Archive for the 'Condo Associations' Category

Fox 44 Has Paired Up with Dousevicz Real Estate to offer the "Real Estate Minute"

Dousevicz Real Estate is pleased to announce that Brad Dousevicz, Managing Broker, will be featured on FOX 44 for a weekly segment called “The Real Estate Minute.”  The segment will air every Wednesday during Fox 44′s news segment at 7:25 am, 8:25 am, and 10:10 pm. 

• Steps for the 1st Time Homebuyer
• Buying New Construction
• Prepping your home for a quick and profitable sale
• Buying Green Construction
• Tips for Buying a Condo in Vermont
• Is it a good time to buy a home in Vermont?
• Much More!

The “Real Estate Minute” is co-sponsored with Dousevicz Real Estate, the Law Offices of Fred Peet, and Peoples United Bank. 

Do you have a topic you would like to see covered on the Real Estate Minute, or have a question about local Vermont Real Estate you would like to have answered?  Contact Brad today at 802-879-4477, or email him at brad@dousevicz.com!

For years, Chittenden County- Including Burlington, South Burlington, Williston, and Essex- has been considered the “Economic Engine” of the entire state of Vermont.  Local businesses like IBM in Essex, Fletcher Allen Health Care and the University of Vermont in Burlington, and a growing number of small and mid-range companies contribute to Chittenden County’s business growth.

So how does this effect local real estate and housing opportunities for people looking to buy or sell in Chittenden County?  The latest census report provides a snapshot.

Burlington’s Low Unemployment Rate

Burlington’s updated unemployment rate shines a ray of light in an otherwise gloomy national picture.  Sitting at just 4.5%, it is 1/2 the rate we find on nationally, and less than the state as a whole.  Our employers remain strong through the recent economic downturn, and hence companies are not only maintaining employement numbers, but hiring as well.  Obviously, a direct effect to our housing market and sales activity.  In fact, Burlington’s real estate vacancy rate is reported to be just 6.3%- far lower than the rest of the state and nation. 

Population Centers Continue to Expand

Burlington has seen an interesting trend in recent years- a population growth of 6% from 2000, and now tops 40,000 residents- the first time ever.   Other areas that show continued growth; South Burlington (growing 21% in the last 10 years!), Williston, Essex (population of 19,578), Colchester (population of 17067, now the 4th largest community in Vermont) to name a few.  These areas continue to show stable home prices and low vacancy rates.  Signs of a very healthy real estate market.   

Areas of Chittenden County remain- and will for the foreseeable future- great areas to buy and sell real estate.  The low unemployment rate, coupled with the strong economic generators like IBM, UVM, and Fletcher Allen Health Care, are sure to assist the areas continued strong real estate market for years to come. 

Condo Complexes like the recently developed Westlake Condos, College and Battery Condos, and Hinds Lofts continue to offer strong sales– surely due to the strong economic numbers reported recently.  Home subdivisions in areas like Essex, South Burlington, and Colchester, and Williston will continue to offer sound investments moving forward as well. 

Contact Brad Dousevicz today to discuss buying and selling real estate in Burlington, South Burlington, Williston, Essex, Colchester, and the surrounding areas.

If you are searching for a new home or condominium in the greater Burlington Area, you have probably seen many of which have association fees.  If you have rented in the past or have owned a home with it’s own land, this may be a new concept for you.  This post will dive into some of the details of Association Fees, so that you are more prepared when looking at a home or condo that may have them.

• Single Family Homes May have Association Fees!

  A particularly popular concept in today’s real estate market is one of “Carriage Homes.”  Simply put, these are typically single family homes that are part of an association- similar to that of a condo.  You may have exclusive rights to use the land immediately around your home, but the land is technically the associations.  Along with this land being “common”, comes the need for the association to maintain the lawns, and even remove snow from the driveways.  Having limited maintenance is a huge benefit for some homeowners, but buyers should be aware there is an associated cost for such a neighborhood.

  

  An example of a "carriage home" in Essex

• Condominium fees in “high rise” structures are typically based on square footage of each individual unit.

  From a management perspective, this is typically the easiest (and fairest) way to set each units fee.  In Downtown Burlington’s popular College and Battery complex, the fees can range from $250 for a 1 Bedroom Unit- $800+ for a 3 bedroom penthouse.  In such a project, Gas heat for each unit is typically included along with general cleaning and maintenance of the building, along with water and sewer fees.

  

  College and Battery in Burlington

• Parking is not always included!

  This is typically something you will need to examine as you look at more “urban” located projects in downtown Burlington such as; “College and Battery“, “The Westlake“, “Hinds Lofts” and “The Stratos“.  Parking (and private storage) at the Westlake, for example, is included with the association fees for each unit owner.  Having an attached parking garage makes this possible, but it should be noted that not all condominium projects in downtown Burlington have such a luxury.  You may need to pay for off-site parking, which is obviously important to plan and budget for.

• Who typically manages the association?

  Associations can either be privately managed amongst the homeowners, or contracted out to a private property manager.  In my experience, this really comes down to the time that the individual homeowners have to manage their neighborhood.  Sending out billing, managing maintenance of the grounds, and making sure you have the best pricing for contracted out services can take a great deal of time.  On the other hand, associations that contract out their management will have cost associated with such a decision.

• Always ask about reserves, and what they cover.

  Home-buyers typically ask how much their monthly dues are, but they often fail to ask how much reserves an association may have on hand.  If you are looking at a condominium in a 20 year old complex, the reserves should be healthy enough to cover some major exterior improvements including a new roof, for example.  If the condo complex does not have adequate reserves for basic improvements, you may be hit with a large assessment in the future!

In summary, not every association is created equal!  Always ask the details of what is included, and never assume anything.  When I have represented sellers, I have always found it beneficial to personally contact the property managers or association board members on behalf of my clients.   It is something that can go a long way and prepare a future home-buyer for any unexpected expenses.