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Here comes the Boston luxury condo Spring market, I know there’s still snow on the ground…

But we’re fast approaching the busy Spring Boston luxury condo season, and many people are getting ready to put their condos on the market. That means there’s a lot of discussion happening citywide between sellers and real estate agents about value.

There are a numerous factors that can limit resale value, but I wanted to highlight a few things that can narrow the buyer pool for your condo. Here are my top five, based on what I’ve seen recently in the market.

1. Serious pet restrictions: It’s typical for Boston condo assocations to allow for one- to two pets. But if your building condo assocation bans dogs and cats outright, you’re going to have a challenge.

2. Small parking spaces: A tiny or oddball parking space, difficult tandem arrangement (e.g., having to back two or more cars out onto a very busy street) are some of the situations I’ve seen limit the buyer pool. If you’re comparing your condo to one that recently sold with an independent, standard space, make sure you adjust for the nature of your parking.

3. Very high condo fees: Everyone has a budget, and excessively high monthly condo fees can blow some buyers out of the water. When buyers are preapproved for a loan, they factor in a ceiling on condo assocation dues. If your condo’s dues are higher than most—and you don’t have many amenities—it may take longer to find the buyer.

4. High rental-to-owner ratio: Most Boston luxury condo buyers looking to be owner occuppied buyers are wary of buildings where more than a quarter of the units are rented. Many lenders won’t approve a 30-year fixed mortgage on buildings with excessive numbers of rentals.

5. Condo association litigation: If the condo assocation is currently in litigation with the building developer over construction defects, it may take a bit of time to sell your condo. There are unfortunately a lot of unanswered questions in a defect situation, such as whether the owners may be in for a future special assessment. 

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Updated 2018