Rendering of 62-condo Plainfield Senior development.
Kenilworth is in an uproar over rumors concerning a proposed condo development -- with interesting implications for Plainfield's Senior Center condos.
As the Ledger reports this morning, the town is abuzz over rumors the condos will be offered at $350,000 for a two-bedroom unit. (Is it a coincidence that our Senior Center condos were mentioned as being offered at the same number?)
Not so fast, says developer Harold Abrams, "No one knows what you can sell for a year from now."
Which brings us to OUR condos.
Will they sell?
Probably.
Will they sell at $350,000.
Probably not.
Make that 'Not very likely.'
The market has sagged like a fallen arch since the developers began beating on our doors a year ago.
Whether they are offered at $350,000 or, more likely, $250,000, there is a real question about how well they will sell -- especially if the thought is that they will be found attractive by Seniors.
Who in their right mind would sell a house on which they are paying taxes on a value assessed at something like $125-140,000 to move into a new condo which will be assessed at the sales price?
The line forms on the right.
Ledger: "Kenilworth developer says age-restricted project not set"
-- Dan Damon
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1 comments:
IMHO I think the Senior Center condos will be difficult to sell even at $225K and that's looking at the market TODAY, not when they will be finished. Given the recent meltdown of the mortgage and financial markets, if I were the developer I would have hesitated to break ground. Even Hovnanian is drastically cutting prices. "Danger Will Robinson, danger"
BK
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