Cranbury Forum | Bulletin | Info Sharing Â
[Click here to bookmark this page: http://cranbury.info]
â–ª
Cranbury School
â–ª
Cranbury Township
â–ª
Cranbury Library
â–ª
Cranbury.org
â–ª
Cranburyhistory.org
(Press Ctrl and = keys to increase font size)
Search
Register (optional)
Log in to check your private messages
Log in
[http://cranbury.info]
->
House For Sale
Post a reply
Username
Subject
Message body
Emoticons
Font colour:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Indigo
Violet
White
Black
Font size:
Tiny
Small
Normal
Large
Huge
Close Tags
[quote="Guest"]My prediction holds. This home will not sell for more than around $1.4M. They might take it off the market first, but they won't get a higher sale.[/quote]
Options
HTML is
ON
BBCode
is
ON
Smilies are
ON
Disable HTML in this post
Disable BBCode in this post
Disable Smilies in this post
All times are GMT - 4 Hours
Jump to:
Select a forum
Topics
----------------
News | Events
School | Parenting
Blogs by Cranbury Residents
Shopping | Good Deals | Price Talk
Home Sweet Home
House For Sale
Home Sales Pricing Records
Financial | Stocks | Mutual Funds
Cool Bytes & Bits
Garage Sale | ForSale Ads | Things to Trade
Tech Related (PC, Internet, HDTV, etc.)
Interesing and Fun Stuff to Share
What's Your Favorite?
Interests | Hobbies
Cranbury History
Radom Thoughts | Sports | Kitchen Sink
Amazon Deals
Local Business Info
----------------
Local Business Ads (FREE)
Support
----------------
Daily Sponsored Message & Amazon Ads
About Us | Your Privacy | Suggestion | Sponsored
Test Area (Practice your posting skills here)
Topic review
<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Thu, Feb 12 2009, 11:06 am EST<span class="gen"> </span> Post subject: Re: Cranbury home $1,800,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Anyone want to make any bets on how long this house actually stays on the market or whether it will be dropped to something within the hemisphere of a fair market price (versus the owners just giving up on their fantasy and pulling it)? It's going on 15 months and counting. It was worth about $1.4 million when it listed for $2.1 million in 2007. It's probably lost another $150-200,000 in value since. It gets both prices for the most audaciously over-priced and the longest on the market all at once. By comparison the other house on Petty at $900-something is a super bargain and even that hasn't sold...</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Thu, Sep 25 2008, 11:32 am EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,800,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">new price: $1,800,000.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Sun, Sep 21 2008, 8:47 am EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>Guest wrote:</b></span></td> </tr> <tr> <td class="quote">Wow, this one is asking for over $850,000 more than another house just listed on the same street with the same # of bedrooms and bathrooms, the same lot size and the cheaper one has a pool. The cheaper one looks pretty nice from the pics too. <br /> <br />Why would anyone pay almost double for this one?</td> </tr></table><span class="postbody"> <br /> <br />I guess they figured reducing it to $825,000 more than the other one made them about even now...</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Sat, Sep 20 2008, 11:25 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,850,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">I don't know whether to laugh or feel sorry for this "seller" (I doubt they are really serious) and agent. <br /> <br />This house has been on the market over 10.5 months and is still prices hundreds-of-thousands too high. Yet the make these tiny adjustments to the asking price after months. It's really hard to comprehend that they are serious sellers. At this rate, they will hit the fair market value of the home in about 5 years on the market...</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Sat, Sep 20 2008, 9:45 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,850,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">new price: $1,850,000.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, Sep 10 2008, 11:00 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Wow, this one is asking for over $850,000 more than another house just listed on the same street with the same # of bedrooms and bathrooms, the same lot size and the cheaper one has a pool. The cheaper one looks pretty nice from the pics too. <br /> <br />Why would anyone pay almost double for this one?</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, Jul 16 2008, 10:11 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Let's put this house into local perspective. <br /> <br />After 8.5 months, they have managed to reduce the price to something still over 20% above the reassessment price done in October 2006 at the peak of the market. They started by asking for over about 50% over the reassessment value. <br /> <br />Now I know there are some people who like to protest that the reassessment value has no relationship to the current fair market value but that just isn't the case when the reassessment was as recent as this one was. Even if it is not an exact measure, its not wildly off. But if you disagree, prove it. List a single house that has sold in Cranbury in the last year to 18 months that got even 10% over the reassessment value. I'm not even sure there is one that got 5% over but even so that is a small fraction of the overage they are asking -- it would be unprecedented in the current local market. <br /> <br />So then let's compare two other houses of comparable size and even newer that are for sale or sold this year on Liedtke Drive. #17 just came on the market and day one is asking less than 10% over the reassessment value. #24 went under contract a few months ago for slightly less than the reassessed value. <br /> <br />Why would anyone pay 20% or even 10% over reassessment value when there are comparable homes available for hundreds of thousands less and more in line with their current assessed values? <br /> <br />If this person is not diluted the other possibility is they are in trouble. I have seen many cases where people have over-leveraged the increasing paper value of their homes during the up-market with one or multiple home equity loans to pay for things like the "nice pool" only to now find that the combined value of the loans and mortgage is more than the current fair market value of the home. That could be the case here.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, Jul 16 2008, 9:48 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>Guest wrote:</b></span></td> </tr> <tr> <td class="quote">What does a drop of $8000 on a $1875000 house amount to? __NOTHING__!!</td> </tr></table><span class="postbody"> <br /> <br />About 1/3 of 1%. That and the outrageous initial price and slowness to adjust the price scream that this is not a serious seller. They are either in serious denial or just have it out there in case someone falls in love with it and ignores the market comps or trends. There is about a 1/3 of 1% chance of that as well, but hey that means its still possible...</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, Jul 16 2008, 7:14 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">What does a drop of $8000 on a $1875000 house amount to? __NOTHING__!!</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue, Jul 15 2008, 7:59 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">My prediction holds. This home will not sell for more than around $1.4M. They might take it off the market first, but they won't get a higher sale.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue, Jul 15 2008, 6:47 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,868,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">new price $1,868,000.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Thu, May 1 2008, 8:04 am EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,875,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Very nice photos added. <br /> <br />BTW, how much to heat such a big house in the winter?</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, Mar 12 2008, 10:30 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,875,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>?? wrote:</b></span></td> </tr> <tr> <td class="quote">Yup, there was a transaction in Feb, 2001 for $799,000. I have a feeling that the buyer rebuilt the house. The picture looks like a newly built house. <br /> <br />BTW, it takes two to tango, and maybe (just maybe) there is a buyer somewhere who likes this one. <img src="images/smiles/icon_wink.gif" alt="Wink" border="0" /></td> </tr></table><span class="postbody"> <br /> <br />Anything is possible. <br /> <br />I'm not convinced the house is newer than 2001. It looks typical of other houses built then. I would bet they either didn't do anything with the landscaping for years so it just looks new due to the lack of mature trees or bushes.. <br /> <br />But they have been on the market 4 months. They could be waiting years waiting for someone who doesn't care what the market value of the home is because they "love it" and have to have it no matter what.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>??</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, Mar 12 2008, 10:15 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,875,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Yup, there was a transaction in Feb, 2001 for $799,000. I have a feeling that the buyer rebuilt the house. The picture looks like a newly built house. <br /> <br />BTW, it takes two to tango, and maybe (just maybe) there is a buyer somewhere who likes this one. <img src="images/smiles/icon_wink.gif" alt="Wink" border="0" /></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, Mar 12 2008, 10:02 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,875,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Wow. Really, wow. What hubirs. Their first ask a year after the reassessment was 50 percent higher than it and 300 percent of their purchase price. In a down market. <br /> <br />That isn't just optimistic. That's almost criminally arrogant.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, Mar 12 2008, 9:54 pm EDT<span class="gen"> </span> Post subject: Re: Cranbury home $1,875,000 (Petty Rd.; reduced)</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">So it should sell for not more than about $1,400,000. <br /> <br />Seriously, what are some homeowners thinking? In order to afford a home in the first place, let alone one in this range, they must be reasonably grounded in the real and have some competence. But why do some people remain in utter denial about the state of the market. They dilute themselves into thinking their area is not only immune to the state of the market but somehow bucking the trend in the opposite direction. Or they convince themselves that somehow their home is "special" and others will be willing to pay 20+% over market comps and trends. Or they compute what they have invested into the home and for some boggling reason assume buyers will care what they spent and ignore the market. Or they ignore reason and allow some eager agent to sell them a story in their eternal optimism... <br /> <br />And then there is plain and simple greed. These owners bought in 2001 for $799,000. Now they want well over twice what they paid for it, over $1M in profit. Why? Because they watched others sell in the market peek, did the theoretical math on what their home was “worth” on paper (and in their heads) and now they feel like they are “losing money” if they sell for less. But this is flawed logic. They aren’t losing money because they never had it. It’s no more rational than offering your Google stock at $700 when the current ask is $450. You bought it at $150 and did great, but because at one moment in time it was at $700, somehow you only think of your loss. Stupid. <br /> <br />Whatever the reason, they are all contributing to the overall problem in the market. There is almost 11 months of inventory in the market versus less than 3 two years ago. Homes are staying too long on the market because sellers are wasting everyone's time listing homes that no one will buy because they aren't priced in accordance with the market.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
Search
Register (optional)
Log in to check your private messages
Log in
Search
Register (optional)
Log in to check your private messages
Log in