Ever wonder why North Shore brokers sell more houses than condos?
The answer is pretty clear – because there are infinitely more single family homes to sell i.e. more inventory – than condos, or attached single family homes, as they are called in the Multiple Listing Service. That is because land is cheaper in the suburbs than it is in many parts of the city, so it is easier and more affordable to find larger land parcels with larger homes on them.
Still- there is a strong market for condos and townhomes in the suburbs, and particularly Highland Park and its surrounding areas, as older generations seek to stay in the community but free themselves of larger home maintenance responsibilities and tax bills. Attached housing is also a great way for someone to enter the market – costs are generally lower, so it is a lower risk proposition.
However, selling and/or buying a condo or townhome is very different from a single family home.
With a condo, your broker needs to know the financial condition of the HOA (Home Owners Association), any upcoming special projects, general “rules of the road” for the building i.e. what are the guest parking rules, or pet rules, and your broker needs to know exactly what is included in the monthly assessments, if board approval is necessary, and if so, how long does that take? AND where are the parking spots, are they assigned or deeded? What about storage is that assigned and if so where is it?
Your broker also needs to know at a 22.1 is. I am always amazed at the number of brokers who ask me “what’s that?” when it comes time to review the financial statements and relevant legal information on the condo building.
Many brokers who sell mostly homes are not aware of the above, and as a result, deals can take longer, stall, or completely fall apart due to lack of information or knowledge on the part of one or both brokers.
Make sure your broker has experience buying or selling condos. It will work to your advantage and you will have fewer surprises during the deal, as well as after you move in!
Questions about condos or townhomes? Contact me at firstname.lastname@example.org – 847 708 3833