My husband is always itching to move. It is something left over from his first few years out of school when he had a new apartment every year. These days he wants to live downtown. He wants to be closer to work and within walking distance to restaurants and shops. And most importantly he doesn’t want to do any maintenance. My only concern is that we have trouble committing to living anywhere for more than two years. Based on all the choices available right now downtown, I think it is great time to buy. There are ample new projects coming up and more than enough MOTIVATED sellers with re-sales for any serious buyer to negotiate a good deal.
Below is one we just viewed in the Terra Cotta Lofts. It has the same basic floor plan as the many others that are currently listed, but is has more square footage than other 2 bed, 2 bath units making the rooms larger and easier to design. Also the taxes in this building are abated and the condo fee for this unit is relatively low. There is only one downside. Whenever the first owners picked out the upgrades, they stuck with the base package. So there’s nothing really exceptional about the finish. For a person with style and vision though this is a great blank slate. You won’t have to undo someone else’s questionable taste.
#709 in the Terra Cotta building.
This is a CMA Portrait of the other available condos at 1501 Locust including two listings that just went under contract. Looking at price per square foot, this unit is priced well for the building. The average per square foot price in the building is about $164, this one is listed at $143.87 per square foot.
This article was in last week’s Biz Journal. Their information came from the city Assessor’s Office.
Year ……………. Number of Condos Sold in Downtown
2003 ……………. 116
2004 ……………. 140
2005 ……………. 288
2006 …………….. 336
2007 ……………… 362 (not including November or December)
this blog makes me wonder: in this current real estate market is it better to sell your current residence first then proceed to find another place to live?
My advice would be to wait until you had a contract on your home before you start actively looking for new homes. Average days on market for most places are increasing. It is difficult to determine how long it will take a particular unit to sell. If you were to find a new place before you sold your current home, you would have to write a contract contingent on the sale of your home. Most sellers are reluctant to accept this sort of contingency because it means they have to stop actively marketing their home to other buyers and list it as “under contract” in the MLS. Inevitably, you will lose your leverage on both sides if you get your heart set on a new place before you sell your current home. You could start educating yourself by driving around other areas and searching the internet to determine the average price of different housing options, but I would hold off on touring available listings until you are relatively certain that you have secured a ready, willing an able buyer. I can set up an MLS account for you if you would like to keep an eye on the current market.