Author Archives: Jennifer Cote

About Jennifer Cote

Real Estate junkie, appraiser, sell, buy, analyze, research,passion, invest, environmental, crunchy, municipal, planning, efficiency...everything real estate!

Condex is not a made up real estate term.

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What is a Condex?  If you’re not from New Hampshire or Massachusetts you may have never heard of it.  Like a New Englander style home…unheard of elsewhere, but that’s for another post.

A Condex is a duplex style condominium development consisting of only 2 units.  They can be found in some southern New Hampshire towns like Hudson, Derry, Litchfield, and Pelham (to name a few).

In NH the Attorney General has to approve a condominium’s association documents, and it’s the same for Condex’s.  Condominium developments have a master insurance policy for the entire development to cover the grounds and any amenities that are owned in common.  It’s the same for the smaller Condex…there is a master insurance plan for both units.  This is in addition to your own homeowners policy.  The cost for this isn’t usually much and it’s shared between both units.

Condex Multi-family DuplexLower prices, and no condo fees are the top benefits of a Condex.  You also have your own yard…with all it’s maintenance too!  Sounds very similar to owning your own single family property, other than each unit shares a wall.

The drawbacks are you own the land and exterior, in common, with your neighbor.  So you need to have a friendly relationship with the other owner….just in case you need to work together.  To fix the roof for example.

How about when the other side goes into foreclosure?  My client purchased such a unit in Hudson NH 2 years ago, and we had a pickle of a time contacting the owner of the other unit, they where renting it out.  Turns out the other owner purchased their own master insurance on the development because the previous owners stopped paying their side of the premium.  So my client purchased their own master policy, so she could get financing, it wasn’t much but something you should be aware of.

-Just my thoughts. -Jenn

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For more information click on the links below:

State of NH Condominium Act

State FAQ Community Associations

New Hampshire Housing helps first time home-buyers with assistance programs: http://www.nhhfa.org
*see page 3 for Condex approval

The End of the Hometown

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When asked where’s your hometown, how do you respond: the one you were born in, or the one you grew up in?

Seeing as the median duration in a residence is only 5.2 years* most of us have moved multiple times since birth.  So people aren’t tied to one location in today’s mobile society and many are missing that connection to a town.

I would always respond that I was born in Lowell, MA but moved a couple times before Nashua…which is where I grew up.  I have a connection to both, but my hometown is Nashua.

So I ask the question in my next post: What is home?

It’s just something I’ve been thinking about, the loss of the hometown.

NashuaMyHometown1Just my thoughts. -Jenn Cote

*https://www.census.gov/sipp/p70s/p70-66.pdf  page 4 “Seasonality of Mobility and Duration of Residence” Household Economic Studies  By Kristin A. Hansen

FACEBOOK: topNHhomes

Fantastic Location in Epsom, NH

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Welcome to 150 Goboro Rd in Epsom, NH!

Close to everything…shopping, highways, lakes region…yet so private surrounded by trees.  Huge fenced backyard for pets or children!  New wall of cabinets with dishwasher, large light filled living room, and fantastic screened porch to enjoy that backyard!  Great home for first time home-buyer! Nothing to do but move in and call it home.

1,330 square feet on main floor and 629 square feet finished in lower level! BIG.

1,330 square feet on main floor and 629 square feet finished in lower level! BIG.

Call or email me for more information! 603 305-1922 or

Jenn @ TopNHhomes.com (remove spaces)

Private fenced backyard with character! Fantastic screen porch to enjoy the surroundings.

Private fenced backyard with character! Fantastic screen porch to enjoy the surroundings.

MLS4381250 3 bedroom, 1 bath, finished basement with another bath, screened porch, wooded private lot with fenced backyard, 1,330 SF above grade with 629 SF below grade with full windows and 2-car garage! All for $220,000.

Facebook: TopNHhomes

GoboroUpdatesFlyer

What happens first? The preapproval, the search….buying a home for first time homebuyers(loans: FHA/USDA).

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QUESTION:

“We are just starting to look for homes. I’m 100% sure we need to find something FHA approved. What do you think the best approach is, should we find out how much we are approved for first before we begin our search?”

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https://GoNHhousing.gov

USDA-Logofhamakinghomeaffortable

ANSWER I SENT TO THE INQUIRER:

“There are so many programs out there for first time home-buyers.  FHA is great if you don’t have a lot of cash on hand for a down payment.  Rural Housing is similar to FHA and they offer additional help with their no money down option…you still need some money for closing costs.  Many times asking the seller for funds towards closings costs is a great way to help out too. My post on USDA Rural Housing 2012: http://jennifercote.info/usda-no-money-down-programs/

It is certainly a great idea to talk to a lender first, they will look at your credit to see if there are any red flags.  I always say even if you are approved for a higher amount, make sure you will be comfortable with the total monthly cost…mortgage, taxes, utility costs, etc.

If you want to get together to talk, so I can answer any questions, that’s great.   My main office is in the Nashua RE/MAX.  Of course we could take a look at 1 or 2 properties and chat, walking through a home is a good way to get acquainted.

The market under $200,000 is very active right now…multiple offer scenarios going on.  You would get approved for more on a house because there is no condo fee…but there’s isn’t a lot of inventory.  Any town along a major highway…Merrimack, Nashua, Bedford to even Hudson, Litchfield, tend to be the hot ticket towns.  A few clients I just helped looking under $200,000 we started looking in Goffstown, Milford, Wilton and towns west as you can get more for your money typically the more inland and north you go.  Manchester is a good option too, but it is the biggest city in NH….the closer you go to the edge of the city the bigger the lots get and more “rural” feeling.

Sorry for the lengthy email.  Here’s a link to some towns with properties under $200k, remember, condos you want to go lower because the condo fee is figured into what you are pre-approved for: http://www.nnerenmls.com/nne/maildoc/cot6169_1409497891-”

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-Just my thoughts-  Jenn

**Rural housing uses FHA standards for their appraisals.  Blog post from 2009 on FHA requirements: http://jennifercote.info/understanding-fha-appraisals/

Real Estate Update for Windham, NH

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Real Estate Market Update for Windham, NH

The town voted by Money Magazine as one of the top 30 in the US.  Here’s some stat’s: http://time.com/money/2791444/30-windham-nh/

 

Absorption Rate

You mean more people are buying in Windham? Surprise, surprise.

 

While values are remained fairly stable, you can see a large decline of new listings.

While values are remained fairly stable, you can see a large decline of new listings.

Character Filled Log Home

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SOLD

Log Home on Brookline Rd in Mason, NH

Brookline Rd in Mason, NH

Never a doubt that a log home exudes character.  You either love them or they’re just not your style.  This log design is a milled D-shape with a butt and pass corner style.   This rural piece of real estate sold back in 2010, always loved it.

 

Log Home with Large Front Porch

Log Home with Large Front Porch- log homes should always have large overhangs and porches are one of the best ways to protect the exterior.  Water is not a friend to the log and you want it to project away from the house.

Just my thoughts. ~Jenn

Memorial Day Garden Club Sale Locations

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Grampy Gardening

Grampy Gardening

I’ve always called myself a Yankee Gardener. I use what’s in my yard and create around it, from rough stacked stone walls, shade gardens through the woods, to sunny plant beds on granite outcroppings.  The use of newspaper and cardboard for weed control is just common sense.  Most of my seeds and plants are from friends, family, or garden clubs.  I have plants in my garden from my grandfather, and the first items that moved to my home in Pelham were my plants!  I divide and share, which is what an annual garden club is all about.

Many New Hampshire garden clubs had their yearly sale last weekend and I missed them!  I’ve been trying to find a few for Memorial Day weekend to attend and I thought I would share:

Allium

Allium

Saturday, May 24 

Pelham 9-11am by the Congregational Church

Bedford 9-11am Old Town Hall 10 Meetinghouse Rd

Peterborough 9-11am Peterborough Historical Society 19 Grove St

Bow 8am-12pm Bow Community Building

 

I will most definitely be at the Pelham one.  Hope to see you there!

-Jenn

Nothing to do Condo in Milford, NH…just move in!

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Yes, you can own your own place for only $122,500 in this move-in ready 2-bedroom, 1.5 baths, condo not far from the Milford Oval!  The appliances are even staying.  A rare find when a condo at this price comes with a garage and a low condo fee!

BirchwoodPicsExteriorWithin walking distance to restaurants, the Milford Oval, and access to trails from development.  Beautifully kept and updated with new tile floors in the entrance, 1/2 bath, and kitchen. Wood laminate in dining room, oak treads on stairs to 2nd floor, and newer living room carpet. Newer stainless steel stove, hood, microwave, washer and dryer…APPLIANCES stay! The central AC is a 3 yr old Trane, and the hot-water heater is less than a year old. The third floor is finished with an office.

BirchwoodPicsInterior

This home is turnkey for first-time home buyers, or to just down size. Call me, Jennifer Cote, at 603 305 1922 or email Jenn@TopNHhomes(dot)com if would like to view.

BirchwoodPicsTown

Land Use, Development Potential, and How Important it is in Real Estate

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Region-wide Buildout Impact Analysis from the Nashua Regional Planning Commission.  Thank you Jen Czysz for helping me find this study.

There are areas in southern NH that are ripe for development.  I happen to be working on a group of properties in Litchfield and was doing an analysis on vacant land.  It got me thinking of what the development potential is in the surrounding towns.  Read the conclusion…you’ll like it too if you don’t fall asleep.

According to the town of Litchfield, NH’s Master Plan (Table V111-2 p.9) there are: 5,620 acres of land in-use(built upon), 1,541 acres constrained(cannot develop), and 2,622 acres are unconstrained (able to develop).  This data is from 1999, yeah it’s old.

LitchfieldPieChart

Build-out analysis is one step in the land use planning process to help municipalities plan for growth.   “Buildout is a theoretical condition and exists when all available land suitable for residential and nonresidential construction has been developed.”*  http://www.nashuarpc.org/files/5713/9463/5247/Regionwide_buildout_final.pdf

The charts below give you a better perspective of what may be available to develop.  Many towns have a proactive zoning ordinance that tracks the growth and can restrict building permits if/when the infrastructure cannot meet the needs.

The top, Nashua, has the least availability…the 2nd largest city in NH by population, no surprise.  I was completely taken back by Pelham…I double checked: 50%?  Read the NRPC PDF which explains the process of what factors they used.  Note: the data is from 2005, this would change if the town zoning requirements where modified otherwise it should keep fairly consistent being a percentage.

BuildoutGraph5towns

BuildOutTotals

Data from NRPC Regional Build-out Study- link above

So all of these towns/city are in southern NH…easy commute to Boston.  Why do Pelham, Litchfield, and Hudson have so much potential?  Look at a map…highway access!! 

SO REMEMBER…widen a highway, and you will have a lot of new development in these towns.

-Just my thoughts.  –Jenn

 

Development Projects Gone Bad

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This is a follow up from: http://jennifercote.info/nashuas-mill-revival/

Jackson Falls and the Nashua Riverwalk trail.

Jackson Falls and the Nashua Riverwalk trail.

So the title was to get your attention, while the design of this development may have had some flaws (downtown with limited public parking can have a negative impact), somebody was thinking outside the box and I’ve always been fond of this development.

The development I want to discuss is not a rehab of a mill, but new construction that tries to blend in with the architecture of downtown Nashua, NH. Jackson Falls Condominiums were built back in the mid-2,000’s.  Beautiful inside and out with high-end finishes…but the limited parking, narrow entrance, high initial offering price, and then the real estate crash caused the project to go into foreclosure.

The main driveway into the development from Main St, Nashua, NH

The main, single lane, driveway into the development from Main St, Nashua, NH

 

Below is the plan, each unit has one parking spot in the garage on the main level, and the guest parking is only around 10 spaces. The Nashua River is on one side, and fenced railroad tracks on the other, it would be nice if there was a pedestrian crosswalk for the residents to walk over to Canal Street from the parking lot.

 

Jackson Falls Plan - click to enlarge

Jackson Falls Plan – click to enlarge to see additional comments

With the continued redevelopment of this area, additional parking is sorely needed.  We have the very popular Portland Pie that opened on the other side of the tracks :), and parking is a problem there too.  We have Railroad Square which has a decent parking lot, but it’s usually pretty full with some great pickings like Fody’s Tavern, and the Riverwalk Coffee Roasters, and then there is parking along either Main or Canal Streets.

Upscale downtown living.

Upscale downtown living.

After a new builder/developer took over the units at Jackson Falls Condominiums, they sold for far less, but still with high-end finishes.  Even with what I consider development flaws I still love the idea behind it, and it is a beautiful building.  Fantastic downtown location, the concept of living near your work and not needing a car…or maybe having just one car, and being adjacent to the Nashua Riverwalk are reasons alone to want to live here.

 

Another post I did on new construction gone bad: www.jennifercote.info/subdivisions-builders-and-appraisers/

I would love to see more developments like this downtown, this one was a little ahead of it’s time, and as the city improves the parking situation, the marketability should improve.

-Just my thoughts.  -Jenn

*The units shown in this blog are all vacant or of the model unit.  The photos are taken from my cheap camera I use for appraising….so they are not that great, but you get the idea.