The most recent sale of a condo on Fernald Common in Fremont was a unit that listing for $425,000 and sold for $481,000.
This is the property that you thought was â€œoverpriced.â€ Apparently the buyer did not agree.
I am anxious to now to find how much it ends up selling for ? Seemed like a prime location but then I hear there are new townhomes being build right across warm spring park. there are many would be buyers waiting for that and me too.
In this market, condos don't necessarily or always mean less value or cheaper than a single family home. If the condo is located in a new building downtown and has fabulous Bay views, it may be worth more than an older single family home near the railroad tracks.
Configurations, square footage, amenities are all factors.
If you aren't working with a seasoned realtor yet, you probably should engage one who can show you properties (and comps) in the area where you prefer to live, and explain how price ranges change depending on the area.
Are you referring to 46914 Fernald Common in Warm Springs? If so, in all reality, it's not really over-priced. This is a larger 3bed/2bath condo.
That being said, the market will dictate the price when all is said and done. A home will not sell for more than the highest price a buyer is willing to pay. All buyers have a different motivation for wanting to buy a given home. Some buyers are much more motivated than others.
If you are really interested in this property, contact your agent ASAP, as offers are due today! Like Brian states, your Realtor should help you analyze the comps and determine a good market offer.
That's my 2.5 cents ;)
Condos have the advantage of maintenance and security.
But they have the disadvantages of No land, No garage, an HOA looking over your shoulder as well as HOA fees, and being harder to sell, (among other things.)
No matter what you are considering; you should enlist a Realtor to give you the facts and figures.