Clearbrook Village – Loon Mountain Ski resort – Lincoln NH. Many of my colleagues will scold me for talking about “Averages” when generating a current opinion of value for a seller…especially when I do it sight unseen.
After all every property is different – right?
In a subdivision of Condominiums that where all built in the mid-1980’s (give or take 5 years) and there where 300+ units delivered of the same floor plan – all using the same basic materials to construct it, I think I’m safe to offer my opinion sight unseen.
Below average interior updates and finish Ravine Lane Lincoln NH $219,900 Clearbrook condo
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Sold 10/1/09 --10/15/10
MLS # Address Town State BR BA Fin Abv Fin SqFt List $ Closed $ Closed Dt DOM
2745066 5 Moose Lane Lincoln NH 3 2 1,800 1,800 $269,900 $244,000 07/16/2010 659
2772052 140 Clearbrook Road Lincoln NH 3 2 1,600 1,600 $259,900 $250,000 10/30/2009 195
2811127 48-1 Easterly Rd Lincoln NH 3 2 1,550 1,550 $239,900 $225,000 05/07/2010 143
4003840 7-2 Granite Rd. Lincoln NH 3 2 1,650 1,650 $234,900 $224,000 10/08/2010 123
2709159 12-2 Ravine Lane Lincoln NH 3 2 1,550 1,550 $234,900 $215,000 09/17/2010 921
2737066 50-1 Easterly Road Lincoln NH 3 2 1,550 1,550 $234,000 $207,000 11/09/2009 460
2806436 3 Big Bear Lane Lincoln NH 3 2 1,550 1,550 $229,900 $215,000 03/17/2010 135
4000420 36-1 Easterly Road Lincoln NH 3 2 1,656 1,656 $229,900 $210,000 09/29/2010 128
2788394 26-1 Easterly Rd Lincoln NH 4 2 1,550 1,550 $225,900 $220,000 05/07/2010 301
2782216 83-3 Easterly Rd. Lincoln NH 3 2 1,650 1,650 $224,900 $208,000 09/24/2010 473
Average 3bed 2bath/ 1,611 square footage / $238,410 asking price / Average $221,800 selling price
Average :354 day on market
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Better Than Average View...Listing at $219,900
Ten places sold in the past 12 months…the lowest was $207,000 and the highest was $250,000 many of the nicer condos have updated the electric baseboard that was builders stock to a economical gas system and have also over time change appliances and flooring. The average asking price of these ten sales was $238,400 – with the average selling price of $221,800…sellers have come down in price on average 7% when accepting an offer.
Days on Market? The Average is ONE YEAR on the market before selling. Five years ago these units sold for an average of $275,000 – they are down 20%
Five years ago units were on for an average of 120 day one third the time now.
My advice…sell five years ago…!!!
No really, 7 out of 10 had asking prices below $235,000 and half of the sales sold at $215,000 or less. Unless you have the Taj Mahal and want to wait a year to get paid, I would list for $224,000 (1% above average selling price) and expect serious offers in the $210-$215,000 range.
** Taj Mahal>>>>>
Here is what one year on the market will cost you with; Condo fee $2,500 /yr –property taxes $2,900 /yr tennis & pool club $1,200.yr Utilities (electric, cable, phone , propane) $3,300 …$10,000 Add a 6% interest mortgage rate loan on a $200,000 note + $14,000 for a possible total of $24,000 in one year.
Who can wait a year to sell...when they have things they want to do with the money?
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