Special offer

Our First "FREE" Presentation-Condominiums and Condominium Associations

By
Real Estate Agent with Homequest Real Estate

 

Books

 This evening was the Maiden Voyage of our "Free" Informational Series. Greg Fischer, Monica Rifenburgh and I all arrived early at NHTI in Concord, NH  to set up. The coookies and brownies were plentiful and fresh,the coffee was hot....we were ready! The clock ticked,and ticked....and ticked.

Finally .....an audience member! Unfortunately she was the only one. So we forged ahead pointing our remarks to our audience of one and a few acquaintences.

 Greg started out presenting a Lenders view on condominium financing. Monika served up the "meat" of the presentation since she is so knowledgeable and I put forward opinion of where the Market is, and is headed!

All agreed it went well. Our audience enjoyed asking questions and getting one on one attention. We will definately do another...and try to attract a larger audience. The next module will focus on Curb Appeal.

You may link to Gregs  and Monikas  remarks...mine are below

_____________________________________________________________________

How's The Market? That is the question I have to answer the most...on a regular basis.

So ....how's the Condo market?

In this area it's still good. When listening to or reading about The Real Estate Market, you need to remember that Trends are Regional and RE Trends are VERY Regional.

For example: according to NNEREN MLS in 2006 between January and March...of all Condominiums Sold. The average asking price was $178 thousand and the  Average Selling price was also $178 thousand. Selling price being slightly more than asking.The units were on the market for an average of 69 days. In the same time period of 2007: The average List price declined to around $168 thousand with units selling at an average of $169 thousand- slightly more than asking!This year there has been a notable shift in days on market from 69 to 112. This reflects the slowing of sales apparent across the entire housing market.

Single Family Housing in NH has pretty much leveled off. Most Sellers have accepted the fact that double-digit profit increases are over. Sellers now have to be patient and willing to negotiate.Condominiums however are one segment of the market that is showing steady sales with a modest increase in sales price!Condominiums are rapidly taking the place of what used to be the entry level, 1st time home buyer, modest ranch.

Buyers in the 240K range are mostly finding smaller or cosmetically challenged ...handyman friendly houses!Condominiums on the other hand, have amenities, space, and are generally in good repair. For a young professional family they allow for more disposable time by eliminating weekends devoted to home maintenance.

Condominiums also appeal to Retirees'. They encourage a more casual life style and socializing and their owners are free to pursue outside interests such as education , traveling or volunteering. One of the fastest growth segments in this State of New Hampshire can be seen in the  "over 55" community housing.

Cautions

There are definitely cautions that Buyers need to observe. When looking at condominiums most Buyers concentrate on only two financial figures: The Price and The Condo Fee. Some experts compare this to "kicking tires". To really determine the condition of a condominium a potential Buyer needs to  review pertinent documents. If the documents are not available for immediate review the Buyer's offer should contain a contingency to allow for sufficient time to review them. If the documents are unacceptable this gives the Buyer the ability to cancel the contract.

The State of New Hampshire has laws that provide that these documents be made available. This information is set forth in RSA 477:4-f and REA 356-B:58. An additional piece of information that should be reviewed is the NH Condominium Rider. This is part of the Sellers Property Information Report, which should be included in a Buyers packet.

The Future

What does the future of condominiums look like?? It looks like High Tech, Higher Learning and an exciting trend towards mixed use buildings!

In Cambridge MA there is an experimental condominium, run jointly by MIT  and Tiax, a Cambridge based technology firm, called PlaceLab.

The data collected by PlaceLab allows for testing of new home products and ideas. PlaceLab housing is composed of prefabricated walls and cabinets that contain activity sensors and ports for power and data. These are standardized modular parts that can be easily assembled and disassembled...much like Legos. The modules can be re-arranged to accommodate occupant differences such as allowing for wheelchairs or décor preferences such as exotic woods. They would be available at Home Depot. The embeded sensors could be programmed to remind the occupant of appointments and even medicine schedules and other creative uses!

Predictions indicate that by 2030 one in five Americans will be 65 or older. Today's older retiree's are a younger more active adult market who are looking to take advantage of life-long learning. Many colleges and universities are recognizing this trend and have developed flexible studies arrangements for older students. Many developers are also recognizing the trend and are seeking to partner with Universities to build Retirement Housing in or near Higher Learning facilities.

A third trend that is developing in the Condominiums of the Future is that of Mixed Use. This is where Residential and Commercial condominiums coexist. Usually with the living space above and Retail or Restaurants at street level. This trend follows an increase in the popularity of people returning to the cities and the convenience of City Living and services.

In Conclusion

As you can see Condominiums are here to stay. Their potential for flexibility ensures their desirability.The present Market is expected to continue to fluctuate at some level for an unknown time period.But Condominiums will be a fixture in any Market because of they combine convenience with affordability and Ownership!

 

Concord New Hampshire Realtor Market Conditions

Posted by

 

 

 

 

 

 

NH's Four Seasons 

                                                                
Joan Mirantz - Joni is a Realtor® with Homequest Real Estate, a locally owned, Customer Service oriented Firm.
Joan Publishes a monthly Newsletter "Food For Thought" under the pen name Realtor Sherpa.
(Joan also answers to Miz Maven and Miss Joni.)

Joan works in Buyer and Seller Representation with concentrations in the Merrimack Valley Area and towns surrounding Concord NH - the Capital City.
"I love what I do, and it shows in how I do it"

Having crossed over to the "other side of Middle Age" herself....Joan is an ongoing source of information about local programs, facilities and issues specific to her peers! 

 
Livin' the Life...and Ridin' the Wave

Avatar

 

Comments (2)

Sue Argue
Staged First Impressions - Hampton, NH
NH Home Stager
Joan, keep teaching, keep blogging...sounds like rich content for anyone interested in a condo purchase.
Apr 19, 2007 02:20 PM
Joan Mirantz
Homequest Real Estate - Concord, NH
Realtor, GRI, CBR, SRES - Concord New Hampshire
It was definately worth doing! We learned a lot and are moving on to the next one!
Apr 19, 2007 02:55 PM