People buy on comparison. The days of buyers looking at one house/condo and buying it are long gone. Buyers have too much to see today, and it’s critical to price those listings properly whether resale listings or new construction. My team members are listing agents. We know the importance of being competitively priced.
We are marketing three new condo communities, presently. Along with competitive pricing, the condo fees are very important, and the services that each community provides are critical. All of our condo communities are serviced by town water and town sewer.
If a condo community does not have city sewer available and it exceeds a certain number of units, that community must provide a waste water treatment facility on site. The cost of maintaining that entity results in a tremendous expense. This figure contributes to the condo fee and the fee becomes excessive as the EPA continually requires upgrades.
Some builders subsidize that figure while they are managing their communities. Buyers should be diligent about investigating the list of expenses that contribute to the condo fee. If a condo fee is being subsidized by the builder that should be disclosed. The actual expenses need to be disclosed to potential buyers. Make sure you know the real numbers. Eventually, that will be your expense to pay.
Town water and town sewer are features of a condo community that are irreplaceable. Buyers and buyer agents would be wise to investigate the details of the future maintenance of on-site improvements and the expected estimated costs that could result. This will influence your equity position in the future. Know the numbers!!
