resale value of townhomes in general... (Boston, Grafton: sales, real estate, foreclosure)

[tsr73]

Hi Everybody ,

We recently moved to MA this June and we are planning to buy a townhome in either Grafton, Stow or Northborough. I want to know how the townhomes appreciate and the market in general in MA.

I would also appreciate if you could share your experiences with living in townhomes.

It would help us making a decision to either go for a townhome or an individual house.

[brightdoglover]

In general, a single house always appreciates/holds value better than a townhouse, although there are some very high-end ones. If the townhouse is in a condo fincancial situation, you've just bought property with other people. I don't know how a "fee-simple" townhouse works- seems there's still common areas, or roofs, or whatever. Maybe a townhouse with a good HOA would suit someoen who doesn't want to be bothered by certain aspects of home ownership.
Right now, I'd say prices are stabilizing to dropping. It will never be a full-blown crash- thre just isn't enough land to overbuild too much. But certainly the townhouse/condo market can be overbuilt more easily than single homes.
I bought/built a single home for the simple aspect of financial control, having had a tiny condo in a building with every conceivable problem of living with other people nearby. I have come to love the control, and it makes home a real sanctuary from the difficulties of other people. My house is smaller than many high-end townhouses.
For value, houses are always best, I'd say, around here and most places. Good luck.

[smarty]

It is going to get worst before it gets better. With a cold winter, there will be many more foreclosure and properties on the market.


From Boston dot com.

Massachusetts home sales post double-digit decline in September
October 22, 2007

BOSTON --Two new reports show a sharp drop in home sales in Massachusetts in September.

The Warren Group, a Boston-based publisher of real estate data, reports a nearly 19 percent decline in single-family home sales last month compared with the same month a year ago.

The Massachusetts Association of Realtors put the September decline at 14 percent. The group doesn't count certain sales such as for-sale-by-owner transactions that are included by the Warren Group.

Chief Executive Timothy Warren of The Warren Group attributes the September decline to tightening availability of credit.

The Warren Group said the median selling price for a single-family home in September was $304,000, down 4 percent from a year ago. The Realtors' median stands at $340,000, down less than a percentage point.

[skytrekker]

Condo's and Townhouses will see a larger decline in value during a real estate 'bust' or decline. Exceptions may be very high end properties or the currently popular '55 add over' communities. But even these may fall in value more quick then comparable single family homes.

I live in a small (24) unit town home community in CT. Prices are now declining after they nearly doubled in value from 1999-2006. Condo's townhouses have may attributes that may suit different types of people. No outside yard work, or exterior maintenance.

Are community is self managed- so HOA are low. Living in a condo community however may reduce privacy, and allow less freedom.

[Parsec]

For your town specifically: I know a family who bought a 3 bedroom townhome in Grafton in 2002. They sold it in 2007 for the same price they bought it for =/