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[quote="Facts Please"][quote="Guest"]It amazes me when people still wildly overreach on their price expectation this far into the down market.  Prices have been in decline for 2 years and everyone knows that the credit crunch has also seriously reduced the potential buyer pool.  I haven’t heard of any house recently selling over their 2006 assessment value and most sell notably below it.  I don’t credibly believe it is possible to have the financial capacity to own a home and be so out of touch with the economy, local and national, or the home market to not be aware of these conditions.  A simple look at real sales prices on this site provides concrete data about the state of the Cranbury housing market.

Yet here is an owner who believes they can list a house at 47% OVER the 2006 market-high assessment value of $646,900 (and that includes both the 1 acre house site and 5 acre farmland site assessment).  They purchased the house and lot less than 10 years ago for $388,000, so they are expecting a 250% return on their investment despite the significant erosion in values in the last 2 years.

I wish one of these days you could directly hear from one of these people and get a straight answer to “what are you thinking?”  I know most people believe their home is “special” and there are reasons it deserves to do better than the market.  And we’ve all heard the blah, blah, blah about how assessment value doesn’t necessarily relate to market value.  Give me a break.  It would be very silly to claim that an assessment is off by almost 50%, and if it is then the Township should sue someone for lost revenue from under collection of taxes.[/quote]

Umm . . . Are you a realestate agent or an Appraiser? You are missing some facts. Do you know how much money the owner has put into the house over the last 10 years? Did you know assessment value is not true realestate value? I know this is your opinion, but if you are a neighbor you are not helping the realestate values in our town by your uninformed comments. If you feel the house is not worth it, then don't buy it.

OR perhaps that is your true intention to try to get a bargain by bashing home values in Cranbury.[/quote]

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