There was one condo sale reported which is consistent with the first and second quarter of the year with one sale each quarter. A Windchimes condo at 6 Fiddlehead Circle, Unit #21 sold for $283,900, 98% of the asking price. So far, there have been two sales in Windchimes this year and one at White Rock Cottages. There are two sales in contract waiting to close escrow. One sale again in Windchimes and one at White Rock Cottages.
Currently there are 39 condominiums available for sale in Bow. There are 16 in The Pines of Bow, 6 at Stonesled Farm, 7 in White Rock Cottages, 2 in The Cottages at Windchimes and 8 at The Highlands at Bow. The Highlands at Bow is the only condominium complex in Bow for all ages.
Why are there so few condominium sales in Bow? None of the condo complexes in Bow are on the current FHA approved list which means buyers will need to come up with at least a 10% down payment plus closing costs in order to purchase one of them. This would mean a minimum of $22,000 depending upon the mortgage program. The majority of the condominiums in Bow are age restricted and those people who would consider purchasing may not be able to sell their existing home and so therefore can not downsize to a condo. The condo market it usually the last to recover from a decline in the market so when you see the sale of single family homes increasing, condominium sales may pick up.
Contributed by Susan Crush, Associate Broker & REALTOR, Bean Group
Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2009 through September 30, 2009.
There were no condo sales reported in Bow for the month of August and only two are in contract with contingencies. Both are in the Windchimes 55+ community with an average asking price of $318,000.