Burlington Vermont Condo

Westlake, College and Battery, Hinds Lofts, The Vermont House...Breaking Down Burlington's Most Popular Condo Buildings

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Westlake, College and Batter, Hinds Lofts, The Vermont House...Breaking Down Burlington's Most Popular Condo Buildings

Living in downtown Burlington is a great choice for many.  Why wouldn't it be?  If you pick your condo right, you can easily be just steps from the beautiful Burlington Waterfront, the popular Church Street Marketplace, plenty of parks, the Bike Path, and countless shopping and eating opportunities.  So which condo development is best for you?  Today we'll exprlore some of the selling benefits to each of the more popular projects we find buyers gravitating to; Westlake, College and Battery, Hinds Lofts, and the Vermont House.  

Now, as far as affordability and value goes, the Vermont House is the way to go.  Here you can find quaint 1 and 2 Bedroom apartments, often for the sub-$300k price point.  The higher you get in the building, and the better the views get you should expect slightly higher pricing.  Located at the Corner of Main and St Paul, the Vermont House has one of the best locations in town.  Stroll across main St to he park, or simply head a block east and find yourself right in the center of Church St.  Parking can be a problem as there is a wait list for the private parking lot for the building, but we're told the wait is only 6 months or so, depending on attrition.  http://www.vtbuyer.com/burlington-condominiums/the-vermont-house/

Just down the Street from the Vermont House, you'll find the Hinds Lofts located at 161 St Paul St.  Developed in recent years, the Hinds Lofts is an excellent example of the successful rehabilitation of an antiquated building in downtown Burlington for residential use. The developers maintained the character of the building, yet introduced modern touches and conveniences into the construction of the condominiums which offer a unique living experience. The Hinds Lofts are an easy walk to the Church St Marketplace, the Flynn Theater, and the countless other amenities within beautiful downtown Burlington. The project consisted of just 15 condominiums upon original construction, but the marketing of resale units occasionally arises.  http://www.vtbuyer.com/burlington-vt-real-estate/hinds-lofts/

Geeting a bit closer to the Lake, we'll head West and find College and Battery--of Burlington's finest condominium projects.  Ranging from 1 Bedroom Flats, to 3 and 4 bedroom units and large penthouses, College and Battery boasts not only an ideal location in the heart of Burlington, but most units have fantastic views of Lake Champlain and the Adirondack Mountains.

Enjoy walking to the waterfront, or the Church St Market place for shopping, restaurants, and all that Burlington has to offer- right from your front step.  The condominiums have reserved parking in the private garage, storage in the basement, and secured locked entrances. 

Along with being the exclusive builder for College and Battery, Dousevicz Real Estate was also one of the active brokerage firms used in the marketing of the project when it was first completed. This experience coupled with Brad’s extensive knowledge of the downtown Burlington luxury condominium market from being the marketing broker for a similar luxury condo project, The Westlake, offers Brad the level of experience you will not find in another agent.  http://www.vtbuyer.com/burlington-vt-condos-for-sale/college-and-battery-condos/

The Westlake is one of Dousevicz Real Estate’s most recent and ambitious development and construction projects to date. Consisting of 32 luxury condominiums with sweeping views of the Adirondacks and Lake Champlain, the Westlake is one of Burlington’s most desirable addresses. The condos at Westlake mostly consist of 2 Bedroom, 2 Bath open layouts that benefit from the best location and views in Burlington.  Prices generally range from the low $400k's for lower floor units to over $1,000,000 for upper floor and penthouse units.  Most of the units at Westlake were fully customized during construction so many units are unique in design and floorplan!  http://www.vtbuyer.com/burlington-vt-condos-for-sale/the-westlake/

Although we only explored four projects here today, there are plenty of other condominium projects in Burlington, depending on which location you desire.  Please call or email Brad today to help in your customized search for Burlington Condos!  

Making Buying a Home a Reality with FHA Loans

Have you thought about buying a home, but think the possibility is just too far out of reach?

Do you think the only way you own your own home is with 20% down? If you have thought this, don't worry, many people have. In fact, there is a general misconception that owning a "piece of the American dream" is simply out of reach for many Americans. Not true! With an FHA loan, you too can qualify for the purchase of a home...now!

What is an FHA Loan?

FHA is the Federal Housing Administration, which is a member of HUD. Essentially, an FHA loan is a federally insured loan, so your local lender can offer you a great deal on a loan. There is minimal risk for the lender.

So what does this mean for me?

Well, first it means that you may qualify for a low down payment- 3.5% of the purchase price in fact! Also, most of your closing costs (attorney fees, mortgage origination fees, etc) can even be rolled into your loan, so you will need even LESS money at closing. This is one of the reasons that makes FHA loans so attractive to most home buyers with little cash on hand.

So What's the Catch?

Really- nothing in particular, however there are two specific things worth mentioning:

  • There are limits on the value of the home you can purchase. In Chittenden County of Vermont, for example the limit for a single family home is $318,750.
  • You will have to qualify for the loan, just like any other "traditional" loan out there. As long as you have had a steady job and a good credit score, you should have a good opportunity of qualifying for an FHA loan.

The fact is, the FHA program is a great program for people looking to purchase, although they may not have the typical 10-20% down payment available. You can qualify for a very low 3.5% down payment, and be in the home of your dreams earning equity instead of paying rent. For more information on the FHA program, visit: https://www.hud.gov/offices/hsg/fhahistory.cfm Contact Brad Dousevicz of Dousevicz Real Estate for more information, or to discuss your options- 802-238-9367

VT Market Activity Report - Downtown Burlington Condominiums, Homes in Essex and Essex Junction

Every time I meet with a buyer or seller of Real Estate in the local Burlington, Vermont area, I start my conversation with a brief snapshot of what is happening in the marketplace. The market isconstantly evolving, and any agent you work with should evaluate the market constantly, whether it be to price your home to sell in the least amount of time or to get the best price for a condo or home you will be purchasing. A down market is perhaps the most important time to do your research! That is why I will explore two major marketplaces today:

  • The Downtown Burlington Condominium marketplace, for the months of August-October, 2010
  • The Single Family home market place of Essex and Essex Junction of August-October, 2010

The Downtown Burlington Condominium Market

Today I will examine the downtown Burlington "Luxury" condominium market for the last few months. Typically, these are the higher priced condos in the $300,000- $1,000,000 range. To be honest, $1M sales only happen in the Burlington downtown condo market 1-2 times per year- there simply is not that great of a supply of such units that come on the market. In fact, the average sales price for condominium in the greater Burlington area for the above mentioned range for both August and Sept were $385,600 and $406,667- respectively. The average number sold for the months were: 4 in August and 3 in September. October is not over, although we have already seen 3 sales in this particular price range. The average days on the market for condos in the greater Burlington area were:

  • 71 for August
  • 120 for September
  • 98 (thus far) for October

When we compare this to the average days on themarket for similar priced homes in other parts of Chittenden County including single family homes in Charlotte, Shelburne, South Burlington, Essex, and Burlingtonpriced at the same levels, we see very similar average days on the market- 76, 116, and 101. This tells us that the Burlington luxury condominium market is performing as well as the rest of similarly priced homes in the area, albeit it is a significantly smaller segment of the market as a whole.

The Single Family Home Market in Essex

The single family home market in the greater Essex marketplace for homes priced from $300,000-$700,000 is similar inquantity of homes sold, days on the market, and average price sold as our segment just explored- the downtown Burlington Condominium Marketplace. For the number of homes sold, Essex had the following activity:

  • August- 4, with an average sales price of $385,600
  • September- 3, with an average sales price of $406,667
  • October- 3 (thus far), with an average sales price of $309,500

Average days on the market for August, September, and October were all averaging less than 110 days. This also tells us that the market in Essex is not a anomoly- it is performing as well as the greater Chittenden County Market, and lines up with even a very different market- the Luxury Burlington Condominium marketplace as well. For more information, or to explore your options, contact Brad Dousevicz at 802-879-4477 today.