Meadow Glen at Monroe: May 2008 Real Estate Report

By
Real Estate Agent with Keller Williams Realty

Meadow Glen at Monroe is a gated community of 198 townhouses in Monroe, New York within a few minutes of a MetroNorth train to New York City (Penn Station via Secaucus Junction, approximately 75 minutes), Shortline Bus to the Port Authority Terminal and well known tri-state shopping like the Woodbury Common Premium Outlets and various other national brand stores.

Meadow Glen at Monroe
Above: Meadow Glen at Monroe Clubhouse

Located within the Monroe-Woodbury school district and featuring community amenities like a fitness center and lounge in the clubhouse, outdoor swimming pool, playground and tennis court, Meadow Glen at Monroe is well suited for those looking to find an ideal combination of suburban living with city conveniences.

Below are the sale and rental statistics for Meadow Glen at Monroe for the month of April 2008. If you have any questions about the statistics below, please feel free to leave a comment or call me at 1-888-218-8468.

Rental Statistics:
Number of Active Rentals: 3
Average Active Rental Price: $2,367 per month
Average Leased Rental Price: $2,400 per month
Average Leased Rental List Price: $2,575 per month

For Sale Statistics:
Number of Active Homes For Sale: 11
Number of Homes Under Contract: 3
Average Active List Price: $386,036
List Price High: $432,900
List Price Low: $339,900

Sold Statistics:
Number of Sold Homes: 1
Sold List Price: $399,000
Final Selling Price: $380,000

Expired Statistics:
Number of Expired Listings: 3
Average Expired List Price: $436,300
Expired List Price High: $469,900
Expired List Price Low: $339,900

Above data gathered using the GHVMLS and is deemed accurate but not guaranteed.


Now it's worth noting the disparity between the listed price highs and lows. This is mostly due to the fact that there are five models in Meadow Glen at Monroe. I don't have exact square footage on each model, though they do vary for even the same model due to finished basements, but from what I've gathered the models range from smallest to largest in this order: Georgetown, West Point, Lehigh, Belmont and Cornell. I have included a summary of each model to give you a better idea of what each one is like.

Model Descriptions:

Georgetown: The Georgetown model is a three bedroom, two and a half bathroom model with a three story layout. You enter the home from the lowest level, which is below grade in the back but above grade in the front of the home.

On the lowest level there is an entry foyer, one car garage, laundry room, storage closet and a small basement area. Most Georgetown models I've been in have unfinished basements but there are a few with the finished basement. A well finished basement in this model is spectacular to have. First living level has a family room, dining room, kitchen, living room, half bathroom and dinette area with access to the rear patio. The third level, second living level, contains two bedrooms next to one main bathroom and a master suite with walk-in closet and master bathroom.

West Point: I found the West Point to be an interesting model but a little small for my liking. You walk into the first level where there is a coat closet, one car garage, kitchen, eat-in kitchen area, dining room and living/family room. Access to the full basement is through the first floor, near the foyer and stairs leading to the second floor. Two bedrooms and a full bathroom sit across from the master suite with master bathroom.

Lehigh Model
Above: Lehigh Model Living/Dining Area

Lehigh: The Lehigh is the only two car garage model in the community and features three bedrooms, two and a half bathrooms. It's a great layout for someone who is looking for a lot of open space because the kitchen opens to the family room and eat-in kitchen with no walls separating the rooms. Before I get ahead of myself with the first floor, I have to describe the entry way. The door opens to a bi-level type stair arrangement with the left stairs going to the first living level and the right side leading downstairs to the two car garage. Because of the two car garage under configuration, the basement is about half the size of the first floor. I would definitely look for this model with a finished basement but you could certainly do it afterwards if you wanted to.

First floor contains the kitchen, eat-in kitchen, family room, dining room, living room and half bathroom. It's very similar in layout to the Georgetown model but bigger. The upstairs is magnificent as well, featuring a huge master suite with a walk-in closet and master bathroom. The other bedrooms are large, notably larger than some single family homes, and the laundry room is on the second floor.

Belmont Kitchen
Above: Belmont Kitchen/Family Room/Dining Room/Living Room

Belmont/Cornell: The Belmont and Cornell models are nearly identical with the exception of the Belmont serving as the inside units and the Cornells on the end of each building. The main difference between the two are two bay windows: one in the dining room and one in the master bathroom sitting over the tub. Also, you walk in from the front of the home in the Belmont model versus the Cornell model's side entrance.

This model is my personal favorite because of the spacious layout. On the first floor are the one car garage, two closets (coat and storage), a half bathroom, access to the basement (more on that in a sec), two story family room and kitchen with breakfast bar. In walk-out basement configurations this home will feature a deck off of the kitchen and a patio at the ground level (basement). I would absolutely, 100% recommend finding this model with a finished, walk-out basement if possible because it'll bring the finished square footage up from 1923/1930 sq.ft. to 2583/2600 sq.ft. (estimated sq.ft. numbers).

Second level of the Belmont/Cornell hosts two nice size bedrooms with a main bathroom, laundry room across the hall from the master bedroom and a master suite with TWO walk-in closets and a big bathroom.

The Cornell model can sometimes be found with a fourth bedroom though it is rare. The fourth bedroom sits over the family room and takes away from the abundant natural light that would otherwise fill the room. It's a trade off for the fourth bedroom but it may be worth it depending on your needs.

Conclusion:

Buying Advice:

Meadow Glen at Monroe has been hit with a few foreclosures over the past 12 months which has wreaked havoc on pricing in the community. While I don't necessarily think it's a bad time to buy in the community, negotiability on home prices may be limited as many homeowners are near or below what they paid for the home a few years back. I would still recommend the community to most home buyers, especially commuters of Westchester, northern New Jersey and New York City but the market is currently favoring a hold time of at least 3-5 years for these homes. Once the economy and credit crisis gets straightened out I think the excellent location to services and places of employment will ensure strong resale value for the community.

Renting Advice:

Rental inventory is very limited in Meadow Glen with only three active rentals as of this writing. Facing a slow buyer market, many sellers are weighing their options and considering renting out their homes instead. Meadow Glen is a great rental community due to its amenities and convenient location. I would recommend Meadow Glen if you are looking for a maintenance free lifestyle with useful community amenities and a relatively short drive/ride to work.

If you have any questions please feel free to contact me at 1-888-218-8468. Alternatively, you can check out my links below:

Meadow Glen at Monroe Homes For Sale

Meadow Glen at Monroe Homes For Rent

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