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

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.

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.

 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.

Barnstable Real Estate

Barnstable, MA is the largest community in the Cape Cod area, with seven smaller villages located within it, which include the famous Marthas Vineyards, Nantucket, and the Municipal Airport. The seven villages offer a wide variety of lifestyle living, so you can be sure to find exactly the style of Cape Cod Condo amenities you are seeking.

Relocating to Barnstable, MA

If you are ready to move to the picturesque Barnstable, then simply request our information packed Barnstable Relocation Guide. Our expert Cape Cod real estate team at www.JustCapeCondos.com is here to provide Cape Cod Condo buying tips and help you search the Cape Cod Condo MLS. Questions? Just ask! We are here to help.

Until next time,

Steve

*Absorption Rate: The number of months that it would take for all Falmouth condos presently on the market to be sold. A balanced market is around 5 months.

Here are some Falmouth Real Estate  statistics by price range: 

Cape Cod Real Estate Positives:  

1. The fact that the number of Cape Cod condos listed for sale is down 11% is a good sign.
2. The absorption rate is also down.

Cape Cod Real Estate Negatives:

1. The average sales price is down 10% from the same period a year ago (2008: $407, 812; 2009: 367, 576).   
2. In the past six months, 53 Cape Cod Area condos have come on the market while 22 have been sold. 

Conclusion: The continued downward pressure on sales prices means that the Cape Cod home buyers market continues.

Until next time,
Steve

The National Association of Realtors has released its second quarter sales results for Cape Cod condos. The good news is that lower prices and attractive interest rates have increased affordability for both year-round and second Cape Cod home buyers. Click the link below to see the survey.
NAR Second Quarter Condo Sales Results

Searching for a Cape Cod Condo

If you are ready to browse the Cape Cod MA MLS listings, then feel free to contact me, Steve Clay, your Cape Cod Condo Realtor to set up home viewings or to learn more.

Until next time,
Steve

Some startling statistics show that it’s a great time for anyone to be a Cape Cod condo buyer in Falmouth (MA). This is especially true what with the ample Cape Cod real estate inventory that is still growing. That means Cape Cod sellers are usually more flexible. With mortgage interest rates at historic lows, it could entice more condo buyers to emerge from their winter hibernation.

What Does This Mean to You as a Cape Cod Condo Seller?

Since there have been more Cape Cod condos coming on the market than have been sold, there is still downward pressure on prices and the inventory remains high. Condo buyers are clearly in control and will stay in control until there are three consecutive months with more Cape Cod residences being sold than come on the market. The key to selling your Cape Cod condo in this market is to price the property correctly.

What’s Your Feedback?

Leave a comment and tell us what you think.

Until next time,
Steve

You’re probably asking yourself, “why in the world would comedian Ray Romano  consider buying a luxury condo in Cape Cod?” First of all, Mr. Romano is no stranger to Cape Cod. As a matter of fact, Mr. Romano was the Celebrity Guest Conductor for the 22nd Annual TD Banknorth Pops by the Sea concert back in 2005. Need more reasons why you might see the “Everybody Loves Raymond” guy purchase a Cape Cod condo? Take a look at my impressive list of 4 great reasons why Ray (or any celebrity for that matter) would consider buying a condo on Cape Cod:

Comedian by Day, Conductor by Night!

Having Fun with Cape Cod Real Estate

1. No doubt, Mr. Romano will need a vacation condo on Cape Cod for the next time he is invited back to Cape Cod as the guest conductor for another concert By the Sea.

Ray Romano – Wannabe Golfer Pro!

2. If you know a little about Ray Romano, you know he is a tremendous fan of the game of golf, and boy do we have some of the best, most challenging golf courses right here on Cape Cod! With over 50 Cape Cod golf courses in the area, the lovable Ray has a smorgasbord of championship-caliber golf courses right here in his Cape Cod backyard to choose from!

Wooly Mammoths Need a Cape Cod Condo Too!

3. Need more reasons why Ray Romano should buy a condo on Cape Cod? Just in case you didn’t know, Ray is a terrific family guy and father of a daughter and three sons. What better place to buy a vacation condo than Cape Cod. Here on the Cape, Ray and his kids and future grandkids can frolic on wide beaches, dine at our great restaurants, and enjoy sailing and other private family activities free from the paparazzi. Plus, our Cape Cod summer months are so delightful! Wait a minute? Did I use the word “frolic” and Ray Romano in the same sentence? By the way, Ray was the voice of Manny the wooly mammoth in the animated movie Ice Age and the sequel Ice Age: The Meltdown.

Real Estate is in His Blood!

4. I did a little snooping and found out Ray should be able to recognize a terrific Cape Cod real estate value when he sees one. Why you ask? Ray’s father, Albert Romano, was a REALTOR! You’ve got to believe real estate knowledge is in his blood.

Hey Ray – What Do You Say?

So Ray, when you read this post, be sure to look me up. I’ll gladly help you search for that perfect Cape Cod condo of your dreams!

Cape Cod Condo Comments!

I wrote this post with severals objectives in mind. First, to have some fun. Second, to articulate why I believe we live in one of the most beautiful places on earth and third, to get you to leave a comment! So, with that said, what other reasons can you think of for Ray to purchase a condo on Cape Cod? I’d love to hear your comments.

I’ll be back soon for another interesting post,

Until next time,
Steve

P.S. This is my first post so please come back for more!!!