CMA — 4 W Virginia Dr, Whiting NJ | ProLegacy Realty

Comparative Market Analysis

4 W Virginia Drive

Whiting · New Jersey · 08759

Bedrooms

Bathrooms

Model

Adams

Structure

Detached + Garage/Sunroom

Condition

Needs Significant Work

Estimated Market Value

$92,000

Market-supported estimate · July 2026

Recommended List Price

$84,900

Strategic launch price

Overview

Subject Property

55+ Co-Op · Cedar Glen Lakes

4 W Virginia Drive

Whiting, New Jersey 08759 · Manchester Township · Ocean County

Model

Adams (largest model in complex)

Bedrooms / Baths

2 Bed / 1 Bath

Structure Type

Detached (comps are attached)

Special Features

Garage + Sunroom

Condition

Needs significant work

Ownership Type

Co-Op (Cash Purchase, Income-Qualified)

Monthly Dues

TBD (typically $450–$510/mo in complex)

Report Date

July 2026

Municipality

Manchester Township

School District

Manchester Township Schools

Key Features

Adams Model

Detached

Garage

Sunroom

2 Bedrooms

1 Bath

Dues Typically Include

Taxes, Insurance, Water/Sewer, Lawn, Snow, Bus

Market Data

Comparable Sales

Comparable 01

Sold

4 Tennessee Dr #A

Whiting, NJ 08759 · Cedar Glen Lakes · Adams Model

$108,000

Sold Apr 10, 2025 · 41 DOM

2 Beds

1 Bath

Attached, No Garage

$450/mo HOA

Same Adams model, standard/original condition (no updates mentioned in listing), attached unit backing to woods, no garage. Sold quickly (41 days) with only a modest 6% cut from list. The subject is detached with a garage and sunroom — real upgrades over this comp — but is reported to need significantly more work, which offsets much of that advantage.

Adjusted Indication: ~$95,000 – $105,000

Closest condition baseline

Comparable 02

Sold

49 A Maine Ave

Whiting, NJ 08759 · Cedar Glen Lakes · Adams Model

$171,500

Sold Jul 22, 2025 · 202 DOM

2 Beds

1 Bath

Attached, 1-Car Garage

Fully Renovated

Same Adams model with a garage, but attached (not detached like the subject) and fully renovated — new roof, windows, heating, central AC, floors, and appliances. Even so, it took 6 price cuts over 7 months (from $225,000 down to $171,500, a 23.8% total reduction) to sell. This is a useful ceiling reference showing what a fully updated Adams commands, but it's not a direct match for the subject's condition.

Ceiling Reference — Not a Direct Condition Match

Fully renovated, not comparable to subject's condition

Comparable analysis considers unit model, structure type, condition, price, days on market, and current market activity within this specific co-op community. Adjustments are estimated and intended for broker opinion of value purposes only. The subject is a detached Adams unit with a garage and sunroom, while both comps are attached units — a genuine structural advantage for the subject that is weighed against its reported need for significant work. Co-op sales in this community are cash-only and require buyer income qualification and association approval, which narrows the buyer pool relative to a standard deeded sale.

Subject

$92K

Est. Value

List Price

$84,900

Launch Strategy

Comp 01

$108K

Adams · Standard Condition

Comp 02

$171.5K

Adams · Fully Renovated

Pricing Analysis

Market Valuation

ProLegacy Realty · CMA

4 W Virginia Dr, Whiting NJ

Estimated Market Value

$92,000

Cedar Glen Lakes · Adams Model · July 2026

4 Tennessee Dr #A — closed, same model, standard condition, attached	$108,000
49 A Maine Ave — closed, same model, fully renovated, attached (ceiling only)	$171,500
Premium — subject is detached with garage + sunroom (comps are attached)	Upward
Condition adjustment — subject needs significant work, more than a standard discount	Downward (weighted heavier)
Community context — 08759 zip median list	$185,000
Recommended List Price	$84,900

Methodology: 4 Tennessee Dr #A is the most directly comparable sale — same Adams model, no reported updates, and it sold in just 41 days at $108,000. The subject offers real structural advantages over that comp: it's detached rather than attached, and includes a garage and sunroom. However, per the listing agent, the subject's condition issues are more significant than a standard discount would capture, and that factor is weighted more heavily than the structural upside in this estimate — landing at approximately $92,000, below comp 1's raw sale price despite the additional features. 49 A Maine Ave, a fully renovated Adams that ultimately sold for $171,500, illustrates the ceiling this model can reach with a complete renovation — useful context for the seller if updates are considered before listing, but not a direct value comp for the property's current condition. Co-op sales here are cash-only with buyer income qualification, which narrows the buyer pool and supports pricing to move efficiently rather than testing the top of the market. Pricing Strategy: The recommended list price is set just under $85,000 to maximize exposure to this market's typically budget-conscious, cash-buyer pool given the condition.

Context & Strategy

Market Notes

Cedar Glen Lakes Overview

Cedar Glen Lakes is a 55+ co-op community in Whiting/Manchester Township. Monthly dues typically cover real estate taxes, structural insurance, water/sewer, lawn care, snow removal, trash, and community bus service — a meaningfully different cost structure than a standard deeded home, worth explaining clearly to buyers unfamiliar with co-op ownership.

Subject Property Opportunity

The Adams model is the largest floorplan in Cedar Glen Lakes, and the subject's detached structure, garage, and sunroom are genuine upgrades over both comps in this report, which are attached units. That said, the property's condition needs are more significant than either comp, which weighs more heavily on value than these structural advantages add back.

Pricing Strategy & Buyer Psychology

Launching just under $85,000 is designed to appeal to the cash, budget-conscious buyer pool typical of this co-op, and to move efficiently rather than risk the extended, multi-price-cut timeline seen on 49 A Maine Ave (202 days, 6 reductions). Given the co-op's income qualification and cash-only requirement, plus the property's condition, a realistic entry price matters more here than in a conventional sale.

Why the $92,000 Estimate Is Supported

4 Tennessee Dr #A — the same model in standard, unrenovated, attached condition — sold for $108,000 in just 41 days. The subject's detached structure, garage, and sunroom are real value-adds over that comp, but its more significant condition issues are weighted more heavily than those upgrades, landing the estimate below comp 1's sale price. 49 A Maine Ave shows the ceiling a fully renovated Adams can reach ($171,500) but required six price cuts over seven months to get there, underscoring that this market rewards realistic pricing over aspirational pricing.

Chris Farruggio

Realtor Associate · ProLegacy Realty, LLC

📞 732-615-8806✉ Chris@prolegacyrealty.com

Buying or selling a home is one of the biggest decisions you'll make — and you deserve more than just a transaction. My goal is to showcase your property in the best possible light or help you find the perfect match that truly feels like home. Every client I work with receives dedicated service, clear communication, and a commitment to creating an exceptional experience from start to finish.

With over 20 years of experience in real estate investment, remodeling, and property management, I bring a unique perspective to the process. My background in construction management and house flipping allows me to help you see potential, avoid costly mistakes, and maximize your results — whether you're preparing to sell or searching for the right home.

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