Home Buying in Canton>Question Details

Jessica, Home Buyer in 02021

I would like to know if the condos on Pine Street are a good investment? It seems as though the units available have been on the market a while.

Asked by Jessica, 02021 Wed Aug 18, 2010

I just don't want to purchase one and have a difficult time selling it. Can someone shed some light on this for me?? Thank you!

Help the community by answering this question:

Answers

4
BEST ANSWER
Do agree with Andrew.
In addition you need to consider the condo fees and any assessments that could be looming (it is built in 1983), ask for the financials upfront and make sure they are recent/updated statements as well as going back few years to get a feeling of the financial situation.
But if condominium is something that you want and can afford and the numbers add up than why not. Obviously at some point the housing market will recover and the financing will become more readily available again. You just need to be willing and able to commit to living there for few years.
0 votes Thank Flag Link Mon Aug 23, 2010
This is not going to be a very popular response but I do not feel any Condominium is a good investment in the current lending enviornment. Obtaining condominium financing is difficult, which shrinks the potential buyer pool, which has a negative impact the condo's value.
2 votes Thank Flag Link Wed Aug 18, 2010
This question you are asking is basically to make a canton market prediction in a year you don't know when you will sell. Sordof in a vacuum. That said, here are some real stat's for you.

The last 2 years (especially end of 2008 - 2009) were some of the toughest in residential real estate. You will see the statistics below show 8/19/2008-8/19/2009 was a slower market when compared to this year: Slightly fewer condo's sold and the % discounts were much larger. Seems in the last year things have begun to recover.

8/19/2009 - 8/19/2010, condo sale statistics:
# of Listings Sold: 92
Avg. DOM 115
Average Sale Price: $253,490
Average List Price: $262,474
Sale Price to List Price Ratio: 96
Average Original Price: $268,964
Sale Price to Original Price Ratio: 94

8/19/2008 - 8/19/2009
# of Listings Sold 86
Avg. DOM 131
Average Sale Price: $236,284
Average List Price: $246,809
Sale Price to List Price Ratio: 96
Average Original Price: $277,533
Sale Price to Original Price Ratio: 90

To go slightly further, when you compare the last years stat's against 2004/2005 (one of the busiest markets in history) they aren't drastically off (this years average sale price being about $30,000 lower) It seems the biggest risk right now is financing a condo - banks have increased their requirements making it more difficult to purchase.

Again, without knowing when you plan to sell and without being able to predict the economy during that year its hard to give you exact advice.

Here are all the Pine street properties for sale:
http://www.territoryre.com/idx/search.html?search=true&s…

Hope that helps!
Web Reference: http://territoryre.com
0 votes Thank Flag Link Thu Aug 19, 2010
Jessica,
below is activity from MLS, the criteria for this search is also below too, I hope this is helpful:
Yanni

Property Type(s): CC Status: NEW, ACT, PCG, BOM, EXT, RAC, UAG, SLD
Timeframe: 1/1/2006+ Towns: Canton, MA
Advanced Criteria: Street Name(s) pine 38 Listings


Condominium Active Listings
MLS # Status Address Town Rms Br Bth Style Garage List Date DOM List Price
70953216x6 ACT 19 Pine Street U:19A Canton, MA 4 2 1/0 0 -- 7/22/2009 370 $182,400
71054267x3 ACT 19 Pine Street U:19c Canton, MA 4 2 1/0 0 -- 3/26/2010 145 $194,500
71098009x4 ACT 19 Pine Street U:L Canton, MA 4 2 1/0 0 -- 6/18/2010 129 $209,900

Condominium Active Listings: 3 Average List Price: $195,600 Average Market Time: 214.67




Condominium Under Agreement Listings
MLS # Status Address Town Rms Br Bth Style Garage Off Market DOM List Price

70985012x5 UAG 19 Pine Street U:19B Canton, MA 3 1 1/0 Garden 0 -- 8/4/2010 303 $159,900

Condominium Under Agreement Listings: 1 Average List Price: $159,900 Average Market Time: 303.00




Condominium Sold Listings
MLS # Status Address Town Rms Br Bth Style Garage Sale Date DOM Sale Price

70672170x6 SLD 23 Pine Street U:23B Canton, MA 3 1 1/0 Garden 0 -- 11/29/2007 458 $174,900

70902349x13 SLD 21 Pine Street U:D Canton, MA 4 2 1/0 Garden 0 -- 8/28/2009 81 $170,000

70816496x13 SLD 21 Pine St U:H Canton, MA 5 2 1/0 Garden 0 -- 12/30/2008 87 $170,000

71054487x6 SLD 23 Pine Street U:F Canton, MA 4 2 1/0 Garden 0 -- 7/7/2010 34 $202,500

70975322x5 SLD 25 Pine Street U:D Canton, MA 4 2 1/0 Garden 0 -- 1/26/2010 124 $183,500

70703490x9 SLD 25 Pine Street U:J Canton, MA 4 2 1/0 Mid-Rise 0 -- 7/15/2008 113 $203,000

71046588x5 SLD 19 Pine St U:J Canton, MA 5 2 1/0 Hi-Rise 0 -- 6/29/2010 10 $206,043

70587466x6 SLD 19 Pine Street U:19H Canton, MA 4 2 1/0 Garden 0 -- 7/26/2007 2 $215,900

70495980x6 SLD 21 Pine Street U:21E Canton, MA 4 2 1/0 Garden 0 -- 3/1/2007 123 $220,100

70959861x6 SLD 23 Pine Street U:E Canton, MA 4 2 1/0 Garden 0 -- 7/30/2010 332 $209,000

70593320x5 SLD 19 Pine Street U:19G Canton, MA 4 2 1/0 Garden 0 -- 6/19/2007 2 $217,900

70820999x7 SLD 25 Pine Street U:H Canton, MA 4 2 1/0 Garden 0 -- 6/29/2009 284 $187,500

70577205x6 SLD 19 Pine Street U:19L Canton, MA 4 2 1/0 Garden 0 -- 7/31/2007 3 $221,000

70578684x6 SLD 21 Pine Street U:21K Canton, MA 4 2 1/0 Garden 0 -- 6/28/2007 9 $221,000

71048908x13 SLD 23 Pine Street U:J Canton, MA 4 2 1/0 Mid-Rise 0 -- 5/27/2010 40 $215,000

70821151x8 SLD 25 Pine Street U:A Canton, MA 4 2 1/0 Garden 0 -- 6/22/2009 233 $206,000

70695050x7 SLD 23 Pine Street U:23A Canton, MA 4 2 1/0 Garden 0 -- 4/15/2008 63 $216,000

70928839x3 SLD 19 Pine Street U:E Canton, MA 4 2 1/0 Garden 0 -- 7/29/2009 1 $210,000

70958655x5 SLD 19 Pine Street U:F Canton, MA 4 2 1/0 Garden 0 -- 9/30/2009 248 $207,800

70327437 SLD 19 Pine Street U:19J Canton, MA 4 2 1/0 Garden 0 -- 4/28/2006 92 $230,000

70346665 SLD 25 Pine Street U:L Canton, MA 4 2 1/0 Garden 0 -- 4/14/2006 14 $224,900

70617495x6 SLD 25 Pine Street U:25E Canton, MA 4 2 1/0 Garden 0 -- 8/30/2007 1 $228,500

70678305x6 SLD 25 Pine Street U:25K Canton, MA 4 2 1/0 Garden 0 -- 2/28/2008 74 $225,000

70571125x2 SLD 23 Pine Street U:23K Canton, MA 4 2 1/0 Garden 0 -- 5/24/2007 2 $235,295

70778216 SLD 25 Pine Street U:25F Canton, MA 4 2 1/0 Garden 0 -- 7/7/2008 240 $225,000

70325234 SLD 23 Pine Street U:23L Canton, MA 4 2 1/0 Garden 0 -- 3/20/2006 1 $243,550

70446332 SLD 23 Pine Street U:23H Canton, MA 4 2 1/0 Garden 0 -- 9/15/2006 1 $244,500

70612653x6 SLD 23 Pine Street U:23J Canton, MA 4 2 1/0 Garden 0 -- 11/19/2007 117 $240,000

70303969 SLD 21 Pine Street U:21F Canton, MA 4 2 1/0 Garden 0 -- 3/28/2006 79 $261,800

70385632 SLD 21 Pine Street U:21M Canton, MA 4 2 1/0 Garden 0 -- 6/14/2006 5 $271,033.50

70394596 SLD 25 Pine Street U:25J Canton, MA 4 2 1/0 Garden 0 -- 7/20/2006 97 $255,100

70455614x6 SLD 21 Pine Street U:21J Canton, MA 4 2 1/0 Garden 0 -- 10/12/2006 3 $263,500

70372585x6 SLD 19 Pine Street U:19K Canton, MA 4 2 1/0 Garden 0 -- 5/21/2007 366 $252,000

70443504 SLD 21 Pine Street U:21G Canton, MA 4 2 1/0 Garden 0 -- 9/7/2006 1 $266,500

Condominium Sold Listings: 34 Average List Price: $227,051 Average Sale Price: $221,289 Average Market Time: 98.24
0 votes Thank Flag Link Wed Aug 18, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer