Market Conditions in Hull>Question Details

Agnes, Both Buyer and Seller in Cape Cod

Information re: Condos on Nantasket Beach

Asked by Agnes, Cape Cod Sun Nov 23, 2008

Why haven't the asking prices for Horizons or Ocean Place gone down with the rest of the market? Does it have something to do with the by-laws? Are owner's not allowed to sell under a certain price? Most of these places need serious updating yet the prices have yet to reflect the market decline or comps. thank You

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I am a home owner in Hull. I have read the advice below and agree 100%. Prices may be artificially high because people don't have to sell, one because they don't need the money and two because condos cost less than houses. You might be able to buy a house for the price you would pay for a condo. Also more people can buy a condo as it doesn't require living there year-round to handle emergency maintenance issues, no fix-it or contractor experience required, no yard work. More buyers might mean higher prices based on supply and demand.
Most Hull condos are located within easy reach of Boston and walking to restaurants is easy. Compare this to houses in the area and even at higher prices, the condo might win your vote. Other houses in Hull are up to 6 miles out on the peninsula and with a little traffic, this can significantly add to commuting time or time to get to the hospital in case of emergency.
0 votes Thank Flag Link Thu May 10, 2012
The Seller of a condo can list it at any price. What a willing Buyer will pay for that condo is a different story completely. The condo association does not dictate the price for which a Condo owner list their property for sale. Units at the Horizons and Ocean Place tend to sell for more money that those at Sea Watch and Nantascot Place because Horizons and Ocean Place are closer to the ocean, with better water views and access to walk the beach. The design of the building at Ocean Place includes a hallway running the length of the back of building. As you enter each unit- you look straight across at the blue ocean. Each one has it's own private balcony as well. In general, due to the fact that the majority of the condominium inventory in Hull was constructed about 25 years ago- the ongoing maintenance has caused the monthly condo fees to average between $350- $550.00. This has caused many condo shoppers/Buyers to purchase single family homes & handle their own maintenance.
Flag Thu Feb 28, 2013
All of Hull's prices were high in 2005-2006. Now condo prices are more affordable. Owners at Horizons and Ocean Place can sell themselves. Sometimes the asking price reflects the owners investment, not a realistic selling price, which a Realtor would recommend for a listing. As an owner in Hull and Jack Conway Hull agent, I'm able to give you lots more information.
0 votes Thank Flag Link Sun Feb 20, 2011
Agnes-

I think you will find those units price off of other sold condos in Hull. They seem to be priced based on similar sold units at similar price per square foot models. But remember you are looking at offered prices, not sold prices. If you think differently of a price, than you are free to make that offer. Perhaps you will find that you may just get that price.

Bill
0 votes Thank Flag Link Tue Nov 30, 2010
Agnes,

Your question is one that does warrant consideration.

You generalization is true for the most part. One would think prices should be declining following the market trend.

We are often reminded that it is the buyer that creates the market since the typical informed buyer will not pay more for a property than a property is worth to them. With this said, the result of buyers arriving a price levels that are acceptable to them only occurs when sellers are willing to accept lesser amounts for their homes.

There are isolated locations where the owners feel they do not need to sell their homes for lower prices and refuse to list or list at discounted numbers. They have elected to try to ride out the storm. Only time will tell if this approach will work out.

No, it doesn't have anything to do with the by-laws. Financially secure people enjoy options other don't. Waiting without needing to sell at "fire sale " prices tends to hold prices as they were.

Good luck,
The "EcklerTeam"
0 votes Thank Flag Link Sun Nov 23, 2008
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