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Historical Unit Sales Data 2016 (EOY)

The real estate market is driven by many different factors, such as: supply and demand, the economy, and more recently by the mortgage crisis and the resulting foreclosures. The ripple effect of short sales and foreclosures from the mortgage crisis appears to be decreasing. Unfortunately, there are individuals who have walked away from their responsibilities and obligations and that harms everyone’s real estate investment. What an individual Unit Owner does with the listing pricing and sale of their Unit effects everyone else, and while that may seem unfair, it is unfortunately a reality. Prices are typically driven by recent sales in the area of comparable Units.

Unit Type Description of Units Units by Type Ownership %
1 Inside Garden Style One Bedroom 44 0.6850
2 End Garden Style One Bedroom 19 0.6850
3 End Garden Style Two Bedroom 3 0.8239
4 Townhouse 66 0.8239
Total = 132

The current market value prices are within or above the range of the original sales of Units in 2002, which is disappointing to most Unit Owners. The market has seen some increasing real estate listings and have materialized into increasing sale prices. If Unit Owners hold out for the right price, then everyone will benefit overall.

Unfortunately, Liberty Commons still has some Units that are being sold as short sales and there are some anticipated foreclosures, just like most other condominium associations and single family houses in our market area.

It is important to retain a qualified, knowledgeable, and seasoned realtor who is focused on the condominium market in Leominster and the surrounding area to represent your interests. It’s worth interviewing several realtors before settling in with one to represent you and your investment. It seems like some less experienced realtors, like to price Units under the current market for a quick sale and commission, rather than holding true to the Unit’s value. This is of course a personal decision driven by an individual’s situation, but does effect everyone else.

Liberty Commons’ Board of Trustees are closely managing all aspects of its operations and are focused on cost containment while maintaining Liberty Commons to high standards. Additionally, Liberty Commons’ Board of Trustees are taking steps to mitigate risks and losses.

 

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