Is Condo Living Right For You? Read the Rules Before You Buy!

“There are no exceptions to the rule that everybody likes to be an exception to the rule.” Charles Osgood


Prices for condominiums and townhouses have dropped significantly over the past couple of years and buyers are starting to find the Wayland, Sudbury, Maynard, and the towns west of Boston very attractive. Condominium living is exactly the right lifestyle for a lot of people. If you are a first time home buyer, you can generally get more living space for the same price as a single-family home, developments tend to be newer, and some offer amenities such as swimming pools, tennis courts, fitness centers. If you’re just too busy or not interested in working around the house, owning a condo may be for you; the exterior maintenance is taken care of by the homeowner association so you don’t have to be concerned about painting, landscaping, snow plowing, roof replacement, etc. – the benefits of home ownership without the work!

A lot of empty nesters also like the idea of simplifying and having someone else take care of things, especially after this past winter! Wouldn’t it be nice to just lock the door and go somewhere warm next winter without having to worry about anything? Sounds perfect if you’re someone who wants easy living; doesn’t mind having close neighbors; is ok with letting other people make decisions for you or is willing to volunteer to be on the Homeowners Association Board, and won’t mind trading some personal freedoms in return for convenience.

Buyers know that condominiums/homeowner associations have rules that govern the community and offers to purchase a condominium should include a contingency that says the offer is subject to satisfactory review/acceptance of all documents… Most HOA (Home Owner association) rules are pretty standard, and your attorney can tell you which ones you can expect to find in most places, however, communities can and do amend the rules over the years so rules can vary. Parking and pets seem to be the biggest issues but there may also be rules holiday decorations, gardening, decks, facility usage; bicycle and baby carriage storage, any selling restrictions – these days many developments will not allow investors … Some associations dictate what vendors you can use to replace the windows – yes, units owners are often responsible for windows, doors; know what you will be responsible for.

The lender will review the budget and send a questionnaire asking about the overall well being of the development – i.e. number of owner occupied units, if there are any pending lawsuits, special assessments; but as the buyer, it is really important for YOU to read the rules. Only you can know if you’ll be comfortable living by the rules that govern the condo development you’ll be sharing; and the best time to do that is before you make an offer. Once you accept the condominium rules (or not) you can move forward and enjoy the lifestyle that’s right for you!

About the author: Marilyn Messenger, CRS has sold dozens of condominiums and townhouses (new and resale units) in Sudbury, Wayland, Maynard, and the towns west of Boston since 1993. As a condominium/townhouse owner and former Board of Trustees Member of a 155 unit complex, she knows how first-hand about buying and selling condominiums and about condo living. Ask Marilyn at 508-596-3501 or marilynmessenger@realtor.com.

Wayland Real Estate Market - October Sales Up; Current Pendings Down

Welcome to the real estate market conditions report for Wayland MA for November 2010.


Overall, there are more single family homes for sale in Wayland than there were one year ago - 85 compared to 79, however, a closer look shows that in many price ranges there are actually fewer available. The price range with the largest decrease is $600,000 to $699,900 - last year at this time there were 11 homes for sale; currently there are only 7. The range with the highest increase is $250,000 to $299,000 - there are 10 compared to only 1 last year. Many of the homes that range are either short sale or banked-owned properties.

Eight of the "active" listings have offers accepted and are being shown until contingencies have been met. Additionally, there are 7 single-family homes with sales pending; there were 16 sales pending one month ago. Pending sales indicate recent activity.

List prices in Wayland range from $179,000 to $4,795,000. The median list price is $719,000; last year at this time it was $639,000. The average list price is $956,309 compared with $1,059,493 last year. Average time on the market for current listings is 199 days; a year ago it was 210 days.

The number of closed sales during the month of October was up; 15 compared with 11 sales last year. The median sale price was $500,000 up from $472,500 last year; while the average of $488,850 was lower than during October 2009 when it was $532,986. Year-to-date, the number of single family homes sold sales was up over 2009 - 119 in 2010; 105 in 2009, and there was no significant change in median and average sale prices.

While median and average prices are helpful information, the market value of any property depends on the supply and demand which can vary greatly for each price range. It is important to understand your specific market when determining the list price that will attract the highest number of buyers; or if you are a buyer trying to determine what you are willing to pay.

For anyone looking for easy living, there are excellent opportunities in Wayland. There are 28 condominiums, including duplex and townhouse styles with prices ranging from $319,500 to $985,000. There are 3 condominiums with offers accepted; and 1 sale pending. There were 2 closed sales for condominiums during October.



Visit www.marilynmessenger.com to search complete MLS listings with addresses and maps; news and information and market reports for Sudbury, Stow, Maynard, and Weston MA.

Data source: MLSPIN (Multiple Listing Service Property Information Network)