Concord NH~Joni~Merrimack County

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

In New Hampshire it's still good. There is a lot of Inventory and every style to chose from. When listening to or reading about The Real Estate Market, you need to remember that Trends are Regional and RE Trends are VERY Regional.

  Concord Statistics 12/01/07-2/15/08

   Units on Market          Average List price           DOM         Average Selling Price

        92                           $201,732                     164                   $167,698

 Roughly half of the active listings are valued at under $150,000. The remainder fall under more up-scale developments that are more expensive. This accounts for the skewed numbers!  

   In the same time period of 2007: The average List price declined to around $168 thousand (from 2006) with units selling at an average of $169 thousand- slightly more than asking!

 Condominium Pluses:

• Buyers in the 200K 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.
• Many condo's have on site Maintenance Staff.
• Many condo's have  swimming pools, fitness centers and other up-scale amenities
• Most Garden Style Condo's have secure keyed entry

 Condominium 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 covering the availability of these documents.REA 356-B:58

• A Buyers Packet should include the NH Condominium Rider. This is part of the Sellers Property Information Report.
• If storage is a need...some condos have storage lockers but there are rarely attics or basements for extra belongings.
• You will be charged a monthly "condo fee" Many Buyers assume that this is the extent of their responsibility. Every association has different rules. They may have a "reserve Funds" or "yearly Assessment policy. A Buyer needs to be aware of these charges.
• Some Associations are more restrictive than others. They may prohibit renting your unit out, having a home based business or having a pet. Read the covenants and restrictions carefully!
• There are circumstances where financing may be an issue. Your Realtor needs to check what the Lender's Ratio Requirements are (Renters/Owners). This could affect your loan!

  Trends

  What does the future of condominiums look like??  A Trend catching on in New Hampshire is that of "condo-conversion" This changing the use of duplexes or large single family homes to use as privately owned, converted units of varied shapes and sizes!

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 is in existence in other areas of the Country and follows an increase in the popularity of people returning to the cities and the convenience of City Living and Services.

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 I believe 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