The condo market on Cape Cod has been very slow, but there is clear evidence that if a unit is in good condition and is priced right, it will sell.

A case in point is a closing that took place yesterday. When I was meeting with the seller about listing her beautiful condo, the seller had a price in mind that was considerably above the fair market value that I had determined. I suggested that she have an appraisal done so that we would have an independent third party’s view of the property value. Another good reason to have an appraisal done is that there will be a day of reckoning when the bank appraisal is conducted after the home is under contract. No matter how much the prospective buyer loves the home, if the home does not “appraise,” there is no sale.

After the appraisal came in, the seller listed the home and priced it accordingly. The condo sold in 63 days at the appraised value to a couple who had been scouting the market for over two years. They knew that the home was priced right and was a good value in this market.

Coffee with a View in FalmouthPort

Besides the typical association amenities such as snow and rubbish removal and landscaping, FalmouthPort, a well-managed condo community in Falmouth, MA, also offers homeowners a number of amenities that appeal to people of all ages:  4 tennis courts, a heated waterside association pool, community clubhouse, 1.5 miles of managed walking trails, and 2 association docks with deep water access.

For my wife and myself, who now live in FalmouthPort, it was the water that drew us in.  As I write this I can hear the slight drone of a lawnmower in the background (a clear sign of the weekend to come), but the sounds of ducks, sea birds, and some passing kayakers have created a lovely backdrop for our morning coffee. 

To take a short video tour of FalmouthPort, click on the video link.

http://youtu.be/_IY3qCyHh5U

Living in New England (what we consider to be the Cradle of American Civilization), we Cape Cod residents often take for granted the various historic places and events that are within an hour or two of home.  Patriots’ Day for many of us is a holiday from work, a chance to participate in or root on our friends up Heartbreak Hill in the Boston Marathon, or perhaps an opportunity to take in an afternoon Red Sox game. 

This year my wife and I decided to re-live that portion of history that we celebrate today.  Fortunately for us, we were introduced to the idea by some neighbors who have made reenactment scenarios a part of their lives, and we were inspired by their enthusiasm.  While we have not donned colonial garb as yet, we were intrigued at their suggestion that we attend the Lexington Green reenactment this morning.   

History 101 at 6 AM? 

Mary Beth and I were out of bed at 3:15 this morning so that we could arrive at the Lexington Green by 4:45 AM to see the reenactment of the Battle of Lexington.  As we drove into Lexington under the cloak of darkness, we began to think that 4:45 AM may have been a bit too late.  Thousands of people of all ages had arrived before us, and thousands more were on their way.  Some were carrying step ladders to ensure their view of the Green.

Fortunately we did get a front row standing spot (albeit an obstructed view thanks to a very old pine tree that obviously had arrived before us).  We stood with folks from around the nation.  Volunteers dressed in colonial clothes worked as “pickets” and made sure that everyone stayed behind the ropes, but several also came by and delivered mini-history lessons.  They wanted to make sure that everyone knew the story behind what we were about to witness.

At 5:45 AM,  the loudspeakers that surrounded the Green came to life, and the crowd went silent.  The speaker once again made sure that everyone knew the background of what they were about to see.  He also introduced some visitors from Lexington’s sister city in France and reminded those present that the Revolution might not have been won without the help of the French.

More Grateful Than Ever

Check out www.battleroad.org and click on “What Happened That Day” to get a brief summary of the events that then unfolded before us.  It was surprising how apprehensive we became as the British soldiers approached the Green (and the somewhat disheveled colonial militia men) with their full regalia, fife and drums, and muskets with bayonets. 

A very solemn morning for me.  I’m glad that my clients and former neighbors Klaus and Sherry Schneller encouraged us to go.  The VIP passes, map and directions were very much appreciated.

Happy Patriots’ Day!

This 3 BR 2.5 bath Falmouth condo has been completely renovated!

The number of months it takes a seller to sell a condo decreased 33% from October 2009 to February 2010. In October, the absorption rate stood at 20 months and it is now at 13.5.

The most dramatic drop is in Wellfleet where the rate dropped from 39 months to 7.8, followed by Provincetown with a drop from 35.1 months to 12.2.

What does this all mean? It is a positive indication that the sale of condos has picked up significantly. The absorption rate of single family homes is now only 2% better at 11.3 months, the closest the two have been in over two years.

Hyannis grandparents, be sure to take your grandchildren to visit Santa at the Cape Cod Mall. Santa Claus and his merry crew of happy elves have taken up residence for the rest of the holiday season at the Mall.

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There are many steps to financing a condo purchase when times are good. In today’s market when things are not so hot, there are even more hoops to jump through. Just as you want a highly competent medical specialist and a world-renowned hospital when you are sick, you need a highly competent mortgage broker and a mortgage company with realistic underwriting guidelines in challenging real estate markets.

What prompted this post is a closing that took place yesterday…over a month after the original closing date. The reason was the mortgage company…and not necessarily the mortgage agent! By the way, the buyers put 20% down, had exceptional credit scores, and both husband and wife have well-paying jobs!

Three Steps to Stress-Free Condo Financing

1. Assuming that you have secured the services of a competent real estate agent, seek the agent’s guidance in selecting a mortgage provider. An experienced agent will know which companies are “condo friendly” and which agents have the best track records.

2. Use a mortgage provider that has provided mortgages in the condo complex where you buying. On Cape Cod, some of the local financial institutions are better bets than those with off-Cape underwriters. 

3. Use a local mortgage agent who is familiar with the area and the condo complex. Since they have already jumped through hoops for previous clients, they will know how to guide you through them for your closing.

Maybe “stress-free” is a bit of an overstatement, but if you follow these three steps, your purchase will be a lot less stressful.

A maintenance reserve:  What an idea!

 In the midst of our country’s major financial crisis and with daily news casts about both public and private credit debt, it is refreshing to see a condominium community that has wisely put money aside since its inception.  So while other complexes defer projects due to a lack of funds, FalmouthPort in Falmouth, MA just goes on about its business.

FalmouthPort is a waterfront condo community on Cape Cod.  Since it was built in the late 1970′s, the Association Board with its current professional management company, the American Properties Team, have managed the property in a highly professional manner. 

 Three points need to be highlighted:

1. The Board knew from day one that even though the complex was new, the day would come when repairs would be needed.

2. A Long-range Repair and Replacement Plan was adopted, and money (a maintenance reserve fund) was set aside .

3. The funds were invested conservatively.  When stocks were rising wildly, the fund did not grow as fast as some would have liked.  When the market tanked, however, the fund was barely touched.

What spurred this entry?  Today the main road was repaved.  No, there was not just a top coat applied; the old road was removed, and a new one put in its place. 

  And most important: there was not a special assessment.

We received news on Friday that at least one local Cape Cod lender, Cape Cod Five, is reinstituting 90% loans for second home buyers. (NOTE: Contact Meryl Watson for details: mwatson@capecodfive.com). This was made possible because no title insurance companies would insure more than 80% loans but now at least one company is willing to offer the coverage.

95% Financing is Available for Cape Cod Condos

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There are many wonderful Massachusetts condo communities you can call home in the Cape Cod area, but you should definitely have the town of Barnstable at the top of your list while searching for a Cape Cod Condo for sale.

Barnstable Real Estate

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