The numbers are looking good in Lebanon with 17 units sold, which is an increase from last year’s 14. The average price has increased to $254,382 up from $183,259 last year, a jump of 38.81%!  The average number of days on the market has increased to 195, up from 150.

Condo sales in Hanover, unfortunately, have been less promising and have actually seen a substantial dip in 2010.  So far there have only been 8 units sold, down from 21 last year.  The average price has stayed constant at about $310,000.  The average number of days on the market is also up to 268, up from 199 last year.

Chris

Carol and I recently met with Kevin and Shannon Purcell who are the developers behind Natures Walk condominiums in Lebanon.   They have sold 50 % of the project thus far and are optimistic the remaining 17 units will be absorbed into the market in the next year or so.  If you are looking for single level living with an on site fitness center and easy access to walking trails, Nature Walk is worth considering.

Quarry Hill is another new condo development in Lebanon that is aggressively looking to move units in 2010.  We have helped a Buyer in 2010 purchase one of their units and we can attest to the flexibility and responsiveness of the Developer.   A particular advantage of working with this group is the opportunity to modify the floor plan to your needs.

Westboro Woods, along with all area developers has suffered the effects of the declining real estate market and economy.  The developer of this project has been steadily dropping prices to accommodate for the lackluster demand in the market.  With these units now priced in the +-$200,000 area I think they are priced well for what they offer.

Gile Hill in Hanover has reached the end of Phase one of their development plan and are now on to phase two with some new products.  They are adding townhomes with attached garages to the mix this year, which I expect will be well received.  They are priced between $300 and $400,000 depending on size, style and location in the complex.  Being “Green Built” and on the access road for Dartmouth Hitchcock Medical Center should continue to draw buyers to this complex.

If you are looking for a condominium in the Hanover/Lebanon area, give us a call, we help people buy them all the time.

Matt & Carol

It was interesting to hear from Miro how the Hartland Group has adapted their plans as the economy and housing market have changed over the past year.  The most significant change is that Estes & Gallop of Lyme NH has replaced Trumbull Nelson of Hanover NH as the general contractor for the project. Miro indicated that rebidding the buildings in 2009, along with a better understanding of what consumer’s value, will help them deliver a better product well suited for the market in 2010.

They have indeed made some significant design changes and seem to have good value for moneyin their product when compared to other condominium complexes in Hanover.  The 2 bedroom flat units range in price from $289.000 to $310,000 depending on how they are situated in the buildings relative to stairs, proximity to parking and views.  The initial asking prices are somewhat higher in 2010 when compared with actual sale prices in 2009 for comparable units, a strategy often employed by developers as sales momentum is gained. When looked at in comparison to other 2 bedroom, 2 bath flat style units in Hanover and age is factored in, Gile Hill still seems reasonably priced.  The big change in design is the addition of 2 and 3 bedroom townhouse style units with their own garages, an amenity clearly valued in the winter time.  Two bedroom prices start $309,000 and three bedroom units start at $379,000 and again when compared to other Hanover 2 and 3 bedroom townhouse units the prices are in line with the market.

It seems like the real value questions facing buyers at Gile Hill boil down to two primary factors. New and green built vs. 20 – 30 year old construction technology and walk to downtown Hanover vs. walk to Dartmouth Hitchcock Medical Center from a proximity standpoint.

More later – Matt & Carol

For information and most asked questions this is a good article by Laura Saunders in the Wall Street Journal!

The Hanover NH Condo Market

The condo market in Hanover NH has faired well through the current economic downturn. The number of closed units for the 3^rd quarter is up 49% (10 in ’08 to 19 in ’09).  The average selling price is down 13% ($279,780 in ’08 to $242,758 in ’09).

This information leads me to believe that the 1^st Time Home Buyer Tax Credit continues to drive the sales of condominiums in  Hanover NH and the rest of the Upper Valley.

More to come! Carol & Matt

54 DAYS AND COUNTING

Time is running out for 1^st time home buyers to take advantage of the $8,000 tax credit. To qualify, home buyers must complete the purchase of their home before December 1^st 2009! This is a great the opportunity to purchase a single family home in the Hanover and Lebanon NH area.

The IRS has recently issued a news release which reviews the qualifications for the 1^st time home buyer credit. Other resources that explain in detail include a You Tube Video and a First-Time Homebuyer Credit website.

In addition to the tax credit, the New Hampshire Housing Financing Authority Home Advantage Program allows buyers to monetize the tax credit at the time of purchase to provide up to $10,000 towards down payment and closing cost.

For help understanding the tax credit regulations and the Upper Valley real estate  market, don’t hesitate to email, phone us at 603-643-4800 or just stop by our office on Allen Street in Hanover, NH.  As Exclusive Buyer Agents, we represent buyers only —  at no extra cost to you!

More to come! Carol & Matt