New University Medical Center of Princeton jumps Route One for Plainsboro
So today after floor time (yes, we still do old-fashioned floor time in our office, which I enjoy!) I am going to show a 700 square foot one bedroom condo in Ravens Crest, a large complex in Plainsboro, about three miles from my office.
Last May, the local hospital, now called the University Medical Center of Princeton at Plainsboro, moved from downtown Princeton Boro to suburban Plainsboro. It “jumped” to the eastern (northbound) side of Route One and from Mercer to Middlesex County, but retained the prestigious Princeton name, of course. Last spring I sold a house in East Windsor to a woman who was instrumental in setting up the new hospital’s information systems.
New Hospital Spurs Interest in Plainsboro
Already we are definitely seeing a spike in interest in Plainsboro which can be attributed to the new hospital. Of course Plainsboro was a sought after destination to begin with, as it shares a highly ranked school system with next door neighbor West Windsor (my kids graduated from those schools in 2005 and 2006).
Today’s condo is reasonably listed for $124,900. Seller paid $147,500 for it near the height of the market in 2006. If it’s in good condition, which we think it is, it should go for about $120K at this time…that’s still almost 20% off the top of the market…and similar condos that are NOT in as good condition have gone in the last six months for as little as $91K, which would be almost 40% off the price this seller paid in “06.