Gile Hill Condos – Hanover Real Estate Market

Recently I spoke with Miro Weinberger about phase two of Gile Hill project now under construction and targeted for occupancy in early 2010.  Miro is one of the principals of the Hartland Group and has been the driving force behind the development. Gile Hill is located in Hanover, New Hampshire on Medical Center Drive which is the access road for the Dartmouth Hitchcock Medical Center.

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

This entry was posted on Tuesday, December 1st, 2009 at 3:31 pm and is filed under Condos for sale Upper Valley, Condos for sale Hanover NH, Housing Solutions, Lebanon NH Real Estate for sale, Upper Valley Real Estate for Sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.