Home Buying in North Andover>Question Details

em.doherty3, Home Buyer in North Andover, MA

Are the townhomes at Maplewood Reserve priced right? What is their resale value? Will they depreciate more than a single family?

Asked by em.doherty3, North Andover, MA Sat Jul 14, 2012

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Heather LoRe - Available Now!’s answer
Hi Em,

Are you still looking for help in the North Andover and surrounding area? If you are, I am happy to support you in your search for a new home at no cost to you.

Feel free to contact me on my cell 978-604-6521 (talk or text) or email heatherlore21@gmail.com

Sincerely,

Heather
0 votes Thank Flag Link Fri Aug 17, 2012
That's a great question to be asking. You want to pay a fair price, one that you can feel good about. Because values (what a buyer will pay and seller sells for) go up and down depending on the market conditions, there's never total assurance that values at Maplewood will be higher tomorrow or next year than today.
One thing I've noticed is that the developer has been persistent through the last 5 years of 'down' market with low demand compared with supply in offering a desirable product at a fair price including some incentives to buyers. I say that because sales history shows that Maplewood and the adjacent garden style units have consistently had sales and absorbed a high percentage of the condo buyers in the North Andover area market in that time period.
New construction and condominium living both offer many conveniences and an easier, low-maintenance lifestyle that lots of people are looking for.
Prices depreciate when the supply far outweighs the demand for particular property and the demands can be related to price, type, style, layout, features, locations, and condition. Maybe Maplewood Reserve appeals to you for one or several of these reasons. That's a good sign that it might be right for you.
I suggest you do a quick analysis of you, your family and the 5 year plan to see that a property like Maplewood is the right one for you for the foreseeable future. Then be sure to seek out a buyer's rep and research the market sales and absorption, options and make the best deal you can.
I hope your real estate dreams come true. I specialize in lifestyle matches in the North Andover if I can ever help you. Susan 978.470.2048
0 votes Thank Flag Link Mon Jul 16, 2012
Hello Em.Doherty,

As these are newer townhomes, and as there are two styles available, you can see from their website that there is a price range related to each style. I agree with the earlier answer about supply and demand regarding condos and single family homes, that the market, supply and demand in particular, will dictate resale value of any property.

As a Nurse Practitioner and a Realtor, my answer also includes recognizing the aging of the population related to baby boomers. The benefits of a condo that will prove valuable to baby boomers and affect resale to this population include: no outside maintenance, the beauty of all of the townhomes around you having been maintained in a lovely fashion, snow removal, trash removal, rules and regulations to maintain the complex in a favorable fashion which can be related to pets, etc., pool maintenance, fitness facilities, standards for using and maintaining the club room, energy star appliances and more. All of these items are what my clients who are looking to downsize, live more carefree in their later years, but don't forget the young population who have two people working who don't have time or desire to maintain a single family, as well.

Ultimately, the best way to determine if you are interested in a property or to make decisions regarding townhome or single family and more is to have a Realtor at your side throughout the entire process. I can provide you with the details you need to make the best purchase possible in today's market and to assist you in selling your current home, as well.

If you would like my help, I am available by cell at 978-604-6521 or email heatherlore21@gmail.com

Sincerely,

Heather LoRe, Realtor
Century 21 Spindler & O'Neil
0 votes Thank Flag Link Sun Jul 15, 2012
The market price is what a ready willing and able buyer will pay. If you have done your research, or your buyer agent is recommending that based on what you and he/she has seen that it is a fair value and you like the property then buy it.

Values appreciate and depreciate based on the demand of the public. If they are in limited supply and there is a demand for them, then no, If the public has many options as to condo's and there is more demand for single family homes then yes.

Condo's typically serve to markets - 1 those looking to get into a community but can't afford a single family home and 2 those looking to downsize or dont want the upkeep of a single family home.
0 votes Thank Flag Link Sat Jul 14, 2012
If they're selling, then they're priced right. Their resale value is whatever the market will pay.

Why are you assuming they will depreciate?
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sat Jul 14, 2012
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