I am planning to buy a house. Any advice at Elm Street in Concord, MA (Elm Court at Concord)?

Asked by Kevin, Boston, MA Thu May 29, 2008

Can any agent help me with that?

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Territory.c…, Agent, MA,
Fri May 30, 2008
BEST ANSWER
First and for most you should buy based on your needs, so if the condo/townhouse style is the answer than that should be your focus. Taking into consideration what I said below you should try and get the lowest and best price possible when it's time to negotiate giving yourself plenty of room to appreciate.

Since real estate trends are pretty unpredictable - example the market crisis we experienced over the last 2 years was unforeseen by most - it is hard to say what the resale market for condo/townhouses will look like in the next 5/10 years (by the way a 10 year resale period is not really considered "short term").

That said, it helps to look at recent condo statistics compared to single family statistics to see if a good deal is possible.

Over the last year 42 condos have sold in concord with an average days on market of 145. The most sales happened in the $300,000-$350,000 range but your price point isn't at the highest price point which is good. Buying the highest end property puts you at more risk of little appreciation. In your specific price range the average days on market is 128 with a sale price to listing price discount of 4% putting it equal to the total condo market discount. The current absorption rate for condo is 3.5, which means over the last year that many condos sold per month. Using this number I was able to find there are currently almost 8 months of inventory on the market which means the condo market in concord right now is middle of the road: not quite a sellers market and not quite a buyers market (although it is right on the edge). Inventory is half what it was compared to the market in the prior year. Also the days on market have doubled and the median price has dropped. This means the condo market in concord has softened a bit (deal to be had?)

Compare this to the Single family numbers: 169 SF's have sold over the last year with an average days on market of 145, and a market average discount of 5%. The hottest price points are the $500,000-599,000 range and the $1mill-$1.5mill range. The first number being the most relevant to you ... Since your price point falls in one of the most competitive single family price points concentration should really be on getting a great deal on your condo as this will give you an edge at resale.

Again, real estate is very difficult to predict but remember it is also very cyclical. We are in a down turn now but it will surely come around soon. I will hold my personal RE predictions from Trulia ;) but my suggestion to you is find a great negotiator and focus on getting the lowest price possible as well as a good quality townhouse.
0 votes
Irena, , Newton, MA
Thu Sep 16, 2010
the question is 2 yrs old.....
0 votes
trulia, , Concord, MA
Wed Sep 8, 2010
Kevin

To answer your inquiry on the new houses listed in the 500,000 range on Elm St. They are after the Rt. 2 rotary on the Concord Acton line across the street from the Concord Prison Farm land on the hill. They have a mix of affordable as well as at market. The affordable will be sold by lottery. If you would like to see them please give me a call 978-985-5271 Charles and Pat Blair Hammond Residential 113 Thoreau Street Concord

Thanks

Charlie
0 votes
Cheryl Flynn…, , Concord, MA
Wed Sep 8, 2010
Elm Street, Concord, MA is a kind of gateway into one of the most beautiful towns in America that showcases the beautiful antique homes that give Concord its unmatched character, appeal, warmth and historic charm.

If you are a doctor, professional with a Boston office, or hospital employee, working at Emerson Hospital, you may not need a car to commute to work since you're only about 1 or 2 miles from the hospital and the MBTA train to Boston.

If you enjoy the simplicity of a stroll, or jog, there are incredible trails in the woods to Egg Rock, for example, at Nashawtuc Hill, which is located at the confluence of the Concord, Sudbury and Assabet rivers - a serene and contemplative place to rest before you jog back home. Not too many people know where the entrance to the trail is.

If you enjoy the simplicity of walking to the center of town and dining on the historic porch of the Colonial Inn on a summer evening surrounded by flowers and beautiful plantings you will love Concord.

If you have an appreciation for a newly renovated town library, with archived original works by Thoreau, Alcott, Emerson or Hawthorne, you will love Concord.

If you are enthralled with the idea of getting up at 4:30am on April 19th for a pancake breakfast and re-enactment of the historic battle at The Old North Bridge, you will love Concord.

If you appreciate literature based curriculum of one of the highest levels, a strong sense of community, town parades, 10k races, picnics.........and a 375th weekend birthday party coming up on September 11th, you will love Concord.

There is so much more.
http://en.wikipedia.org/wiki/Egg_Rock
0 votes
trulia, , Concord, MA
Tue Jun 9, 2009
Kevin

My wife Pat and myself would be delighted to help you with information on Elm Street Concord as well as all other properties in the area. We are brokers with Hammond Residential 113 Thoreau Street Concord, Ma. Call me at 978-985-5271. Thanks Charles Blair
0 votes
Kevin, Home Buyer, Boston, MA
Thu May 29, 2008
I will certainly have a look at these properties and let you know. I would prefer something new, hence a condo/TH will best suit my needs. I understand that Single Family appreciates more, however I would like to know about the condo/TH resale market in Concord? Is it really bad ??(just curious.. most of the condo/TH in Concord on MLS are over 200 days) . Is a short term (5-10 years) investment in a condo/TH in concord a bad idea? Thanks!!!!
0 votes
Territory.c…, Agent, MA,
Thu May 29, 2008
My guess would be single families in concord will appreciate more and I say that because they have such great school systems so the town will always attract families looking for single family homes. While condos and single families likely appreciate in tandem, single families offer more options to increase their value (landscaping, parking and there is no condo association dictating other changes/upgrades or lack there of).

Here are some single families for sale in the same price range just as a comparison:

http://www.territoryre.com/idx/listings/70755776/details.html

http://www.territoryre.com/idx/listings/70758937/details.html

http://www.territoryre.com/idx/listings/70619253/details.html
0 votes
Kevin, Home Buyer, Boston, MA
Thu May 29, 2008
Thanks for your prompt response. Yes, I was looking at the Condo's/TH you pointed to on Elm Street. They are brand new and below 500K. What is better in Concord TH/Condo or Single Family in terms of appreciation and resale?
0 votes
Territory.c…, Agent, MA,
Thu May 29, 2008
Not sure which Elm Street property you are talking about as there are a couple (including condos):

is it this single family: http://www.territoryre.com/idx/listings/70758907/details.html
or one of these condo townhouses: http://www.territoryre.com/idx/listings/70642682/details.html

Both look great, although the condo townhouses have been on the market for over 200 days which could be for various reasons (over priced, soft townhouse market in concord, etc).

Either way, to answer your question, yes, any agent can help you. I strongly recommend you hire an exclusive buyers agent, not the agent representing the seller or builder as they have a legal duty to protect the seller in all transactions and therefore can only offer you limited service/advice.

Good luck!
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Concord Zip Codes

Email me when…

Learn more