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I would like to get some feedback on condos I'm building in downtown Plainville. These are quality construction with premium finishes (granite, stainlesss steel appl., hardwood floors, etc..). 2Bd, 2.5 Bth, no garage, full bsmt, nice finishing touches. I'm marketing them next week at 239,900 for the two middle units and 242,900 for the two end units. It would be great to get a preview of the market. I'm not an agent. All opinions appreciated. Thanks.
Location: Danbury CT covering all of Fairfield County
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I don't do business over in Plainville and I don't know the market over there so I have no real direct interest. Many buyers do expect to have a garage with new construction so that is going to be a big obstacle. Was it possible to get garages in with the site? I don't know about the price since I don't have subscribe to that MLS. Good luck
According to the Statewide MLS, the median price of available single-family properties is $259,900 (a 3-bedroom, 1.5-bath, 2-car garage Ranch with 1380 square feet on a quarter acre).
There will be those turned off by the maintenance required in owning a house. However, I believe more will seriously opt for the house versus your condos considering the house has the garage and lacks common charges. Even if they don't, there are condos in Plainville listed under $229,000 that have garages.
It is hard to comment on something that you have not seen. I am not real familar with the Plainville condo market but it seems that the price may be a bit high. As Rich Lee noted, there are houses priced less and they have a garage. Plainville is not a premium town and I am sure there are nice comparable priced condos in nicer communities such as Farmington. JMHO Jay
I think that it depends on the attractiveness of the whole package; the lot, exterior, interior as well as the exact location.
Maybe something could be said about a smaller scale development that could have some real positive advantages.
Possibly there will be an empty nester that comes over from a neighboring town or a professional that will really appreciate the location, and there's just something about a new build and it's overall quality that may be extra enticing and an incentive for them to buy.
Sometimes just leaving the door open about the possibility of there being room for negotiation, however little, can give people a feeling that they are obtaining the best and fairest deal.
Thank you for all your comments-they are appreciated. To answer JDHall1, I had absolutely no room for garages unless I built up and it just seemed to massive in relation to the structures on site. The reason I'm pricing on the high end is for the quality of the condos and the fact that they're brand new, but I'm going to think about all the responses. Thanks again.
Plainville, living up to its name, doesn't exactly generate a lot of enthusiasm when it comes to thinking about a place to live. It's a decent town as far as I can tell, reasonable commute to Hartford, decent access to highways, fairly safe etc. I get the feeling that your price point will be critical. Too high and people will start thinking about how close Farmington is...and Plainville doesn't compare to Farmington IMO. Where are you planning on building?
In response to Sun-great insight-those are all the factors I'm taking into consideration and that's why its hard to place a value on it. I'm trying to see if my perceptions match up to the potential buyers'. These condos are unique in relation to the site they are on.
In response to leoberman and davfar, the condos are going up across the street from the post office.
Leoberman-You're right, Plainville is sort of plain, but there are a lot of great people who live here and hopefully all the intentions of downtown revitalization will prove fruitful. And my hopes are that my little project will lend some charm to downtown. There is an 1821 house on the site that we are renovating into rentable office space and we're constructing a two story mixed use building with 2 storefronts and two spacious one bedrooms up top. This building will have moldings and brackets wraped around all four sides and the storefronts will be showcased with detailed woodwork. The whole site will have a nice "old updated" feel to it and exterior trimwork colors will coordinate nicely also.
Thanks again everyone.
I look forward to seeing the finished product!! There has been a lot going on lately to spruce up the center of town and all is looking great!
I think you may have them a little overpriced though...this is me going by what you originally posted though. Looking at the MLS, those new detached condos on S Washington recently sold for just under $250k and they have a garage, full basement, 1456sq ft, 3 beds, and again are detached. So that's only $10k more than you plan to list.
What will the condo fees be??
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