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mpr
Joined: 06 Jun 2009
Posts: 344
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 Posted: Sun Aug 08, 2010 1:23 pm GMT Post subject: |
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| john p wrote: | Along those lines, you have to understand what features are really worth. Granite countertops aren't that expensive and shouldn't drive the price up $50k, yet whenever someone says they spent more than $350k on a condo and I wince, they say "It has Granite Countertops!"
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LOL. You are so right. We put them in our place in Chicago for $2500.
But this wasn't enough for some people !
When we were selling we had one offer where the
people explained that they were offering less because they were going
to have to put in new cabinets - they *had* to have new cherry ones.
The kicker for me was that they were going to finance with a 3.5% down
FHA loan, and they'd barely saved the 3.5%.
But they had to have those cherry cabs ... |
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CL
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| Posted: Mon Aug 09, 2010 11:54 am GMT Post subject: |
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Chee - Not easy, typically short commute time + good school system = high price.
The only 2 areas that I can think of is 1) Arlington (not T but at least is close to Boston and Cambridge, so may work. Elementary school very good but so-so middle and high school), and 2) Braintree (school not as nice but still decent, not as robust a market as others. But plenty of townhome supply at 250-350K range). |
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Chee
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Chee
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CL
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| Posted: Wed Aug 11, 2010 12:20 pm GMT Post subject: |
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It depends on what it's included. I don't think the condo fee is that alarming.
Remember though, for buildings built in 1980s, it means it's coming to 25-30 years old. Typically that's when major renovation (replacing leaking roof, for instance) take place in these condo buildings, so ask for any planned special accessment/project, and condo association reserve. |
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JCK
Joined: 15 Feb 2007
Posts: 559
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| Posted: Wed Aug 11, 2010 4:44 pm GMT Post subject: |
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Thee doesn't sound out of line.
CL's point on building age is a concern. For example, you should find out about the maintenance/status of common elements, such as roof, elevator, or other things.
Also, definitely check to see that the building has adequate reserves and the building's history of special assessments. At least some of the condo fee should be going into a reserve fund for long-term projects, to avoid large assessments when these projects come due.
I would stay away from an under-capitalized building, because it likely indicates two problems: (a) bad management and (b) likelihood of costly assessments. |
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