Montpelier, VT

Is it the season, or what? Lately I've been showing a lot of multi-family properties in Montpelier. There are only eight for sale right now, and I think I've been in all of them in the last week. I think that's great. There's some pent up demand for multi-family properties, not the kind where people have been looking and looking and looking and can't find anything. No, this feels more like the kind where people really want to look, and really want to buy, and are finally at peace with the situation.

My children, it's ok to invest in real estate. It's ok. No penance needed on this one.

But, be patient with tenants. I had two apartments cancel showings today because of this crazy stomach bug that's zipping around Montpelier. Two out of ten. But still, 20% that were up all night throwing up? Yes, we'll gladly reschedule for next week. Open the windows.

Cityside Open House

Join me at an open house on Saturday February 5, from 12-2 at 96 Cityside Drive in Montpelier. You may think it's a condo...but it's not. Nope, this is a free standing classic colonial, with four bedrooms, an open floorplan, and beautifully refinished floors. Plus (did I mention it's not a condo?), it has its own yard.

I always have refreshments when I do an opening a house for sale in Montpelier or Barre. However, I don't usually map out the menu until just a couple days before the event. So, stay tuned. Maybe I'll tweet about what I'm planning on bringing.

Seriously, don't let the snacks rule the day. This is a great house. Lots of space, a good design, a two car attached garage, and a covered front porch with views to Camels Hump.

If you're around, stop by. If you're friends with people who might be interested, but who need a little nudging, well, then start nudging.

Call or email for more information or for further details not only about the open house, but about this special home for sale in Montpelier.

The third Tuesday of each month is the Montpelier Agents' Caravan. It's a great chance for new listings (those that have come onto the market within the past month) to get a quick shot of exposure. All of the Realtors in Washington County are invited to attend the caravan, and they usually take just a couple of hours.

As a Realtor, and a student of the Montpelier real estate market, it's very important for me to see all the homes for sale in Montpelier. I need to know what they look like, how they feel (even how they smell) so that I can advise my clients. I need to know them inside and out to ensure that my comparative market analyses are accurate. I need to be able to stop and say to a buyer whom I'm representing as a buyer broker, "You know, based on what you just told me, I may know the perfect house for you!"

I can't be the only one that sees the benefit both to people buying and selling in the Montpelier real estate market.

So, it was kind of funny when, at last month's caravan, our office (Heney Realtors) had 5 of the 6 new listings on the Montpelier caravan. There were a couple of other new listings...but the agents didn't put them on the caravan. As a result, no other agents saw them.

Ok, maybe the sellers didn't want their homes on the caravan. Maybe they were waiting for next month to finish some tweaking.

But our office also had 5 of the 8 agents that came on caravan. Only two other agencies even bothered to send anyone to look at the new listings. Huh? I don't get it.

I want to know the Montpelier real estate market. I want as much exposure for my homes for sale in Montpelier as possible. I want to be best able to help my clients whom I'm representing as a buyer broker. You'd think others would too.

If you're looking to turn over a fixer-upper, location is going to be key.

Here are three possible candidates in Montpelier. Location makes resale easier, and in the game of turning properties, minimizing holding time and carrying costs is critical.

Montpelier Fixer Uppers

The little one on Main Street might be the easiest--it's smaller, needs significant cosmetics, and the location should make for a quicker resale (plus, you're changing its property classification from "project" to "quality first-time buyer candidate").

The bigger one on Main Street feels like it should be a 2 or 3 family. Permit expenses will chew into your return on that. But, again, good location. This appears to be solely in need of cosmetics.

Pearl Street is a gem of a location--The Meadow. New roof, newly painted exterior, great character and layout inside. Needs a good cleaning, and cosmetics. One part of the foundation needs some work, and it has a dirt floor in the basement. Welcome to older houses (read: good location and needing fixing up in Montpelier). The location alone is buoying the price.

You're going to get less expensive properties in Barre, but there's a lower resale ceiling as well, and, right now there's more on the market,suggesting prices may continue to decline for a time.

For more about these or other investment properties in Barre, Montpelier, or Northfield, give a call or send an email.

Be smart. Remember Ray.

Sometimes good ideas have unintended consequences. New condo rules working their way through legislature may be an example.

Condos are residences that are individually owned , but have a common ownership interest as well. For example, I own the space including the interior walls, the floor, and the ceiling. But, with all the other owners, we share the roof, the driveway, the exterior, the external utilities, etc. If anything needs to happen with any of those common areas, it is paid for by the condo association.

The association's budget comes from association fees (condo fees) that are paid by each owner, usually monthly.

There are also rules about what can and can't happen in the units.

Because there are rules, a budget, and common ownership, condo developments also have a board (president, vice-president, treasurer, secretary, etc.).

So far so good. That all makes sense. Whether a development has 200 units or three units, there's still going to be a budget, rules, and a board.

New legislature is going to define the duties of the association boards. There are time frames dictating when budget information is to be given to prospective buyers. There are time frames within which association minutes and memos are to be given to owners.

The intentions are good, but here in Montpelier, the board members are volunteers. They have jobs, families, and lives, yet choose to serve the condo community. These people are going to be asked to operate under stricter timeframes, and stricter regulation-on top of everything else they do. This isn't really much of a burden in big developments that are professionally managed. But volunteers are different.

Another interesting point about condos is that there are limits on the number of units that can be rented. Some associations have firm limits (say, no more than 25% of the units can be rented). But others don't have such clear definition. The potential problem is that lenders care. Lenders are not going to be able to offer conventional financing for units if less than 30% are owner occupied. That means that if your neighbor rents their condo out, and yours is for sale, your buyer may have to pay a higher interest rate. Hmmm...

Montpelier condo associations are looking closely at both of these items. There are real effects to real people. Just know that, as with other important decisions in your life, that you get solid professional advice regarding buying or selling a condo in Montpelier or Barre.

For more about the local real estate market, visit www.MontpelierBarreRealEstate.com.

Be smart. Remember Ray.