Market Conditions in Ipswich>Question Details

Ryan Patricks, Home Seller in Ipswich, MA

what is the market for updated 2 familiy properties in Ipswich, MA?

Asked by Ryan Patricks, Ipswich, MA Mon Feb 25, 2008

I havent been able to find too many comps in last 6-9 mos, my 2 family is updated, new walls, electrical, roof, etc and I may be looking to try the market, any advise??? Thanks!

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3
Jonathan Bowen’s answer
Hi Ryan, I can tell you that only one multi-family property has sold in Ipswich in the last six months. It sold for $360,000. There are currently ten multi-family properties on the market with an average list price of $526,020. Feel free to contact me if you would like more specific information.
Web Reference: http://www.bowenboston.com
1 vote Thank Flag Link Mon Feb 25, 2008
2 family homes are great for an owner occuppied situation. Investors prefer at least 3 units to make the #s work. If you've made improvements to the home you have built equity already. Depending on when you purchased and how much money you put down on the investment will help determine if now is a good time to sell or now. If you are looking to sell and then buy, and you won't need to bring $$$ to the closing from the sale then now is as good a time as any to do this. In fact, it might be a better time because there are incredible deals to be had on a purchase right now and our inventory in Ipswich is very low.

Hope this helps.
Feel free to contact me if you should have any additional questions/concerns.
0 votes Thank Flag Link Sun Feb 8, 2009
Multi's on the North Shore are very slow at this time. The link provided below will show you what a buyer might use to determine a price that works numbers wise. The fall back on two families in particular is that the condo converter wants at least 3 units to make it worth their time and money.
0 votes Thank Flag Link Wed Feb 27, 2008
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