Cranbury home $399,900 (33 S. Main Street; reduced; sold)
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madison
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PostPosted: Fri, Sep 10 2010, 11:21 am EDT    Post subject: Cranbury home $399,900 (33 S. Main Street; reduced; sold) Reply with quote



For Sale By Owner
Contact: 732-647-6477 or email at smainstreet33@yahoo.com

$725,000
4 Bed, 2.1 Bath
For Sale By Owner
* Single Family Property
* Status: Active
* Area: Cranbury Village
* Year Built: ~1860
* 4 total bedroom(s)
* 2 total full bath(s)
* 1 total half bath(s)
* 9 total rooms
* Two story Colonial
* Master bedroom is 14x15
* Living room is 14x16
* Dining room is 11x18
* Family room is 13x13
* Kitchen is 12x24
* Office is 8x19
* Fireplace features: Wood Burning
* Detatched garage
* Heating features: Gas WaterHeater
* Forced air heat
* 2 Zone Central air conditioning
* Inclusions: Dryer, Washer
* Approximate lot is 60x150

http://www.realtor.com/realestateandhomes-detail/33-S-Main-St_Cranbury_NJ_08512_M61831-29328
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neighbor
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PostPosted: Fri, Sep 24 2010, 8:36 pm EDT    Post subject: Re: For Sale By Owner: Cranbury home $725,000 (33 S. Main Street) Reply with quote

This house can also be seen at zillow.com or smainstreet33.com
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PostPosted: Sun, Jul 17 2011, 6:22 am EDT    Post subject: Re: Cranbury home $619,900 (33 S. Main Street; reduced) Reply with quote

New price: $619,900.
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PostPosted: Sun, Sep 11 2011, 12:44 am EDT    Post subject: Re: Cranbury home $589,900 (33 S. Main Street; reduced) Reply with quote

new price: $589,900.
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PostPosted: Mon, Oct 10 2011, 11:30 am EDT    Post subject: Re: Cranbury home $589,900 (33 S. Main Street; reduced; gone?) Reply with quote

Did this house sell? Realtor.com has it listed as not for sale.
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PostPosted: Tue, Oct 11 2011, 11:04 pm EDT    Post subject: Re: Cranbury home $589,900 (33 S. Main Street; reduced; gone?) Reply with quote

I know there was a couple interested in this house, so there is a good possibility it was sold.
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PostPosted: Sat, Oct 22 2011, 10:39 pm EDT    Post subject: Re: Cranbury home $564,900 (33 S. Main Street; reduced) Reply with quote

new price: $564,900.
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house
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PostPosted: Sat, Dec 3 2011, 9:43 am EST    Post subject: Re: Cranbury home $499,900 (33 S. Main Street; reduced) Reply with quote

new price: $499,900.
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local homeowner
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PostPosted: Tue, Dec 6 2011, 11:58 am EST    Post subject: Re: Cranbury home $499,900 (33 S. Main Street; reduced) Reply with quote

This house is a good example of why the recent realtor-involved panel discussion on Cranbury home prices was silly. That session used cherry-picked data to give attendees the reassurance that home prices have fallen only 9% in Cranbury.

This home is the more typical reality. It last sold in January 2006 for $652,000. Now it has been on the market for well over a year and is down to $499,000. That's a whole lot more than a 9% drop. And this house is in good shape, better than when it last sold in 2006, having seen it both times. It's also in a nice location. You can't call it an aberration due to any problems.

Homes in my neighborhood in Cranbury are down at least 25%. Talk to anyone locally who has had their house on the market for a while and ask them if the market is only down 9% from peak.

This isn't a dig on Cranbury. I love this town and have no intent to sell my house anytime soon, so I’m not personally worried about short term value. I just don't see who it helps when people are given the impression their asset holds more value than it really does, except perhaps Relators when trying to attract buyers and sellers.

Good luck to these sellers. This certainly seems like a deal at this price, even with all the market declines.
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Wonder Bread
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PostPosted: Tue, Dec 6 2011, 12:52 pm EST    Post subject: Re: Cranbury home $499,900 (33 S. Main Street; reduced) Reply with quote

It is unfortunate to see what has happened with the pricing of this house.

For its 1st 10 months on the market, this house was priced 10% above its peak market value.

Then, the price was adjusted to 5% below peak market for 2 months.

Effectively, this house was priced without consideration of the real estate bubble-bust for its first year on the market.

Now, in just the last 3 months, the price has been adjusted down by another 20%.

I sincerely hope this major price reduction works for the sellers. I can't help but wonder if a more aggressive price earlier in the process would have ultimately resulted in a higher selling price.
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Wheat
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PostPosted: Tue, Dec 6 2011, 1:40 pm EST    Post subject: Re: Cranbury home $499,900 (33 S. Main Street; reduced) Reply with quote

It's been listed for more than 10% below its January 2006 sale price for at four months now with gradual price reductions since then.

The other thing missing from the sales stats is how many homes are getting pulled from the market without sales. Many sellers give up due to lack of offers or offers far lower than what they expected or were willing to take. Many never get an offer and when you talk with them, they aren't getting much traffic either. Just as unemployment figures are artificially skewed lower by people who are unemployed so long that they stop being counted, local home sales are skewed by the fact that only the sucessful sellers are counted in the statistics. But when you look at the ratio of homes that were listed versus sold, it has rarely if ever been lower.
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Wonder
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PostPosted: Tue, Dec 6 2011, 10:35 pm EST    Post subject: Re: Cranbury home $499,900 (33 S. Main Street; reduced) Reply with quote

Wheat wrote:
It's been listed for more than 10% below its January 2006 sale price for at four months now with gradual price reductions since then.


Actually Wheat, when adjusted for realtor commissions, this house was essentially listed well above or at its peak purchase price until September 11th, less than three months ago. Unfortunately, the seller missed some of the best potential months before getting realistic about price and now (as of 12/3) they've gone deep at one of the slowest points of the year.
Let's hope it works for them.
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Wondering
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PostPosted: Fri, Dec 9 2011, 9:44 pm EST    Post subject: Re: Cranbury home $499,900 (33 S. Main Street; reduced) Reply with quote

So, what do you think is a 'realistic' price for this house? Or the other one across the street (which just went down to $719)? Or the one on Woodview which has been the on the market for over 200 days?
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Home
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PostPosted: Fri, Dec 9 2011, 10:22 pm EST    Post subject: Re: Cranbury home $499,900 (33 S. Main Street; reduced) Reply with quote

Even if it sells at 499 what does that due to the real estate in the area. If that house sells in the mid-400's and I had a house on S main I'd appeal right away.
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wheat
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PostPosted: Sat, Dec 10 2011, 12:30 am EST    Post subject: Re: Cranbury home $499,900 (33 S. Main Street; reduced) Reply with quote

Wonder wrote:
Wheat wrote:
It's been listed for more than 10% below its January 2006 sale price for at four months now with gradual price reductions since then.


Actually Wheat, when adjusted for realtor commissions, this house was essentially listed well above or at its peak purchase price until September 11th, less than three months ago. Unfortunately, the seller missed some of the best potential months before getting realistic about price and now (as of 12/3) they've gone deep at one of the slowest points of the year.
Let's hope it works for them.


What a silly concept. You don't "adjust for realtor commissions" in determining fair market price, because the sale price is what represents what a buyer would pay, and therefore the market value, not the net proceeds to the seller. Nice try though. You're also assuming the 1/2006 sale price was peak market.
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Wonder
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PostPosted: Sat, Dec 10 2011, 9:55 am EST    Post subject: Re: Cranbury home $499,900 (33 S. Main Street; reduced) Reply with quote

wheat wrote:
Wonder wrote:
Wheat wrote:
It's been listed for more than 10% below its January 2006 sale price for at four months now with gradual price reductions since then.


Actually Wheat, when adjusted for realtor commissions, this house was essentially listed well above or at its peak purchase price until September 11th, less than three months ago. Unfortunately, the seller missed some of the best potential months before getting realistic about price and now (as of 12/3) they've gone deep at one of the slowest points of the year.
Let's hope it works for them.


What a silly concept. You don't "adjust for realtor commissions" in determining fair market price, because the sale price is what represents what a buyer would pay, and therefore the market value, not the net proceeds to the seller. Nice try though. You're also assuming the 1/2006 sale price was peak market.

Wheat,
The fact that You disagree with me doesn't change the fact that what you posted was wrong.

Also, if you don't think realtor commissions factor into home sale prices, then you are simply wrong, again.

In general, it seems to me your point is that home values are worse than people realize. You may be right about this. However, my point is the pricing strategy of this seller is clouding the picture and therefore this home is not a good barometer for home values.
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