The rise put the average sale price at Chestnut Ridge at an all-time high. At $234/SF, the average price per square foot in 2021 was the highest paid for any year on record at at the prestigious condo community in Franklin, Massachusetts.

Highest-priced unit sold in 2021

The highest-priced sale at the Chestnut Ridge Condos in Franklin, MA for the year was a free-standing unit located in Chestnut Ridge II. 

14 Pear Tree Lane sold for $570,000.  It had an unfinished basement and a one-car attached garage.

Lowest-priced unit sold in 2021

The lowest-priced sale at the Chestnut Ridge Condos for the year was the only unit in Chestnut Ridge I that changed hands during 2021.

1 Cherrywood Lane sold for $404,000.

It had its original kitchen, baths and wetbar.  The lower level was finished.

Full 2021 Chestnut Ridge Condos sale report

The 2021 sales report for Chestnut Ridge can be downloaded via the hotlink at left or in the image below.

Sales volume held steady

Six units sold at the Chestnut Ridge Condos in Franklin, MA during 2021.

This was the same the number of Chestnut Ridge condos that sold in 2020, and roughly in line with the sales totals of the last several years.

Of the six sales, four were above asking price and one was at asking. The pace of sales was extremely fast. On average, it took only seven days of exposure on the MLS for these units to go under agreement. All this is symptomatic of a real estate market with high demand and where home prices are rising sharply.

The outlook for 2022

The market for townhouses at Chestnut Ridge in the year ahead will be greatly influenced by the direction of mortgage interest rates. There is a general expectation that rates will move higher in 2022.

While no one can predict the future with certainty, most experts expect that affordability will remain a major issue and that housing inventory will remain tight as 2022 gets underway. The expectation that mortgage rates will rise as 2022 progresses means that prospective home buyers may want to act soon to lock in an affordable interest rate . . . before borrowing costs climb significantly. Waiting to buy could mean paying more per month for your home if mortgage rates rise as expected later in the year.

For prospective home sellers, experts forecast that demand for housing will continue to outpace available supply, so long as mortgage rates remain at their current rock bottom levels. While this is generally good news for sellers because it means less competition, a combination of high prices and rising interest rates later in 2022 should narrow the pool of potential buyers who can afford to buy your home. The emphasis for home sellers in 2022 should be on selling your home earlier, rather than later, in the year. As soon as practicable in the new year, you should hire a real estate agent who utilizes technologically-advanced marketing tactics to reach qualified buyers and get your home on the market.

If you think you may be ready to buy or sell, give us a call at 508-561-6259 or use the contact form below. As local market experts, we can fill you in on any issues impacting your move and create a custom plan to help you meet your real estate goals.

Copyright ©02038.com

The average sale price of townhouses at Spruce Pond rose 8.7% in 2021 to an all-time high of $447,811. It was the third year in a row of record high average sale prices at this sought-after condo community in Franklin, Massachusetts.

Highest sale price in 2021 for a home at Spruce Pond

53 Quince Landing sold for $475,000, making it the highest-price sale at Spruce Pond Village for the year just ended.

53 Quince had the original kitchen and baths that came with the unit when new. But it did have a two-car attached garage, a nice feature when most homes at Spruce Pond have only one-car garages. 53 Quince also had an additional finished living area in its basement, something that not all Spruce Pond units offer.

Lowest sale price at Spruce Pond for 2021

The lowest selling price at Spruce Pond in 2021 was the $425,000 paid for 7 Spruce Pond Road.

This unit also had the original kitchen and baths. 7 Spruce had only a one-car garage and its basement was unfinished. The unit did offer prime views of Spruce Pond.

Five Spruce Pond units sold in 2021

Five units at Spruce Pond Village changed hands during 2021, a slight up-tick of one unit from the four units that sold in 2020.

You can download the 2021 Spruce Pond Village Sales Report here or via the hotlink in the image below.

Four of 2021’s five sales at Spruce Pond were for over the asking prices. Just a sign of the times in the extraordinary real estate market we’ve been experiencing in Franklin, MA and across the Bay State!

The outlook for 2022

The market for townhouses at Chestnut Ridge in the year ahead will be greatly influenced by the direction of mortgage interest rates. There is a general expectation that rates will move higher in 2022.

While no one can predict the future with certainty, most experts expect that affordability will remain a major issue and that housing inventory will remain tight as 2022 gets underway. The expectation that mortgage rates will rise as 2022 progresses means that prospective home buyers may want to act soon to lock in an affordable interest rate . . . before borrowing costs climb significantly. Waiting to buy could mean paying more per month for your home if mortgage rates rise as expected later in the year.

For prospective home sellers, experts forecast that demand for housing will continue to outpace available supply, so long as mortgage rates remain at their current rock bottom levels. While this is generally good news for sellers because it means less competition, a combination of high prices and rising interest rates later in 2022 should narrow the pool of potential buyers who can afford to buy your home. The emphasis for home sellers in 2022 should be on selling your home earlier, rather than later, in the year. As soon as practicable in the new year, you should hire a real estate agent who utilizes technologically-advanced marketing tactics to reach qualified buyers and get your home on the market..

If you think you may be ready to buy or sell, give us a call at 508-561-6259 or use the contact form below. As local market experts, we can fill you in on any issues impacting your move and create a custom plan to help you meet your real estate goals.

Copyright ©02038.com

at $260,000, the highest price paid for a unit at Franklin Crossing in 2021 also set a record.

Most important record of all

But what was the most important price record shattered at Franklin Crossing during 2021 was the all-time high prices paid for Franklin Crossing units that had their original kitchens and baths.

These units all had the the original 1980s “Euro-style” wood laminate kitchen cabinetry that was installed when the condos were constructed back in the 1980s. A few had varying degrees of bathroom updates, but most had their original bathrooms as well.

The prices paid for these units during 2021 ranged from $224,500 – $240,000. These were the highest prices ever paid at Franklin Crossing units with original kitchens and baths. The prices were roughly $40,000 per unit higher than the prices paid for such units in 2019 – 2020.

What this means for owners of condos at Franklin Crossing is that even if your kitchen and bath is original, you can sell your unit for a lot more than you paid for the home. In 2022, you will be able to sell at a premium price without the premium upgrades!

Full sale report for 2021

The get the complete Franklin Crossing Condos Sale Report for 2021, use the link at right or embedded in the image above.

Lots of units sold

There were sixteen units sales at Franklin Crossing in 2021.

That’s the greatest number of condos to change hands at Franklin Crossing in any one year throughout the 2010s (and even going back to 2004 when eighteen units sold).

You can learn more about the Franklin Crossing Condos here.

The outlook for 2022

The market for condos at Franklin Crossing in the year ahead will be greatly influenced by the direction of mortgage interest rates. There is a general expectation that rates will move higher in 2022.

While no one can predict the future with certainty, most experts expect that affordability will remain a major issue and that housing inventory will remain tight as 2022 gets underway. The expectation that mortgage rates will rise as 2022 progresses means that prospective home buyers may want to act soon to lock in an affordable interest rate . . . before borrowing costs climb significantly. Waiting to buy could mean paying more per month for your home if mortgage rates rise as expected later in the year.

For prospective home sellers, experts forecast that demand for housing will continue to outpace available supply, so long as mortgage rates remain at their current rock bottom levels. While this is generally good news for sellers because it means less competition, a combination of high prices and rising interest rates later in 2022 should narrow the pool of potential buyers who can afford to buy your home. The emphasis for home sellers in 2022 should be on selling your home earlier, rather than later, in the year. As soon as practicable in the new year, you should hire a real estate agent who utilizes technologically-advanced marketing tactics to reach qualified buyers and get your home on the market.

If you think you may be ready to buy or sell, give us a call at 508-561-6259 or use the contact form below. As local market experts, we can fill you in on any issues impacting your move and create a custom plan to help you meet your real estate goals.

Copyright ©02038.com

It was the sixth year in a row that the annual average sale price rose at Highwood. All three of the associations that comprise the Highwood community (Highwood I, Highwood II and Highwood III) experienced a rise in unit values during the year.

Highest unit sale price

Unit 154 in Highwood III achieved the highest sale price at Highwood during the year.

What distinguished Unit 154 was that it was one of the few units at all three of the Highwood associations with a basement. There was finished living area in this basement, a big plus for the floor plan of the home. Additionally, this townhouse offered three bedrooms, including one on the main living level. Many condo buyers prize a first-floor bedroom, so this unit had a lot going for it – hence the high selling price!

Lowest unit sale price

The sale of Unit 76 produced the lowest-priced transaction at Highwood during 2021.

This Highwood II unit was a one-level home on slab. It offered two bedrooms and one bath. Both the kitchen and bath were updated.

2021 Highwood Sale Report

You can download the Highwood Sales Report for 2021 here or via the hotlink in the image below.

In the report, you’ll see that fifteen Highwood units sold in 2021. Of those units, thirteen sold over their asking prices. What a strong showing for Highwood for the year just ended!

Those fifteen unit sales in 2021 were consistent with annual sales totals for the last four years at Highwood.

The outlook for 2022

The market for condos at Highwood in the year ahead will be greatly influenced by the direction of mortgage interest rates. There is a general expectation that rates will move higher in 2022.

While no one can predict the future with certainty, most experts expect that affordability will remain a major issue and that housing inventory will remain tight as 2022 gets underway. The expectation that mortgage rates will rise as 2022 progresses means that prospective home buyers may want to act soon to lock in an affordable interest rate . . . before borrowing costs climb significantly. Waiting to buy could mean paying more per month for your home if mortgage rates rise as expected later in the year.

For prospective home sellers, experts forecast that demand for housing will continue to outpace available supply, so long as mortgage rates remain at their current rock bottom levels. While this is generally good news for sellers because it means less competition, a combination of high prices and rising interest rates later in 2022 should narrow the pool of potential buyers who can afford to buy your home. The emphasis for home sellers in 2022 should be on selling your home earlier, rather than later, in the year. As soon as practicable in the new year, you should hire a real estate agent who utilizes technologically-advanced marketing tactics to reach qualified buyers and get your home on the market.

If you think you may be ready to buy or sell, give us a call at 508-561-6259 or use the contact form below. As local market experts, we can fill you in on any issues impacting your move and create a custom plan to help you meet your real estate goals.

Copyright ©02038.com

Record high sale price set and broken nine times in 2021

2021 was a year in which Stone Ridge sale prices powered ever higher as the year progressed. Before 2021, the highest price ever paid for a townhouse at Stone Ridge was $365,000, in a transaction recorded in 2020. That record sale price of $365,000 in 2020 was surpassed NINE TIMES at Stone Ridge during 2021 – amazing!

Highest-priced sale at Stone Ridge for 2021

The record-high sale price at Stone Ridge currently stands at $420,00.

That’s what a buyer paid for Unit 53 in November 2021.

Average sale price also set record in 2021

As mentioned at the start of this post, the average sale price at the Stone Ridge condos hit an all-time high in 2021.

2021’s average sale price of $376,000 represents a 14.5% surge over 2020’s level (which was itself a record.) On a square foot basis, the $264 average price per unit square foot paid in 2021 was the highest for any year on record at Stone Ridge.

Full 2021 sales report for Stone Ridge

You can download the Stone Ridge 2021 Sales Report via the hotlink at left or embedded in the image below.

The run up in values at Stone Ridge during 2021 reflects the fact that many condo buyers in Franklin, MA prefer Stone Ridge. It offers relatively affordable townhouses with full basements, one-car garages, and town sewer. Stone Ridge also has a variety of floor plans.  Several of these floor plans feature first-floor bedrooms.  These are highly sought after by buyers who need one-level living.

Lowest-priced sale at Stone Ridge in 2021

The sale of 124 Stone Ridge Road was the lowest-priced transaction at Stone Ridge in 2021.

Unit 124 sold for $340,000. It’s notable that a sale price of $340,000 would have been a record-setting price at Stone Ridge back in 2019 – quite a sea change in values at Stone Ridge in just two years!

2021 unit sales volume at Stone Ridge

Eleven Stone Ridge townhouses sold in 2021.

That’s one fewer than changed owners in 2020 and one more than the number units that sold in 2019. Excluding the transaction-heavy years of 2016 and 2017, the eleven sales during 2021 are in line with annual sales volume at Stone Ridge going back to 2014.

Of the eleven unit sales in 2021, ten were over-asking price transactions.  The one Stone Ridge unit that sold under its asking price in 2021 had set a very high asking price when it entered the market.

The outlook for 2022 at Stone Ridge

The market for townhouses at Stone Ridge in the year ahead will be greatly influenced by the direction of mortgage interest rates. There is a general expectation that rates will move higher in 2022.

While no one can predict the future with certainty, most experts expect that affordability will remain a major issue and that housing inventory will remain tight as 2022 gets underway. The expectation that mortgage rates will rise as 2022 progresses means that prospective home buyers may want to act soon to lock in an affordable interest rate . . . before borrowing costs climb significantly. Waiting to buy could mean paying more per month for your home if mortgage rates rise as expected later in the year.

For prospective home sellers, experts forecast that demand for housing will continue to outpace available supply, so long as mortgage rates remain at their current rock bottom levels. While this is generally good news for sellers because it means less competition, a combination of high prices and rising interest rates later in 2022 should narrow the pool of potential buyers who can afford to buy your home. The emphasis for home sellers in 2022 should be on selling your home earlier, rather than later, in the year. As soon as practicable in the new year, you should hire a real estate agent who utilizes technologically-advanced marketing tactics to reach qualified buyers and get your home on the market.

If you think you may be ready to buy or sell, give us a call at 508-561-6259 or use the contact form below. As local market experts, we can fill you in on any issues impacting your move and create a custom plan to help you meet your real estate goals.

Copyright ©02038.com

Note that this content is written for condo buyers in the Commonwealth of Massachusetts.  If you are looking to buy outside of MA, some of what you read here may not be applicable to your situation.  Regardless, just about everyone should be able to benefit from these articles – but please seek competent legal advice before making any purchase decisions.  Let’s get started!  

Part 1: Size matters

You’re not only buying a condo unit, you’re also buying into a condo association.  The number of units in the condo association can materially impact the quality of life you’ll enjoy in your condo unit . . .

. . . and can also greatly affect the quality of the financial investment you’re making in buying a home.

Video review of large vs small condo associations

The following video explores how the size of a condo association can determine how happy you’ll be with the condo purchase.

The pros and cons of large associations

There are some important financial benefits of buying into a condo association that has a large number of units. Lots of units mean lots of unit owners paying monthly condo fees.  The substantial, steady inflow of revenue to a large association should help provide financial stability and a cushion against surprise expenses.  If major structural repairs or improvements are needed at the association, you’ll be glad there are a lot of people to share those costs. There really is safety in numbers!

However, large associations have potential downsides as well.  Whenever a sizable number of people live close together, there are compromises that have to be made so everyone has an equal opportunity for happiness.

The larger the number of residents, the greater the chances there are for conflict, nuisances, and a loss of privacy. 

Small can be beautiful . . . or a real pain in your bank account

The lifestyle at smaller associations can be slower paced and more informal than at larger condo communities.  There may not be an impersonal off-site management company with which to deal. There will be fewer vehicles and people around you – appealing to many!  

But with smaller condo associations can come greater financial risks.  What happens if the septic system fails or it’s time for a new roof?  Having fewer units among which to spread the cost of capital expenditures can lead to large bills to individual unit owners!

An effective way to reduce the risk making a mistake with your condo purchase is to review the financial statements of the condo association before you buy.  Follow the hotlink in the image above or at right to learn more about looking into the condo documents and financial statements of an association before you commit to a purchase.

Beware of the potential for deadlock in small associations

On important governance issues such as how to pay for major improvements or repairs, most condo associations operate under the principle of one unit one vote. If you own in a very small association, especially in a two-unit association, you might find the unit owners unable to agree on what to do. 

If you have only two condo units in your association, you might not see eye to eye with your neighbor regarding important issues that need to be decided.  Deadlock among condo owners is a fairly rare occurrence, but it can become a serious problem with a small association.

Next topic in the condo-buying series

We’ve explored some of the pros and cons of large and small condo associations, but what happens if the unit you want to buy has NO association at all?

Follow the hotlink in the above image or in the link below to learn about the potential trap for the unwary that hides in duplex dwelling units, which are often condominiums but sometimes are just attached homes with none of the protections that come with a condominium regime!

If you have questions, ask Warren Reynolds

If you have questions or concerns about buying a condominium in Massachusetts, use the form below to contact Warren Reynolds.

Warren is an attorney in addition to being a real estate broker. He’ll be happy to answer your questions.

(All Warren asks is that if you are already committed to working with another real estate agent to please have that agent answer your questions.)

Copyright ©02038.com

Part 2: When a duplex home is not a condo

A duplex can be a condo, and a condo can be a duplex, but not all duplexes are condominiums! It may seem a bit confusing, but it’s an important distinction that home buyers should keep in mind when looking at duplex homes in Massachusetts.

Duplex homes common in MA

The “duplex” is a popular style of housing in Massachusetts. A duplex consists of two dwelling units that are attached to each other. Typically, the units are side by side, but sometimes they are stacked one on top the other. (Three attached units are called “triplexes”.)

Duplexes can exist in neighborhoods of other types of homes.

And you’ll also find large neighborhoods in Massachusetts comprised entirely of duplex homes.

Not all duplexes are condominiums

Many duplexes for sale in Massachusetts are part of a condominium association. Duplex condo associations come in many different sizes. Sometime an entire neighborhood of duplexes form one association. At the other extreme, the condo association is comprised of just one duplex building containing the two dwelling units. No matter how many duplex units are in an association, because they are condos, they’ll will be governed by the condo association documents and likely will have monthly condo fees.

But in Massachusetts you’ll also find duplex homes that are not condos: they look exactly like duplexes that are condos, but these duplexes are not part of a condo association. “Non-condo duplexes” typically have no monthly fees, which makes them very popular with first-time home buyers. But many buyers are unaware upfront that the non-condo duplex unit they are considering buying is not a condo, and can fail to appreciate the downsides of owning an attached dwelling that lacks the protections of a condo association.

The potential risks for the buyers of non-condo duplex homes

Non-condo duplexes lack the protections that come with being part of a condominium association. There are no rules and regulations in place addressing the many issues and disputes that can arise with congregate housing. And there are no mechanisms governing when and how exterior maintenance and repairs are performed . . . and paid for. It can lead to real problems!

The following video explains the “traps for the unwary” lurking for buyers of non-condo duplexes:

Non-condo duplexes are marketed like condos

The misunderstandings buyers often encounter with non-condo duplexes stems partly from the fact that these duplexes look like condos. And buyer confusion often is furthered by the way non-condo duplexes are marketed on the Multiple Listing Service: non-condo duplexes are grouped together with condominiums on the MLS!

The largest MLS in Massachusetts is called MLS-PIN. It has three main categories of homes for sale: single-family, multi-family and condominiums. Non-condo duplexes don’t fit cleanly into any of these three categories. (They aren’t single-family homes because they are attached. They aren’t multi-family homes because, most frequently, only one of the two units is sold at a time. And they aren’t condominiums because they aren’t in a condo association.)

MLS-PIN has made the decision to lump non-condo duplex listings into their condo listing category. MLS-PIN gives the listing agent the option to state “Yes” or “No” regarding whether there is a condo association in place.

The result of this is that on all real estate websites, including Realtor.com, Zillow, and Trulia, all duplexes appear as “condos”, even if there is no condo association in place at the particular duplex for sale. It’s a recipe for confusion among home buyers.

When buying a duplex, ask early if there is a condo association

Knowledge is power. Before getting interested in any duplex home, buyers are best advised to ask the listing agent whether the duplex home has a condo association in place. Knowing what you’re getting into is the first step toward protecting yourself in your home purchase.

Next on the agenda, why you should review the condo docs and financials

Next in our series on condo buying in Massachusetts is the importance of performing a review of the condominium’s documents and financial statements.

Follow the hotlink in the image above or at right to learn why your condo purchase due diligence should include a close look at “condo docs and financials” – before you buy!

Ask Warren Reynolds

Have questions about buying or selling a condominium in Massachusetts? Use the form below to contact Warren Reynolds. With over twenty years experience in MA real estate sales, Warren has the knowledge and experience to help you!

(All Warren asks is that if you are already committed to working with another real estate agent to please have that agent answer your questions.)

Copyright ©02038.com

What a run prices have had at Franklin Crossing over the last eight years! From a low of $123,785 in 2012, the average sale price now stands at $230,781, up 11.3% for the year and an astounding 86% higher than just eight years ago!

Eight sales in 2020

Eight condos at Franklin Crossing sold on MLS-PIN in 2020.

Of those eight sales, five were above asking price while only three sold at a discount from asking.

You can download a report on all unit sales at Franklin Crossing during 2020 here or by following the hotlink in the image below.

Two lowest-priced sales at Franklin Crossing in 2020

The two lowest sale prices in 2020 at Franklin Crossing ($210K and $215K) would have been by far the highest prices paid at Franklin Crossing in calendar year 2018, if those sales had taken place during 2018.

Unit 810 (sold for $210K) had a renovated kitchen but suffered from a cigarette odor. The odor kept the selling price for that unit below what Unit 2005 sold for, even though Unit 2005 had a decidedly old kitchen.

Without knowing about the cigarette odor at Unit 810, that $5K price discrepancy would have been a real head scratcher. This shows that you need to get inside homes for sale to fully understand the factors that will decisively influence value! (This is why websites using algorithms to estimate home values can be wildly unreliable.)

Highest-priced sales at Franklin Crossing

The four highest-priced sales at Franklin Crossing in 2020 all reflect the premiums buyers often pay for updated interiors. Each of those condos had received extensive improvements.

The kitchens were modern and appealing.

The baths had been recently renovated.

And the interiors of most of the units had been heavily refurbished.

It pays to make the home you’re selling seem modern and sparkling!

Learn more about the Franklin Crossing Condos

Follow the link at right or in the image below to access informative videos, photos, and facts about the Franklin Crossing Condo community in Franklin, MA.

Use the form below to contact Warren Reynolds with any questions you have about buying or selling at Franklin Crossing.

Copyright ©02038.com

The price increase came on the heels of a disappointing decline the previous year. Chestnut Ridge’s average sale price of $445,417 is now 60% above 2010’s $278,333 average.

Six sales in 2020

Six units changed hands at Chestnut Ridge in 2020, according to data maintained by MLS-PIN..

While showing a decline from the eight transactions that were completed in both 2019 and 2018, 2020’s sales total was consistent with the fluctuating annual sales volume at Chestnut Ridge going back a number of years.

You can download a report on all of the sales at Chestnut Ridge in 2020 here or via the hotlink embedded in the image below.

Sales below asking price

Of the six sales at Chestnut Ridge in 2020, three sold at a discount to their asking prices.

The three units that sold at a discount lacked the “pizzazz” of extensive, recent upgrades.

Sales above asking price

Conversely, the three units at Chestnut Ridge that sold above asking price in 2020 all were renovated and very appealing.

You can see in the image below how much more modern and attractive the interiors of the over-asking-price units were compared to the interiors of the units that had to discount to sell.

Updates help homes sell at a premium!

Learn more about the Chestnut Ridge Condos in Franklin, MA

You can go to an informative landing page on the Chestnut Ridge Condominiums here or by following the hotlink in the image below.

Use the form below to contact Warren Reynolds about the Chestnut Ridge condo community and to get inside the homes for sale there.

Copyright ©02038.com

The rebound in unit values played out over nine years after prices bottomed in 2011. 2020’s average sale price at Highwood hit $244,607, a 3.2% increase over the prior year. This is 3.8% above 2005’s high.

Only two sales below asking price in 2020

Of the fourteen sales at Highwood in 2020, nine were over asking price, three sales were at asking, and only two units sold at a discount from their asking prices.

In a sign of rising prices in the overall Massachusetts housing market, the over-asking price sales at Highwood in 2020 were of units that were not uniformly upgraded.

Most of these units did offer either renovated kitchens . . . .

remodeled baths . . .

or at least one special feature (a loft, finished basement, or desirable one-level living).

Get to know the Highwood Condos in Franklin, MA

Did you know that there are three condo associations at this Franklin condo community? It’s true!

You can learn more about the Highwood Condominiums in Franklin, MA here, or by following the hotlink in the image above.

If you have questions about living at Highwood or would like to get inside some of the homes for sale there, contact Warren Reynolds by using the form below!