Market Conditions for Condos in Frederick County
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Condos seem to have been the litmus test of the real estate industry. As the sales increase so do the rest of the market. I guess it’s a matter of where either one starts or one finishes their home buying process. First Time home buyers find the price of condos to be an attractive place to start their real estate portfolio. Condos are usually the right size, more luxurious than their previous apartment, definitely better looking than their room at Mom and Dad’s and most cases maintenance free. So condos are usually an excellent choice for getting a start on your homeownership.
On the other end of the spectrum, you have the “empty nesters” down sizing. Couples that have raised their family, had the big house with the picket fence and are now tired of cutting the grass, raking leaves, cleaning all those empty rooms and end up heading over to the condominium purchase. The Active Adult communities are made up of condominium association with features and amenities conducive to the lifestyles of the 55 and older crowd. You find this demographic prefers something more on the luxurious side. They want the finer things in life as they spend (and prepare for) their retirement. Condos allow them security, community, and maintenance free living.
Condo Market 12/03/07
| Condo Assoc. | Active | Contract | Sold in last 90 Days | Price Range |
|---|---|---|---|---|
| Ambertowne | 12 | 1 | 1 | 115,000-162,500 |
| 8th St Mews | 9 | O | 1 | 189,900-219,900 |
| Creekside Plaza | 9 | O | O | 397,900-1,180,000 |
| Jefferson Chase | 10 | O | O | 159,900-234,500 |
| Mill Crossing | 12 | 1 | O | 209,900-249,900 |
| Maxwell Place | 4 | O | 1 | 345,000-673,750 |
| Monacacy Overlook | 4 | O | O | 190,000-205,000 |
| Old Farm Station | 11 | 2 | 3 | 155,000-239,000 |
| Ridgeview II | 6 | 3 | 4 | 215,000-260,000 |
| Springridge | 4 | 1 | 2 | 229,900-245,000 |
| Wormans Mill | 6 | 1 | 1 | 264,900-369,900 |
| All Frederick County | 158 | 16 | 42 | 115,000-1,180,000 |
If you are interest in more information about any of the condos in Frederick, feel free to contact me. I will gladly find you the information that you need.
Edit: Market Conditions provided for Freda
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16 Responses to “Market Conditions for Condos in Frederick County”
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Thanks for summarizing the condo opportunities: I wasn’t aware so many existed in Frederick.
I plan on downsizing from my townhome into a condo in the next 5 or so years. I liked Maxwell Place, but am also looking forward the newer condos that are to be constructed on the east end of town in the near future according to the ECD Plan I read online.
When you’re done reading the ECD…could you summarize it for me?
There are more communities, but I didn’t list them all just a sampling.
Shouldn’t people be downsizing from Frederick to Bonita Springs?
Do you have Million Dollar Condos? Then maybe…
Nice study, Bob. Frederick home sellers and buyers must find your blog really helpful! By the way, I like your new header - it has changed since I last visited.
Thank you so much Marget…SEO is beginning to work pretty well. As for the header it changes from the front page view to the single page view. I can’t wait until the snow falls…for new pictures.
Thanks for this study, Bob. I’m a first time home buyer and 8th Street Mews seems to fit almost everything on my list. But, they seem to have had many units for sale for a long time (since May). Do you think that’s just a result of the softened market or something else?
Annie, Thank you for commenting. I would believe it to be mostly the market. I have been in a few of the units and they were nice size and in good condition, in my opinion. The prices were much higher in May and they might have deterred a lot of sales. Builders can only hold on to inventory for so long before they have to start making adjustments. These units were remodeled rental units. The brand new units around town seem to be the more successful sale in condos recently.
Hello,
Well me and my fiance (18 and 19 years old)are purchasing a condo/towne at 8th street mews and we absolutley love it..for the prices they are at, and the upgrades you get, you couldn’t get a abetter deal. You get hard wood flooring, upgraded light fixtures, granite counter tops, stainless steal appliances, and location! You can basically walk to all the stores and there is a grociery store being put in soon so its perfect for everyone but ideal for first time homebuyers. Good deal with everything that is included.
Josh & Jessica, Congratulations! I am glad to see you got it at a good price too. The downtown area will always continue to grow…just have to be patient.
Hi,
I’m actually selling a condo on Himes Ave. How is selling in that area of Frederick? I live near the junction of Ballenger Creek and Himes.
Freda, I provide you a link above for the current market conditions in Overlook. I went back 6 months for the solds. It looks like only one home is priced below the average. Not saying that the other condos are not worth it and might be in better condition. The most recent sale was for $157k while the other two were in July and Aug. This will weigh heavily on an appraisal when these units go under contract require an appraisal.
It has been a while since I have been in the Overlook Condos to comment conditions of these homes.
Good luck with your sale…treat every showing as if it were gold and make sure your home shows best every time.
Hasn’t the price meltdown in the housing market elsewhere affected Frederick? Seems strange when you see prices crashing by 35-40% in california and such
Abhishek, You have to remember that Real Estate is local. Each market actually performs differently that the national averages and other parts of the country. It is even so much local that you might see 30% decreases in one neighborhood and 10% in a neighborhood a few miles down the road.
The media wants you to believe that this crunch is a nation wide epidemic. Sure, its bad, but not as bad as they make it. (everywhere)
[...] remember my post about the condos from last month. Well, it’s a new year and there has been some major drops in the over inventory. I wanted to [...]
I’m surprized the higher priced ones are selling faster then the lower priced ones. Thanks for the chart/info.