Home Buying in Andover>Question Details

Montana, Home Buyer in Andover, MA

I am considering buy a unit at 1 Powder Mill Square. However I am very worried about garages flooding. I would be interested in the building right on

Asked by Montana, Andover, MA Tue Jun 15, 2010

Main St. Is this a good investment?

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8
Siga Snipas’ answer
Hi Montana-

In terms of garages flooding in the complex, I would check the seller's disclosure of the unit you are considering as well as speak to someone on the board of the condo association as well as the management company. You may also want to speak to a few of the homeowners who currently live in the complex. Finally, you may want to check with the town offices and see if they have any information on the flooding history in Powder Mill Square. This would at least give you a good head start in terms of assessing the potential of flooding at the complex. A good buyers agent should help you with this as well in terms of helping you cover all your bases when doing your due dilligence.

In terms of whether the property is a good investment, this also can be a difficult question as it depends on what your investment strategy and goals are, how the property fits into your personal investment portfolio, how long you intend to hold the property for, your cost of financing, the purchase price, as well as whether you are purchasing purely for investment or for personal use...

Strictly looking at the real estate market however, you can find some excellent data on the Andover market here: http://www.beangroup.net/massachusetts/market-reports/essex-…

And all the condos currently on the market in Andover here: http://www.beangroup.net/Search/MA/Andover/condos?frm=agt&am…

Good luck with your decision and please let me know if I can be of further assistance in your property search!
Web Reference: http://www.siga-snipas.com
0 votes Thank Flag Link Tue Jul 17, 2012
This is a very new and update condo complex. I lived in the neighborhood as well, but not in the complex. I agree water is a big issues, but it also depend on the raining season. This year is way much better than last year. There is a plan to get rid of the dam next to the Marland place. Not really sure what will happen to the complex. It might be better, because the dam doesn't help with the flood. If the dam is out, water can flow faster and limit the flood damage. But it also depend on the Washington park part. If the back of Washington park can't be clean out the branches, it still not going to help. Talk to the people live in the complex and Washington park. It might halp.
Good luck
Web Reference: http://andoverhousing.com
0 votes Thank Flag Link Wed Aug 25, 2010
Montana if you reaaly want to know what goes in a neighborhood ask the neighbors. Drive through over the weekend and if you see someone stop and ask. You will be surprised at the amount of information you will get.
Web Reference: http://www.mdmrealtyinc.com
0 votes Thank Flag Link Tue Jun 15, 2010
Montana if you reaaly want to know what goes in a neighborhood ask the neighbors. Drive through over the weekend and if you see someone stop and ask. You will be surprised at the amount of information you will get.
Web Reference: http://www.mdmrealtyinc.com
0 votes Thank Flag Link Tue Jun 15, 2010
I personally worked at this complex when it was being built and I also have a great unit for sale there now on the river. The garages themselves have gotten very little water and the units in the main building have not had any water. This is a nice complex in a great location to downtown
0 votes Thank Flag Link Tue Jun 15, 2010
Very nice condos. I do believe the parking lot floods as well as some water in the garages, but the water does not reach the units. I am not a 100% sure, but it is a question to direct to the seller, that is an item to be disclosed by the seller to a potential buyer.( or have your buyers agent do the research)

One thing I like about Powder Mill Square is that you can walk to the train station as well as the downtown area. I always find that to be a plus.
Web Reference: http://www.thehousewiz.com
0 votes Thank Flag Link Tue Jun 15, 2010
Hi Montana,

As a buyer's agent I would recommend more due diligence. The management company should be able to provide the information necessary to determine if the water issue will be a road block to future resale. Buyers are very afraid of water and the issues that come with it. Even if you are covered by the insurance, you really need to look into what the past history has been to determine if this would be a good investment.

Feel free to contact me if you have any additional questions, Sincerely Kim
Web Reference: http://www.kimdelling.com
0 votes Thank Flag Link Tue Jun 15, 2010
I actually know that area quite well and went there the last time we got all that water. I was in the parking lot of Powder Mill and even though it did appear the water was a problem, I don't believe it ever reach the units. That would be the most important issue I would have. You can always move the cars. In the condo fee I am sure they have coverage for flooding so you would be covered there.

That unit looks pretty nice, as far as an investment. I would say Andover is a great community and even though we've been in a down turn with values the prices have remained solid!

Please let me know if you would like to see this place or any other condo's / houses in the area. Good Luck! Greg
0 votes Thank Flag Link Tue Jun 15, 2010
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