Home Buying in Massachusetts>Question Details

Kevin, Home Buyer in Boston, MA

No Sale... Why??

Asked by Kevin, Boston, MA Tue Jun 17, 2008

I was planning to give an offer to condo's on Elm Street Concord. I am a little reluctant now. They are decently priced and new condo's. They have not received any offers yet, why so? There are 8 condos in total, 6 are new condos but none of them are sold yet (2 condos are town owned). I am a little worried now... Am I thinking in wrong direction? Any advice will be greatly appreciated.

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Kevin if you are still interested in the area the Unit 51 of 51 Meyer Hill Drive in Acton is being sold at an auction on Aug.11. It is literary down the road from that place on Elm St. Those units are gorgeous.
0 votes Thank Flag Link Thu Jul 17, 2008
There are people without kids buying into the condo market. Yes the market out here is a bit slower but people also buy for a long term and take their time to make the right choice. Besides everything sells at the right price.
But these units are just a stone throw away from Acton and off a busy road….. and awfully overpriced for the location. Across the street is the part of the concord jail…the farm with cows.
The traffic from the rotary gets really backed up almost all the way to the Mobil station. So good luck getting out during the morning commute.
1271 Unit 1 was sold for $420 K. but that one was a remodel of an older home and is not attached like the others (the pink house).
Have you seen other condominiums?
Just a bit down the road you have Meyer Hill Dr condo for sale in a beautiful setting away from the road and nice open floor plan.(in Acton)
0 votes Thank Flag Link Fri Jun 27, 2008
The further you get from Boston the slower the market and these townhouse units while brand new simply don't fit the needs of the primary buyer demographic for Concord. Most are moving there for the school district which means they have kids which in turns means they prefer single family homes. Simply put the condo market in Concord and for that matter in most rural areas outside of Boston is just plain sleepy. Not to mention the fact that while technically in Concord, these units really are almost in Acton. if they work for you great just realize that resale might take some time and make sure that you get a great price because remember the sellers have 5 more to unload after yours.
0 votes Thank Flag Link Tue Jun 17, 2008
Well, somebody has got to be first. One thing to consider is that there are very limited financing options until 51% of the units are owner occupied. Before you get too far down the road with a new project talk to a credible, knowledgeable, experienced, reputable lender - explain what is going on with the property and then find out if they can lend on it. Most will NOT be able to because it is non-warrantable. You will likely have to find a portfolio lender or else pay cash, there is no secondary mortgage market for product like this. A good buyers broker will know all this and be able to guide you through it, or you can try it yourself. Good luck.
Web Reference: http://www.provestre.com
0 votes Thank Flag Link Tue Jun 17, 2008
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