Comparative Market Analysis
1 Lennox Court
Holmdel · New Jersey · 07733
Overview
Subject Property
Market Data
Comparable Sales
Time Adjustment
Market Appreciation Analysis
* Comp 3 used as ceiling reference only due to significantly larger square footage. Appreciation rate applied: ~0.5%/month based on NJ 55+ luxury condominium market trends. All adjustments are estimates for analytical purposes only.
Analysis
Adjusted Valuation
| Base value — average of Comps 1, 2 & 4 (appreciation-adjusted, same bed/bath count) | ~$1,529,000 |
| Size adjustment — subject is 131–160 sq ft smaller than Comps 2 & 4 (~$415/sf) | −$54,000 |
| Finished basement premium — subject has 2,048 sf finished basement vs. unfinished in Comps 3 & 4 | +$40,000 |
| Age adjustment — subject built 2018 vs. 2020–2021 comps (2–3 years older) | −$15,000 |
| End unit premium confirmed across all comps — already reflected in base | — |
| Market momentum — strong absorption, 29 DOM avg on best comps, upward pricing trend | +$10,000 |
| Estimated Market Value Range | $1,490,000 – $1,560,000 |
Qualifications
Notes & Considerations
Why Appreciation Matters for This Analysis
Three of the four comparable sales closed between May and July 2025 — 10 to 12 months before this report date of May 2026. The NJ 55+ luxury condominium segment has seen consistent upward price pressure driven by limited inventory and sustained demand from downsizing buyers. Applying a conservative 0.5% monthly appreciation rate adjusts each comp to a present-day equivalent, yielding a more accurate picture of where the market stands today rather than where it was a year ago.
The Finished Basement Advantage
The subject property's 2,048 sq ft finished basement is a meaningful differentiator. Comps 3 and 4 — both of which sold at strong prices — had unfinished basements. A finished basement in this community adds functional living space that resonates with 55+ buyers seeking room for hobbies, guests, or entertainment without the cost of a larger above-grade footprint. This feature supports pricing toward the upper half of the estimated range.
Comp 3 as a Ceiling Reference
The $1,700,000 sale at 39 Stratford Lane (appreciation-adjusted to ~$1,802,000) is used here as a ceiling reference, not a direct pricing anchor. That home is 320 square feet larger than the subject, with a 1,550 sq ft cathedral ceiling area that significantly inflates its value. Without comparable square footage, the subject cannot justify pricing at that level. However, the existence of this sale confirms the neighborhood can support premium pricing for the right home — and validates that $1,538,000 is a well-supported, achievable number rather than an aggressive reach.
Impact of Confirmed Upgrades at 1 Lennox Court
This analysis does not assume any upgrades beyond what is documented in the tax record. If the home includes kitchen or bathroom renovations, upgraded flooring, custom millwork, high-end appliances, or other improvements comparable to the luxury finishes seen in Comps 1 and 2, the justified list price would move toward or above $1,560,000. Documenting and photographing all upgrades before listing is strongly recommended to support the asking price with buyers and their agents.
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