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.
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.
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.