Hull Times story, condos
By Joe Berkeley 22.MAR.07
Condominiums in brick buildings in the $300,000 range are selling in Hull.
Provided they’re fairly priced and well maintained, condos in Ocean Place, Horizons, and Nantascot Place are moving, according to Judy Hart, a realtor with more than 30 years of experience, from the Hull office of Coldwell Banker Residential Brokerage.
In her opinion, the brick buildings appeal to senior citizens because the homes are on one floor, accessible by elevator, come with assigned parking, and enjoy an owner-to-renter ratio of 80 percent or greater.
Units in Ocean Place, Horizons, and Nantascot Place made up five of the eight condominium sales that are currently under agreement, according to data supplied by MLS-PIN, the region’s multiple-listing service.
During the past six months, the average sale price of a condo in Hull was $277,316, and the average market time was 177.74 days.
There are 62 condominiums for sale in Hull, ranging from $210,000 for a 2-bedroom, 2-bath at 45 A St. to $1.55 million for a 2-bedroom, 2-1/2 bath in Oceania, a new building on the top of Atlantic Hill.
Unit #104 in Oceania, with a list price of $1.199 million, is under agreement. When the sale closes, the unit will be the most expensive condominium in the history of Hull, according to Hart.
Of the 62 Hull condominiums for sale, 26 are priced for more than $500,000. Hart’s firm prepares data for buyers, including “current absorption rates.” As of Jan. 22, Coldwell Banker estimates that there is a 54-month supply of condominiums priced in the $500Ks, and a 14.4-month supply of condominiums priced in the $600Ks.
Many of those units have just recently been built.
“Of the current inventory of 62 listings, 21 are new construction,” Hart said.
One of the new projects is the conversion of the former St. Mary’s Catholic Church at 214 Atlantic Ave. [near Marylou’s News] to an eight-unit building. Unit 5 – a 4-room, 2-bedroom, 2.5-bath that was listed at $459,000 – is currently under agreement. The remaining seven units are priced from $475,000-$695,000.
When asked if she thought Hull needed more condominiums, Hart said, “We have more than enough. There’s no room for them. The HRA land floods tremendously. We have very little land and space available, so I personally don’t think we need any more…We’ll sink.”
Brian McCarthy, the owner of McCarthy Real Estate and the chairman of the Hull Council on Aging, did not agree: “Do I want to see more high-end fat cats coming to town for $700,000-$800,000 condos? No. We have enough of them. But do I want to see more sensible, affordable housing for the elderly? Yes.”
He stated that the town has just 40 units [the Hull Housing Authority complex on Atlantic House Ct., across from town hall] that are categorized as affordable for the elderly.
McCarthy believes a combination of factors is squeezing senior citizens out of the town where they were born, schooled, raised children, and retired.
“The tax bill has probably quadrupled the past few years. The taxes don’t include trash pickup. It’s just another added cost for seniors. And we have some of the highest water bills in the state,” he said.
Of the current market for condominiums, McCarthy was optimistic about those in the $400,000-and-under range. He said, “If it’s priced right, it’ll sell. If it’s not priced right… you’re in trouble.”
He noted that 77 condominiums sold in Hull in 2005. Last year, that number fell to 46.
McCarthy is hopeful that warmer weather will bring more buyers to the peninsula. “Hull is a simpler sale in April and May,” he said. “People will want their first summer here.”
Joe Berkeley covers real estate for The Hull Times. You may reach him at josephwilliamberkeleyjr@yahoo.com. ∞
Condominiums in brick buildings in the $300,000 range are selling in Hull.
Provided they’re fairly priced and well maintained, condos in Ocean Place, Horizons, and Nantascot Place are moving, according to Judy Hart, a realtor with more than 30 years of experience, from the Hull office of Coldwell Banker Residential Brokerage.
In her opinion, the brick buildings appeal to senior citizens because the homes are on one floor, accessible by elevator, come with assigned parking, and enjoy an owner-to-renter ratio of 80 percent or greater.
Units in Ocean Place, Horizons, and Nantascot Place made up five of the eight condominium sales that are currently under agreement, according to data supplied by MLS-PIN, the region’s multiple-listing service.
During the past six months, the average sale price of a condo in Hull was $277,316, and the average market time was 177.74 days.
There are 62 condominiums for sale in Hull, ranging from $210,000 for a 2-bedroom, 2-bath at 45 A St. to $1.55 million for a 2-bedroom, 2-1/2 bath in Oceania, a new building on the top of Atlantic Hill.
Unit #104 in Oceania, with a list price of $1.199 million, is under agreement. When the sale closes, the unit will be the most expensive condominium in the history of Hull, according to Hart.
Of the 62 Hull condominiums for sale, 26 are priced for more than $500,000. Hart’s firm prepares data for buyers, including “current absorption rates.” As of Jan. 22, Coldwell Banker estimates that there is a 54-month supply of condominiums priced in the $500Ks, and a 14.4-month supply of condominiums priced in the $600Ks.
Many of those units have just recently been built.
“Of the current inventory of 62 listings, 21 are new construction,” Hart said.
One of the new projects is the conversion of the former St. Mary’s Catholic Church at 214 Atlantic Ave. [near Marylou’s News] to an eight-unit building. Unit 5 – a 4-room, 2-bedroom, 2.5-bath that was listed at $459,000 – is currently under agreement. The remaining seven units are priced from $475,000-$695,000.
When asked if she thought Hull needed more condominiums, Hart said, “We have more than enough. There’s no room for them. The HRA land floods tremendously. We have very little land and space available, so I personally don’t think we need any more…We’ll sink.”
Brian McCarthy, the owner of McCarthy Real Estate and the chairman of the Hull Council on Aging, did not agree: “Do I want to see more high-end fat cats coming to town for $700,000-$800,000 condos? No. We have enough of them. But do I want to see more sensible, affordable housing for the elderly? Yes.”
He stated that the town has just 40 units [the Hull Housing Authority complex on Atlantic House Ct., across from town hall] that are categorized as affordable for the elderly.
McCarthy believes a combination of factors is squeezing senior citizens out of the town where they were born, schooled, raised children, and retired.
“The tax bill has probably quadrupled the past few years. The taxes don’t include trash pickup. It’s just another added cost for seniors. And we have some of the highest water bills in the state,” he said.
Of the current market for condominiums, McCarthy was optimistic about those in the $400,000-and-under range. He said, “If it’s priced right, it’ll sell. If it’s not priced right… you’re in trouble.”
He noted that 77 condominiums sold in Hull in 2005. Last year, that number fell to 46.
McCarthy is hopeful that warmer weather will bring more buyers to the peninsula. “Hull is a simpler sale in April and May,” he said. “People will want their first summer here.”
Joe Berkeley covers real estate for The Hull Times. You may reach him at josephwilliamberkeleyjr@yahoo.com. ∞
posted by joe berkeley at 9:00 AM
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