Whu1, Home Buyer in London, OH

Why do condo prices vary so much between Manti Place and 1575 Warm Springs, when the areas are adjacent to each other?

Asked by Whu1, London, OH Sat Nov 17, 2012

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Warm Springs is a busy street across from a high school, next to daycare and strip malls...Manti Place is behind all that (south)--much quieter and those condos are by a different builder and of somewhat different style; the units may be larger and are a few years newer than those on Warm Springs
1 vote Thank Flag Link Sat Nov 17, 2012
I own and live in this community - Spanish Gardens.

The difference in sales price is probably due to a higher HOA assessment. HOA at Manti Place is currently $204/month due to the additional special "Reserve" catch-up assessment of $50/unit - which is supposed to go away next year.
0 votes Thank Flag Link Thu Aug 14, 2014
Pricing for all condos in this area vary considerably. A traditional sale will usually be priced higher than a short sale or a bank owned (REO) property. Upgrades and the condition of the unit and the complex is also a consideration, together with the location of the actual unit (i.e. does it face a busy street) can be a factor in pricing. In some cases, the listing agent will price below current appraisals hoping for multiple offers that will push the price up to be more in line with other units for sale in the same complex.

I hope this answers your question. If I can be of any further service, please feel free to contact me.

Susan Frush-Feller, SFR, CDPE
Robert Realty
1021 Seven Hills Drive
Henderson, NV 89052
Phone: (702) 321-0131
Email: sffeller1@gmail.com
Website: sffeller.las.mlxchange.com
0 votes Thank Flag Link Sat Nov 17, 2012
Many thanks
Flag Sat Nov 17, 2012
Condo prices vary considerably within the same complex including 1575 Warm Springs. Aside from bedroom count, some floor plans can be more desirable than others. The biggest factor in price swings is going to be condition.

Condos with considerable remodeling such as kitchens and bathrooms are going to list at a higher price point than those with basic selections. The two condo complexes that you list are both condo conversion properties meaning they were apartments at one point. Some owners remodeled their units while others kept the units as-is and rented them out. Depending on the quality of the work (and how well it shows), it wouldn't be unusual for a remodeled unit to sell for more. A quick look at the listing photos should give you an idea of upgrades, if any.
0 votes Thank Flag Link Sat Nov 17, 2012
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