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Home Buying in Niantic : Real Estate Advice

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  • Home Buying6
  • Home Selling1
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Activity 9
Thu Oct 9, 2014
Paula Hahn answered:
If your name is not on the Mortgage Note then you have no fiduciary responsibility.
Foreclosure is very hard, especially when emotions are involved. If you want to talk further, I would be available to you. Thanks and good luck. ... more
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Mon Apr 8, 2013
Joe and Marianne Malerba answered:
There are many differences between having a single family house vs a condo. For many a condo is a great alternative as all of the exterior landscaping is taken care of so you dont have to spend your day off mowing trimming bushes raking leaves and making everything nice. In addition in the winter someone else takes care of clearing the sidewalks and parking lots from snow. As a general rule in addition exterior maitnenance is taken care of by the condo association. The limitations to a condo are that usually there are association rules that must be followed. These do vary by association. A home on the other hand(unless it is in certain subdivisions) does not have any rules that follow it. However the homeowner is responsible for all maintenance. Either are great choices it depends on what your current lifestyle is and what would be best suited for you. My partener and I have over 30 years of guiding people through the process and educating them so that they can make the decision that works out best for them! If you would like to set up a time to meet and go over these in person we would be happy to go over all of these details with you and answer all of your questions and help to educate you as well as guide you to the decision that works best for you! We are available by email at yourkeyteam@gmail.com or by phone at 8609127315! ... more
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Wed Mar 27, 2013
Jonathan Rodgers answered:
Hi Potential,

Since you posted this back in 2009 my reply may no longer pertain to you, but I feel it's a great question for people searching for a condominium in today's rebounding market.

I represent a new condominium community currently in development in Niantic, and I've seen traffic and sales increase dramatically in the last six months. Pricing is a big part of the success, and we've found that listing our new homes at prices comparable to existing condominium units in town has been a home run. Many of our customers compare homes that are 10 years old and realize the price per square foot is the same as purchasing brand new.

As the market continues to improve, this will undoubtedly change as developers begin to take a premium for new construction. For the moment, however, buyers still enjoy a big discount when they purchase into new condominium developments.
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Fri Jan 6, 2012
Jill Commins answered:
"Seller to pay up to 6% of purchase price towards buyer closing costs and other nonrecurring prepaids" is a phrase added to additional provisions on our local ECAR purchase and sale agreement that most lenders will allow.I have found it quite useful.
But do be kind, its a buyer's market right now. Sellers may not be able to help with buyers closing cost, as they have closing costs of their own as well as transfer taxes.
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Wed Apr 28, 2010
Tim Bray answered:
I am often being asked if I feel that Condo’s are particularly risky in these trying times. Let me shed some light on the condo market and try to help you make the best decision possible. I will focus in on the primary resident condo market as opposed to investment properties in Aspen or on the ocean. Condos are built with a specific client in mind. Condo owners are typically first time homeowners who have good credit, previously were renters, who wish to enter the housing market. They often times use the condo as a stepping stone into the single family housing arena but can not afford to do so at this time. Or the condo owner enjoys the relatively maintenance free lifestyle that a condo offers.

The risk in ownership and potential depreciation in value lies in the age of the condo, management, Home Owner’s Association, availability of other condos in the complex as well as the town, taxes, and the barrier to entry for developers in the market place.

There are very few condo complexes in my region that I would recommend. The first thing that I look at would be the town in which the complex is located.

1. Has the town approved similar condo complexes that have yet to be built and would be in direct competition with the one in question?

2. More importantly, do the existing complexes or the one you are looking at have approvals in place for the developer to build more when the market shows signs of turning?

These two questions are critical in determining your risk and the probability of a further decline in value. Developers can typically be much more aggressive in their pricing of individual units and you will rarely win when trying to go head to head in competing for the attention of buyers.

3. Pay close attention to the spread between the cost to rent, own a condo, and a detached single family. The greater the gap in between these three factors will reduce your risk.

There are a couple of condo complexes in the Southeastern portion of CT that I would feel extremely comfortable in recommending to potential buyers. Unfortunately they comprise only a small fraction of the condos currently on the market and are losing value at a fast pace.

P.S. I do not have any affiliation, ties, or listings currently in the complexes being recommended.
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Sat Dec 6, 2008
Anne Astley answered:
Hello Josie

I work as a Realtor in the beautiful Shoreline region of Connecticut, I know the areas well in Niantic and East Lyme.

There has only been one property which has closed over the past year on the Niantic River, the property closed for $800,000. There are currently several other properties that meet your requirements that are currently for sale and the prices range between $700,00 - 1.2 million.

If you would like to discuss any of these properties in greater detail or need further information please do not hesitate to contact me at 860-304-9058 or by email anne.astley@cbmoves.com

Regards

Anne
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Tue Nov 25, 2008
The Hagley Group answered:
Any remaining funds could be used to pay property taxes, fire insurance, HOA fees, etc.
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