New on Market: 1 bedroom Beacon Condo for $99,500
In the spirit of transparency and contextual information, I’m thinking about new ways to present listings so a potential buyer has a better sense of the big picture. Here’s a new listing for a 1 bedroom condo in Colonial Springs in Beacon. Please offer any comments at the end of the post!
3 Colonial Road, unit #71 (click to enlarge)
Basic info:
Bedrooms: 1
Bathroom: 1
Year Built: 1970
Sq ft: 610
School District: Beacon City
HOA Fees: $250 (includes grounds maintenance, hot water, heat, cable
Taxes: $1774
This 2nd floor unit has hardwood floors throughout the main living space and a balcony off the living room. There is a shared laundry facility in the building, and the condo also comes with a personal storage unit that’s approximately 10ftx10ft. It was on the market before (at $110,999), but the couple is ready to stretch their legs and buy their first house, so have lowered the price to $99,500. That’s the lowest price for a 1 bedroom condo in Colonial Springs at the time of this post. Here’s some perks of the location – great for commuters, and walking distance to the train or Main Street shops:
How’d we come up with the price?
Well, it’s a combination of looking at what’s sold in the complex recently, what’s currently for sale in the complex (the “competition”), and good judgment.
Here’s what’s sold in the past 12 months. There are only 2. One was for $117,500, and you can see by the pictures (below) that it had an updated modern kitchen, which is always a good selling feature. The other went for only $75,000, but was vacant. The owner had already moved North, so they may have just wanted to cut their losses and get the property off their hands at that point. So now we’re looking at a range from $75,000 – $117,500.
Then we look at what other 1 bedroom condos are on the market in the complex. At the moment there are 2. Both are 1st floor units, with asking prices of $107,000 and $109,000. Here’s how they look:
So, based on the above information, we saw that $110,999 did not work, and the $107,000 and $109,000 price points of other listings haven’t moved yet either. So, we decided to boldly price it under $100,000, to be the lowest price in the complex, and to show that we mean business! 
Now you’ve got the information. I hope I’ve demonstrated the thinking behind a listing, and the kind of stats you’ll want to know when you’re deciding whether a listing is fairly priced. (we think this one is!)
Feel free to email me if you want to check out this condo, or any other property on the market. [Yes, agents can show you ANY property on the market, regardless of the agency with which it's listed.]
roostchooser@gmail.com
