Reading Condos
This community is located in Middlesex County and has a population of 24,747. It is 16 miles north of Boston. It has an area of 9.9 square miles. There are 9,617 households in the town. The community has a good transportation system. It is near the intersection of I-95 and I-93, with I-93 connecting the community to downtown Boston through the Big Dig tunnel system. Commuter rail service is provided by the Massachusetts Bay Transportation Authority with a station located in the town. The Orange Line rapid transit service extends to nearby Malden, which is eight miles south of the community. Two MBTA bus lines, routes 136 and 137, connect the town with the Malden station.
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Buying a Condo
The average price of a townhouse unit in the community is $444,643, which is over 20% less than the price of a house. The town’s prices compare favorably to neighboring communities. The average price in Andover is $562,500. It is even higher in Lynnfield at $595,000. On the recent market, properties have ranged from a three-bedroom, three-bath, 2,411 square-foot unit listed for $499,900 to a two-bedroom, three-bath, 2,210 square-foot unit listed for $735,000. Experts forecast that property values will increase in value by three percent this next year.
The following is a brief description of some of the town’s complexes:
Johnson Woods
This development was built in 2015 and is located near I-93 and I-95. There are 166 units in the complex. The units have such features as open floor plans, cathedral ceilings, and a fireplace. Some units have two master-bedroom suites. The homeowners’ association fees are $273 a month.
Summit Village
This complex was built in 1996 and has 132 townhouse units. Each has an open floor plan, fireplace, and granite countertops. The development has one, two and three-bedroom units. In recent market activity, they ranged in price $305,000 for a one-bedroom unit to $400,000 for a three-bedroom unit.
Old Reading Schoolhouse
This development in located in a former school building that was constructed in 1906. It was converted into townhouses in 1992. It has 40 units and is located near the T-commuter rail. Each unit features exposed brick, hardwood flooring, granite countertops and high ceilings.
Co-op properties are an attractive alternative to buying a house, since owners often are able to avoid many of the normal maintenance jobs required by a house. The homeowners’ association fees cover many of these costs. Yet, this makes it important to carefully investigate the complex before purchasing the individual unit. As market professional cautions, “…Some [complexes] are underfunded and therefore have no money in reserves to pay for capital improvements such as concrete and wood repair, painting or roofing." We at Boston City Properties know the right questions to ask when considering a property, so contact us to act as your representative.
Selling/Listing a Condo
Selling a co-op property is not a simple enterprise. Even the smallest of items can be more complicated than the selling of a house. “In many [co-op] developments you are restricted from even putting out a for sale sign which makes reaching buyers difficult,” writes an industry specialist with 30 years of experience in the field. This is why property experts recommend finding a company that specializes in this market, such as Boston City Properties. We understand the local property market and the unique challenges in selling a property. With our help, you can get the maximum price with a minimum of hassle.
The Neighborhoods of the City
The town can be divided into four different sections: Main Street/Franklin Street, Town Center, the Highlands, and Main Street/Summer Avenue.
The following is a brief description of each area:
Main Street/Franklin Street
This area is in the northern part of the community. The median property price in this neighborhood is $638,114, making this neighborhood the second most expensive area for property in town. It has a low vacancy rate of 1.7%, which is much lower than the national average of 4.25%. This indicates that the property market is very tight, which tends to favor sellers.
Town Center
This is the eastern central part of the town. The median property price in this area is $479,877. The vacancy rate in this neighborhood of 5.6% is a little above the national average. Yet, it is still a lower rate than 71% of neighborhoods nationwide. This means the demand for property in Town Center is higher than most places across the U.S.
The Highlands
This is the western central part of the community. This is the oldest area of town, with much of the property having been built before 1940. The median property price in this area is $578,251. The vacancy rate is 9.5% - the highest in the city.
Main Street/Summer Avenue
This is the southern section of town and it is the most expensive area for property. Its median property price is $657,721. The vacancy rate in this neighborhood is 3.9%, lower than 82% of other neighborhoods nationwide. This is a sign of a tight property market.
With low crime rates, high graduation rates, and a stable property market, this community has much to offer prospective residents. As a new resident said, “Great town! The community is caring, safe, and everyone is like family….We moved in two years ago. The community and families welcomed us with open arms.
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