Downtown Madison is a great place! When choosing a condo it will be important to know what the rental policy is that has been created by the Association. Rentals are extremely popular and I get at least 5 inquiries each week for a Downtown condo rental. Depending upon the building and the size of the unit you could expect between $1100 for smaller units up to over $3000 for penthouse units.
Feel free to call or e-mail me with specific questions on the building you are interested in and I can help you find the average rental prices and rental policies.
Have a good evening.
Are there specific questions you have?
I would be happy to set up a showing appointment, review the property and conduct the due diligence required when considering the purchase of a condo in today's market.
Please feel free to give me a call at (608) 213.1352
Madison Buyer Agency
helping Buyers make the best decision possible... more
Here in NH home sales are steady, condos have taken a large hit in prices as Single Families became more affordable, condos priced at or below market value are selling at a good pace. NH has one of teh lowest unemployment rates in the country, relocations are very strong as people move here for work.... more
If the homes are in Madison, you can go to CityofMadison.com and find this information under "Property Lookup".
Any questions as to where to find this info, just give us a call at 608-770-1140 or email firstname.lastname@example.org.
I would say that in general, split level homes tend to be less valuable than other types of homes (ranch, 2-story, etc). But to your point, I do think that exposed basement square footage is more valuable than unexposed.
If you are trying to figure out the value of your home, you need to look at comparable homes (other split level homes in the neighborhood) that have sold recently. That is really the only way to get a good idea of what your house will sell for in today's market. Let me know if you would like to meet to discuss your home's value.... more
You have a very large inventory to choose from with the abundance of condo's available in the Madison area. My first recommendation would be in the Fitchburg area and in fact I will be holding an open house in a very nice condo that is truly immaculate and very competitively priced... ready to move in type condition in an established area that has held the market value quite well even in this downturn. Another option might even be in downtown Madison depending on where your family is located in the Madison area.
My major comment would be to look for completed condo projects rather than any project that is still being developed since if you did elect to sell in the next couple of years you would not be competing with the builder whose first priority would be to sell the remainder of the project etc.
Would be please to provide a variety of condo's for you to review if you would simply send me an e-mail at email@example.com or call me at 608 334 1580 at your conveninence. Would be pleased to provide some additional information rather than simply a MLS listing specifications .. but again... depends on what would be convenient or close to your local family.
Believe you have a great idea about having somewhere to stay when you visit... in many ways would be easier on everyone plus providing everyone that "emotional space" that sometimes is needed.
608 334 1580... more
You will hear various opinions of what has been "hard" for this market. In comparison to what the media has put out there nationally, Madison has faired well. In comparison to another part of the state, that is more area by area, even neighborhood by neighborhood. The best thing to do is know how it has affected you and your situation.
If you are in need of selling, have a REALTOR complete an analysis for your property to know the current value in the market place. At that time, also assess how your area and neighborhood has been affected. If you are looking at buying, see what the prices in the neighborhood have been doing.
Hope that helps. I would be happy to help you and answer any questions that you may have.
Just ask a Realtor. It looks like you are from Middleton. The list to sale ratio for homes in Middleton this past year was 96.5% and condos were 97.5% list to sale ratio. If you have another area you would like to know just ask myself or anyone here.
I have never heard an appraiser asking for this before, but with all of the new lending rules it might be a new statistic they are looking for.
Charlie Wills... more
Leslie-It depends upon where you're looking at this. I typically like to seperate the 2 as the statistics are very different between single family and condos. My reason for this is that the buyer profile for a condo buyer and that of a single family buyer it typically very different. In the Madison market, home sales are averaging roughly 133 days from the time they come on the market until they close. Condos, however are over 200 days on market.... more
Tax Assessment "value" is merely a guideline by which a municipality determines the amount of Tax they can collect on a property. A lot of people base what they feel a property is worth (to purchase) based on assessed value. But since there is no across-the-board equality in how each city determines the assessment and fair market value, it has large variances from property to property. (Which you stated in your question)
Plus, alot of municipalities have based their assessments on how much properties sold for at the peak of the market, and have not adjusted for recent sales. Or they may make a judgement on what value they put on a property as an average for a neighborhood. It is a problem that is reflected in most every city nation-wide.
The best way to determine current market value is to have a Realtor provide you with a current market evaluation of comparable homes that have SOLD in the last 1-4 months.
All the best to you!... more
Andrew, homes are selling everywhere in the country. But the one thing that is holding the sale of most listed homes is price. I understand your concern and you need to put yourself in the buyers shoes. Pretend that you are buying a home in that neighborhood. I'm sure you will find similar properties for less and besides that, buyers know the prices will continue to fall for the next 9 to hopefully not 18 months. So you need to create a value for them and that is be the lowest price in the neighborhood. If your property is not listed with a professional, you are wasting your time. I'm sorry if you get offended by my words, but it's reality in a buyers market. You need to have the best marketing, and most of all the best price to be consider a value to today's buyers. If you need the assistance of a local Realtor, send me your contact information and I'll be happy to help you find one for you. Good luck on your sale.... more
This is kind of a 2-part question. Lower level finished area is less expensive to finish than adding on above grade, but it usually is not valued equally. I'm not an appraiser, so hopefully there is someone here on Trulia that can give you more accurate percentages of value.
But, if the lower level finished area will be of equal quality to your main floor, and has proper egress or an exposed lower level, you will have a more marketable home. And usually a buyer who is comparing homes - some without finished basement and some with... well usually the finished space wins out.
One thing to keep in mind, is that you won't get 100% of the cost on return, but if this is being done with the intention of it being a long-term improvement for your family's comfort, it has value to you.
Also, make sure that you aren't improving your home well above the other homes in your neighborhood.
All the Best to you and your family... more
As with building a home, the price per square foot of finishing a basement will vary depending on type of finish, if you add a bathroom/fireplace, what condition your basement is currently in, etc.
If you are looking for some rough numbers to see if it is right for you at this time, a good rule of thumb is to estimate $35/sq ft for an average to start.
As a contractor, I review each homeowners goal and am able to give a bid with all allowances, etc. so you know what to expect up front. If a contractor is not willing to do that, I would recommend interviewing others.
If you have further questions, visit my website at www.essencebuilders.com and feel free to contact me for any other information.
I don't believe they are common, but some sellers are open to that. Real Estate Agents can search on the MLS specifically for homes on the market that are open to lease options. Let me know if you'd like me to email you all the lease-option listings that are in your price range/location/etc.... more
That varies depending upon the restrictions of the neighborhood and style of house. For example, there are some neighborhoods where the architectural covenants require a large amount of natural products be used for the cladding of the exterior of the home. As for house style, the least expensive style to build is a saltbox--a home where both the 1st and 2nd stories are stacked right on top of each other. Where the saving exists in this style is that the foundation and roof system end up covering 2 floors vs. a single story or ranch style home where there is more foundation and roofing for a single story.
That being said, currently you could plan on a 2 story running between $110-$130 per sq. ft. and a ranch style upwards of $150/sq.
Again there are a lot of variable but this should give you a starting spot.... more
The housing market nationwide has been down, and it's no different in Madison. But that does not mean everything has been depreciating. In fact, the average home is still appreciating in the Madison area. So the market isn't so bad, it's just not really good. In general, Madison has and probably always will have quite a stable market. It will never "burst" like you'll find in Los Angeles, San Diego, Las Vegas, Orlando, etc. It has it's ups and downs, but not to extremes.
More specifically about the current market in Madison, it's a Buyer's market, which basically means there are more homes for sale than there are buyers. Also, interest rates are still relatively low. So it's actually a great time buy!... more
In buying or selling, the most recent Sold properties (3-4 Months) will show you where similiar (style, location, and amenities) properties comparitively sold. This is the point where Buyers & Sellers have agreed on the value of a house, and sets the current market. In addition, looking at the current "Active" properties on the market, will show you what is available in that price range, and what type of property product you can expect . If there is ample competiion, the property you want to buy or sell has to stand out above the rest. The most prominent item is price. That will create traffic to the property. The property should then be spotless clean, maintained, de-clutter, and ready to move in. That's the property that will have the most demand, and is the best "deal" for buyers!... more