ago. Factoring in the market correction starting in 2007, most homes in this particular local market aren't worth more than double their price from then.

2) The upper end of the Cranbury market has been the slowest to recover.

3) Appraisers and realtors are not necessarily good judges of a home value either. Both are notorious for over-valuing. Appraisers use all kinds of adjustments to comps that give them discretion to increase prices. That's exactly what helped create the loan crisis 9 years ago. It's rare they err in the direction of undervaluing.

4) You said Zillow undervalued your home by 20%. These ask prices are over 100% higher. That's more than a bit.

5) The tax appraisals for Cranbury are a decent reflection of the actual value at the time they were done in 2006. Since then the market corrected significantly downward then started recovering, with the high end of the market recovering the least. Can you point to any comp sales in Cranbury for homes over $1MM where the sale price was over 100% greater than the 2006 tax assessment? Or even close?
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anon-0n10
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PostPosted: Tue, Apr 12 2016, 2:00 pm EDT    Post subject: Re: Cranbury home $2,600,000 (Nicola Ct.) Reply with quote

Many homes and businesses have been revalued since 2006.

I am just highlighting that zillow is not a good indicator of value nor is a tax assessment. Prior to 2006 my home of 800k was valued with the town at just over 300k.
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anon-sp0n
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PostPosted: Tue, Apr 12 2016, 4:53 pm EDT    Post subject: Re: Cranbury home $2,600,000 (Nicola Ct.) Reply with quote

anon-0n10 wrote:
Many homes and businesses have been revalued since 2006.

I am just highlighting that zillow is not a good indicator of value nor is a tax assessment. Prior to 2006 my home of 800k was valued with the town at just over 300k.


Right but that's because prior to 2006 they hadn't done a market-rate tax appraisal in about 20 years during a period of the largest increase in home values in history. So it makes sense that the value was way off. 2006 reset that. Any revaluations since 2006, either by the Township or at the request of the homeowner, would be even more recent market. Had the market continued to go up in the last 10 years at the same rate it had in the 10 years prior to 2006 the appraisals of most homes would be way off again. But we had a major correction in that time. Now homes in the mid-range (the sweet shot for Cranbury) are again selling for more than the 2006 numbers, but not by a huge margin. Homes in the top of the market have recovered slower and are worth a tad more than the 2006 numbers but not materially. And certainly not over 100% greater.
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