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Affordable Condo Options Newly Available

by Ed Daniels
September 30, 2009

Affordable Condo Options Newly Available



Over the past few weeks there have been two condo options that have come available in our area that could become really good deals.  I mention “could” because one is an auction property and one is an income restricted option.
 


Over the past few weeks there have been two condo options that have come available in our area that could become really good deals.  I mention “could” because one is an auction property and one is an income restricted option.

Natick has luxury condominiums at the Natick Mall going to auction on October 4th.  The minimum bids are significantly less than what the asking prices have been over the past year.  Some people may respond that they were overpriced to begin with, but only time will tell whether these unique Metrowest properties will hold their value.  The fact is, there is nothing else like them in our area.

The auction process is also difficult to determine what the result will be.  This process requires attending the auction with a $10,000 cashiers check, signing a Purchase & Sale Agreement that day, and closing within a month.  Not a process to be going through blindly!

Holliston is now offering affordable condo options at The Orchards at Holliston.  This 72 unit complex is currently under construction.  The location is 353 Highland Street, towards the Ashland town line.  Four of these units are available for buyers who fit certain income criteria.
The selling price of these few units is $166,500.  The deadline for applications on these units is November 9th.  The luxury units have 1,580 square feet of space and are townhouse style.
If you meet the following income guidelines, it is a great opportunity:
$46,300     one-person household
$52,550     two-person household
$59,550     three-person household
$66,150     four-person household
There is an informational meeting at Holliston Town Hall in Room 105 on Oct 21st from 6-8pm.

We find ourselves in a time when mortgage rates are close to thirty year lows, affordability indexes are looking their best in decades, and there are some motivated sellers.  Nobody will be able to determine if we have hit the low point in the real estate market until we look back in history, but indicators show it is a good point, if not the low point.

Ed Daniels of Remax Executive Realty is an eleven year veteran of the real estate business, as well as a lifelong resident of Metrowest Boston.  Contact him at 508-341-7880 with any questions or comments.  His website is www.MAhome.com
 

 

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