Montpelier Real Estate

2013 - A Year of Growth for Central Vermont Real Estate

How is the Central Vermont real estate market?

This is a frequently asked question and a good one too;  the health of the housing market is an economic indicator that impacts buyers, sellers, and everyone in between.

We took a look at some key indicators of  real estate in Central Vermont for 2013 using data compiled from some major sources and compared these 2013 indicators to the previous four years. One major source we utilized is the multiple listing service (MLS), where the majority of Vermont real estate sales transacted by licensed brokers are recorded. In addition to MLS, we utilized the Vermont real estate sales online database which gathers information from the Vermont Department of Taxes to create a comprehensive list of all real estate sales that may or may not be recorded in the MLS. From the statistics gathered, it is exciting to report that growth and improvement summarize Central Vermont real estate market in 2013.

The key indicators that we looked at are the number of sales of single family residences, average sale price, and number of days a property was on the market. The towns focused on while looking at these indicators are:  MontpelierBarre, U32 (BerlinCalaisEast MontpelierMiddlesex and Worcester), and Northfield

The information presented below will specifically be about the number of sales of single family residences in Washington County, categorized by town.

In 2013 home sales increased in every major community as compared with the number of home sales in 2012. 2013 also produced the highest number of Central Vermont Real Estate home sales for any year in the last five years.

NUMBER OF SALES BY TOWN

2009

2010

2011

2012

2013

Barre City

60

64

41

55

76

Barre Town

59

55

51

71

102

Montpelier

74

57

58

61

75

U32

51

58

58

51

96

Northfield

27

18

22

26

48

Totals

271

252

230

264

397

                               

                                                                                                     Graph

As you will note above, Barre Town posted a strong increase year after year and the U-32 towns  posted an amazing 88% jump after four years of consistent numbers. Waterbury posted around 57 residential sales.

Numbers don't lie. Considering the overall increase of number of sales in 2013 and the kickoff of activity we've experienced in the new year, we expect 2014 to be another year of steady growth for Central Vermont real estate.

Check out what is on the market now at our new and improved website heneyrealtors.com and don't forget to visit our Facebook page!

December Market Update--You Know You Want to Know!

Ray Mikus

The November real estate numbers are in. See below for the total listings, sales, and new listings in Montpelier, Barre, U32, and Northfield. At the bottom of this post, you can see what sold, for how much, and how long it took.

Active New in Nov Under Deposit Closed in Nov Closed Nov 11-Nov 12
Barre City 65 7

5

1 65
Barre Town 62 4 3 10 74
Montpelier 43 7 8 6 67
U32 54 2 11 5 57
Northfield 49 4 3 1 27
Totals 273 24 30 23 290

 

And comparing to a year ago, the biggest "wow" data is the total number of sales. An additional 45 sales in the comparable 12-month cycles is huge in a market this size. The gain was spread throughout the market towns, with only the U32 towns seeing fewer sales year on year. Again, on the whole, the Central Vermont real estate market appears to be very healthy.

 

Also, the renovation of the new office at 135 Washington Street in Barre is just about finished. Feel free to stop by and see the new digs anytime after 12/15!

New 11/11 New 11/12 Closed 11/11 Closed 11/12 Closed 11/10-11/11 Closed 11/11-11/12
Barre City 7 7 4 1 45 65
Barre Town 11 4 1 10 53 74
Montpelier 8 7 3 6 63 67
U32 4 2 5 5 62 57
Northfield 4 4 1 1 22 27
Totals 34 24 14 23 245 290

 

 

 

And here are the closed transactions for November. Remember that I'm a total real estate nerd and have researched each of these transactions individually to learn the history. For example, a property that was on the market twice in a row for four months each time should, in my opinion, show as being on the market for eight months.

 

I also include any seller concession at closing as a reduction in total sale price. Makes sense to me because that's really the net purchase price. Also, that's how appraisers look at the sales.

 

Someone asked this last time...DOM means Days on Market. That might be on the test.

Town Address Original List Final List Closing Price DOM
Barre City 26 Hill St $108,500 $99,500 $97,000 156
Barre Town 836 Graniteville Rd $112,500 $90,000 $82,500 210
Barre Town 284 Route 14 $109,000 $105,000 $85,000 160
Barre Town 23 Cogswell $109,000 $109,000 $101,500 440
Barre Town 23 Meadowcrest $139,900 $139,900 $133,000 34
Barre Town 14 Panther Dr $145,000 $145,000 $133,920 17
Barre Town 115 Middle Rd $159,900 $159,900 $149,500 401
Barre Town 264 Middle Rd $198,500 $195,000 $184,785 91
Barre Town 5 Scenic View $229,000 $219,000 $204,000 148
Barre Town 26 Pine Ridge $225,000 $225,000 $210,000 41
Barre Town 280 Richardson Rd $365,000 $285,700 $265,000 114
Belin 339 Browns Mill $179,000 $179,000 $174,019 16
Berlin 180 Chandler Rd $230,000 $199,000 $180,000 791
Calais 42 Marshfield Rd $61,000 $28,000 $17,500 159
Calais 760 Kent Hill Rd $349,000 $349,000 $267,500 1184
East Montpelier 579 Bliss Rd $325,000 $299,000 $290,030 62
Montpelier 20 Independence Gr $132,000 $124,900 $118,243 161
Montpelier 172 Berlin St $194,500 $148,900 $135,900 370
Montpelier 26 Pleasantview St $179,000 $159,000 $152,000 528
Montpelier 11 Colonial Dr $214,900 $214,900 $192,500 70
Montpelier 6 Greenfield Terr $284,000 $267,000 $248,000 152
Montpelier 11 Merrill Terrace $325,000 $325,000 $312,000 7
Northfield 94 Expansion Lane $35,000 $35,000 $31,000 120

 

Want more? Or want to talk about what these numbers mean to buyers and sellers? Call or email.

 

 

 

 

 

 

September Real Estate Market Report for Barre, Montpelier, U32, and Northfield

By Ray Mikus

Here are the numbers for August:

 

Active New in Aug Under Contract Closed in Aug Closed last 12   months
Barre City 76 10 3 7 66
Barre Town 78 15 12 9 65
Montpelier 52 11 6 10 66
U32 79 12 7 5 61
Northfield 56 5 3 4 25
Totals 341 53 31 35 283

 

And comparing to last year:

New 8/12 New 8/11 Closed 8/12 Closed 8/11 Closed   8/11-8-12 Closed 8/10-8/11
Barre City 10 16 7 2 66 51
Barre Town 15 11 9 5 65 58
Montpelier 11 11 10 5 66 63
U32 12 9 5 7 61 65
Northfield 5 2 4 1 25 19
Totals 53 49 35 20 283 256

Discussion:  Even if it's been awhile since your last math class, and even if you've never had an economics class, this is going to make sense: Compared to last year, there were fewer new listings, and more sales in the Central Vermont market. That adds up to a reduction in inventory and a very clear sign that the market is shifting toward normalization. And, perhaps even toward a sellers' market. There, I said it.

On the rolling twelve month cycle, four of the five distinct markets saw an uptick in the number of sale. U32 was the only market that experienced a slight dip.

Looking at August's sales, it's interesting to note that the average sale price in Montpelier was very close to the average sale price in Barre Town. And, taking away the $742,500 sale in Northfield (a bit of an outlier), Barre Town and Montpelier were the markets with the highest sale prices.

VA and RD Loans: These loans can be very attractive to lots of buyers. VA (Veterans' Administration) loans are available only to those who have served in the military. RD (Rural Development) loans are available to everyone, and allow for up to 100% financing backed by the USDA.  Check with your favorite lender, or contact Heney Realtors with questions.

But there's a big catch. Both of these loan programs require the property to meet certain standards. The loan products tend to work better on newer homes and those in better condition. Things like cracked or peeling paint, ungrounded electrical outlets, and lack of handrails can prevent a property from qualifying.

Which means that if you're using RD or VA, you need to be very careful about the details of the houses you're looking at. If you're a seller, and an offer comes in with a buyer using one of these loans, know that there may be some additional repairs or improvements needed to bring transaction to closing. Who has to pay for them? That's all negotiable.

Lease-Purchase Options: I get a lot of questions about these (also known as "rent to own"). They can work in some circumstances, but they need to be structured correctly. They also depend on unique circumstances for both the buyer and seller. The seller needs to be comfortable as a landlord. Also, the seller must not need the money from the sale to move on to the next house (because the money won't be there until the sale, sometime in the future).

The buyer needs to be very confident that a purchase will be in the foreseeable future (6-12 months, generally, but it's all negotiable). Buyer must have a substantial non-refundable deposit for the "option". 5-10% of the purchase price wouldn't be uncommon. And the buyer must be able to remedy the reason they can't buy right now. For example, if it's a question of credit needing to be improved, the buyer better be reasonably sure that credit can be improved in the lease-purchase timeframe.

Oh, and for the love of all that's holy, get an attorney to draw up the documents.

Quote of the month:  "It had all that great original character, and then no one screwed it up." That was Jane after previewing a meticulously cared for 1920s Montpelier craftsman house. I think she meant that there was nothing to undo.

Getting Smarter: Did you know that you can become even more of a real estate expert than you already are? Like Heney Realtors on Facebook, and learn about hot new listings, get interesting "market slices", and win karma points with our contests. I realize that karma can only be apportioned by the forces of the cosmos, but I can pretend, right?

Looking for Something New? Heney Realtors is actively looking for Realtors, licensed assistants (or those willing to become licensed), and administrative assistants. Business is good now, and looking to expand in the near future.  Honestly, we need more good people to allow us to serve the growing number of buyers and sellers we're seeing. Experiences are helpful, but not necessary. We can train the right people. Call or email for more information.

August's Home Sales

Town Address Original Price Final Price Closing Price Days on Mkt
Barre City 190 Fairview $99,900 $99,900 $96,900 10
Barre City 29 Warren $119,000 $119,000 $120,000 11
Barre City 4 Daniel Drive $225,000 $199,000 $187,900 123
Barre City 43 Circle $109,000 $105,000 $94,000 236
Barre City 122 Batchelder #7 $127,800 $127,800 $122,000 338
Barre City 11 Westwood Pkwy $140,000 $135,000 $125,000 356
Barre City 34 Fecteau #25 $195,000 $175,000 $173,500 539
Barre City Average $145,100 $137,243 $131,329 230
Barre Town 13 Lisa Drive $375,000 $375,000 $365,000 6
Barre Town 22 Orchard Terrace $140,000 $140,000 $140,500 34
Barre Town 5 West Skylark $169,900 $159,900 $145,900 36
Barre Town 104 Sugarwoods $297,000 $297,000 $285,000 38
Barre Town 80 Cassie $153,000 $153,000 $153,000 67
Barre Town 58 LePage $189,000 $179,000 $150,000 225
Barre Town 20 Countryside $300,000 $265,000 $250,000 318
Barre Town 479 Cutler Corner $399,000 $344,900 $315,000 500
Barre Town 24 Granview $175,000 $149,000 $148,410 838
Barre Town Average $244,211 $229,200 $216,979 229
Calais 104 Justa Rd $246,000 $199,000 $196,000 31
Calais 6067 Route 14 $189,000 $175,000 $165,000 774
East Montpelier 405 Haggett $209,000 $209,000 $199,500 100
Middlesex 24 Bolduc $177,000 $177,000 $177,500 57
Worcester 104 Worcester Village Rd $259,500 $248,500 $248,500 136
U32 Average $216,100 $201,700 $197,300 220
Montpelier 3 Pleasant $248,000 $248,000 $245,200 3
Montpelier 273 Berlin $184,000 $184,000 $178,000 12
Montpelier 23 Roberts $180,000 $180,000 $177,000 33
Montpelier 20 Deerfield Dr $254,900 $254,900 $235,000 82
Montpelier 3 Taplin $155,000 $102,000 $94,500 117
Montpelier 26 Woodrow $384,000 $385,000 $370,000 174
Montpelier 212 Cityside #53 $208,900 $208,900 $188,000 235
Montpelier 95 East State $228,000 $224,900 $210,000 274
Montpelier 179 North St $278,000 $278,000 $238,500 358
Montpelier 10 Hubbard Park Dr $320,000 $305,000 $305,000 446
Montpelier Average $244,080 $237,070 $224,120 173
Northfield 5 Riverside $40,000 $40,000 $35,600 39
Northfield 1443 Hallstrom $112,500 $112,500 $106,100 141
Northfield 745 Freeman $975,000 $825,000 $742,500 1164
Roxbury 1025 Thurston Hill $203,000 $189,000 $168,000 67
Northfield Average $332,625 $291,625 $263,050 353

June 2012 Market Report--You Know You're Curious...

We know that you pride yourself on having complete mastery of the Montpelier/Barre real estate market. That's why you come to this site.

 

Here's a snapshot of the market for June. Most surprising was the low number of new listings and closed sales in Montpelier.

 

Active New in June Under Contract Closed in June Closed last 12 months
Barre City 65 15 13 10 66
Barre Town 72 15 14 7 67
Montpelier 51 4 17 2 66
U32 69 15 11 8 73
Northfield 56 12 5 1 28
Totals 313 61 60 28 300

 

And then, to compare across time, check out how June 2012 compared to June 2011 as far as the size of the inventory, the number of sales, and the overall activity. June turned out to be a slower month than might have been expected. Still, year on year sales are higher in 2011-2012 than the previous year.

 

New 6/12 New 6/11 Closed 6/12 Closed 6/11 Closed6/11-6/12 Closed 6/10-6/11
Barre City 15 15 10 7 66 63
Barre Town 15 15 7 11 67 64
Montpelier 4 14 2 13 66 65
U32 15 20 8 7 73 57
Northfield 12 13 1 4 28 20
Totals 61 77 28 42 300 269

 

 

Here are the June 2012 sales for Montpelier, Barre, U32, and Northfield. Don't get all bent out of shape by some of those cheap sales right at the top of the table. There were a few foreclosures that had been on the market for YEARS and finally sold.

And yes, that one lonely sale in Northfield last month?  That was me.

 

Town Address Original List Price Final List Price Closing Price Days on Market
Barre City 33 Maple Ave $108,000 $19,900 $27,000 413
Barre City 65 Hill St $172,000 $69,000 $69,000 1180
Barre City 15 Mill St $86,500 $86,500 $86,500 6
Barre City 160 Seminary St $100,000 $88,900 $80,500 97
Barre City 11 Downes $119,900 $119,900 $120,900 7
Barre City 4 Crescent $129,000 $129,000 $75,000 100
Barre City 194 Washington St $164,900 $139,900 $145,900 740
Barre City 132 Batchelder St $165,000 $147,000 $140,000 1002
Barre City 113 Country Way $238,000 $199,950 $190,000 382
Barre City 43 Nelson $230,000 $230,000 $220,000 60
Barre Town 51 Church Hill Rd $126,500 $39,900 $36,000 795
Barre Town 16 Carnes Rd $125,000 $97,300 $91,500 586
Barre Town 12 Orchard Terrace $127,500 $127,500 $120,000 99
Barre Town 3 Wilmuth St $134,900 $134,900 $134,900 7
Barre Town 61 Middle Rd $209,000 $169,900 $162,500 386
Barre Town 17 Sunrise Rd $225,000 $200,000 $200,000 58
Barre Town 306 Camp St $240,000 $224,900 $214,000 231
Montpelier 16 Mountainview $186,500 $186,500 $185,000 7
Montpelier 58 Wheelock $198,000 $192,000 $180,000 258
Berlin 540 Route 12 $289,000 $265,000 $263,800 253
Berlin 19 Black Rd $319,900 $319,900 $295,000 184
Calais 272 Apple Hill Rd $155,000 $155,000 $147,500 3
Calais 214 The Cove Rd $299,000 $179,000 $170,000 1454
Calais 9879 County Rd $265,000 $265,000 $250,000 39
East Montpelier 3978 County Rd $190,000 $175,000 $166,000 367
East Montpelier 1550 Center Rd $214,000 $214,000 $220,000 4
East Montpelier 140 Maplewood $289,900 $289,900 $275,000 13
Northfield 342 Central St $268,000 $255,000 $245,000

June Market Report (May Sales and Data)

It's all about having the information that you want.

Here are the May sales for Montpelier, Barre, U32, and Northfield:

Town Address Original List Price Final List Price Closing Price Days on Market
140 Washington St Barre City $180,000 $82,800 $60,000 185
115 Tremont St Barre City $136,000 $124,000 $120,000 232
15 Valliere Ave Barre City $126,900 $126,900 $122,000 34
61 Beckley St Barre City $129,000 $129,000 $118,913 112
13 Veeder Ave Barre City $150,000 $149,900 $141,000 13
20 Delmont Ave Barre City $169,000 $169,000 $167,975 19
293 Tremont St Barre City $190,000 $190,000 $185,000 12
Averages $154,414 $138,800 $130,698 87
20 Summer St Barre Town $105,000 $105,000 $88,000 9
9 East St Barre Town $108,900 $108,900 $105,900 15
10 Moonlight Dr Barre Town $152,000 $145,000 $140,000 553
11 Clark Road Barre Town $190,000 $190,000 $185,000 28
24 Grand View Farm Rd Barre Town $265,000 $265,000 $255,000 13
26 Tree Top View Lane Barre Town $275,000 $275,000 $267,000 83
Averages $182,650 $181,483 $173,483 117
134 Ayers Road Berlin $118,900 $88,000 $68,000 306
948 Paine Turnpike Berlin $162,000 $152,000 $148,000 264
20 Mansfield Lane Berlin $239,900 $239,900 $235,000 32
32 Lower Curtis Pond Rd Calais $230,000 $230,000 $220,000 7
90 Fair Rd East Montpelier $160,000 $160,000 $149,000 56
Averages $182,160 $173,980 $164,000 133
26 Prospect St Montpelier $125,000 $98,000 $95,000 13
3 Miles Ct Montpelier $169,900 $140,000 $125,000 435
1893 Main St Montpelier $200,000 $175,000 $170,000 254
7 Kent St Montpelier $185,900 $185,900 $183,650 10
14 Roberts St Montpelier $219,000 $189,000 $183,330 247
193 Dover Rd Montpelier $285,000 $249,500 $233,000 664
6 Dunpatrick Circle Montpelier $339,000 $328,000 $315,000 172
28 Dover Rd Montpelier $449,000 $350,000 $290,000 202
288 Cityside  #62 Montpelier $259,900 $259,900 $215,000 35
Averages $248,078 $219,478 $201,109 226
1706 Union Brook Rd Northfield $169,900 $159,900 $147,000 515
1833 Hallstrom Rd Northfield $250,000 $235,000 $225,000 310
3081 Route 12A Northfield $20,000 $20,000 $20,000 188
Averages $146,633 $138,300 $130,667 338

And here's the current activity: the number of new listings, the number of current listings, those under contract, closed, etc. I also like to compare them to the previous year to give a little more context.

  Total Active New in May Under Deposit Closed in May Closed 5/11-5/12
Barre City 66 15 14 7 59
Barre Town 79 23 13 6 64
Montpelier 56 14 14 9 70
U32 63 9 16 6 67
Northfield 52 8 4 3 30
Totals 316 69 61 31 290

 

 

  New 5/11 New 5/12 Closed 5/11 Closed 5/12 Closed 5/10-5/11 Closed 5/11-5/12
Barre City 14 15 4 7 62 59
Barre Town 19 23 4 6 54 64
Montpelier 13 14 6 9 57 70
U32 17 9 2 6 52 67
Northfield 8 8 3 3 19 30
Totals 71 69 19 31 244 290

Selling a House in Montpelier or Barre? Tip--Seller Contributions

It's not uncommon at all for buyers to make offers that include some sort of seller contribution at closing.

Reaching Agreement

Seller Contribution Can Keep a Deal Together

This is done for a number of reasons. Sometimes buyers just need a little extra cash to help cover the closing costs or part of the down payment. Sometimes they have some improvements in mind and want to preserve their capital to pay for those projects.

Whatever the reason, as someone selling a house, what really matters is the net sale price.

As an example, if an offer is made for $205,000 with $5000 contribution to the buyers' closing costs, the way to think about the offer is that it's for $200,000. The property will have to appraise for at least $205,000 because the loan is going to be made based on a percentage of the purchase price. But the net sale price is $200,000.

During any negotiations, just keep that net sale price in mind.  $202,000 with $2000 back to purchasers at closing is the same thing.  So is $204,500 with $4500 back at closing. You can see where this is going.

Again, it's fairly common. Especially in times of low interest rates. Adding a little extra to the principal of a loan may seem worth it to protect a little additional cash for closing costs or improvements. It's essentially the same thing as borrowing some of the closing costs.

Talking this through with an experienced, professional local Realtor can be very helpful. Just call or email.

--Ray Mikus

Montpelier Caravan--Our Picks

Today was the Montpelier Realtors' Caravan. It's a great chance to highlight the new listings in Montpelier. Selfishly, it's an opportunity for Realtors to preview the new listings, so that we can deepen our market knowledge.

Today's caravan featured five new listings...and four of them were those of Heney Realtors.

So...here are the picks:

15 North Park: This unassuming 1991 house surprised the crowd with its high end touches. Quartz countertop, tile floors, corain bathroom vanities, and a custom fireplace. Just plain beautiful. There's a direct entry two car garage, and the fenced yard backs right up to Hubbard Park. At $289,000, we were impressed.

 

295 Pine Hill Road--East Montpelier.  Built in 2004, this house has the layout that today's buyers want. Big, open rooms, nice natural light, and an efficient heating system. It's at the end of a cul de sac, and close to U32 high school, Montpelier, and Barre. Great location. Solid house. And hence, a top pick.

63 Terrace Street--Flexible Like Yoga

63 Terrace Street in Montpelieris the kind of house that people dream of getting. Three bedrooms, 1.5 bathrooms, an attached garage, and hardwood floors. But that's just the start of what makes it great.

By Ray Mikus

63 Terrace Street Montpelier

It's got flexibility.

Two bedrooms are upstairs, and one downstairs, along with the full bathroom. That means that whoever lives at 63 Terrace Street in Montpelier has the option of having one-floor living. You don't have to live all on the first floor, but you can.

Or you could in a few years.

Or your guests/relatives/friends who are staying for a visit could.  You have that flexibility.

There's also the recently finished basement, with nice detail work, including a gas-fireplace insert for heat and ambiance.  The basement space works as a tv room, a teen hangout, an office, and more.

The living room features a solid brick hearth surrounding a wood fireplace. The combination of appealing Craftsman building style, the fireplace, and the efficiency of a new System 2000 boiler make this an easy house to heat, and an easy house to maintain.

All this, and walking distance to downtown Montpelier. Anyone thinking of buying a house in Montpelier could find inner peace with this.

242 Elm Street in Montpelier--Gorgeous 4-unit

242 Elm Street in Montpelier is one of the most easily recognizable, and beautiful buildings in town. It's the house with the big white columns. It's the house with the great double lot (a half acre!). It stands out, and in a good way.

242 Elm Street in Montpelier

It's also a rock solid investment. Four units, including one of the nicest owner-occupied units around. This main unit, with three bedrooms, has hardwood floors, an upgraded kitchen, and sumptuously preserved historic detail, including a marble hearth and woodwork.

The second floor two-bedroom unit has bright hardwood floors, and gets lots of natural light. It's a classy unit, and, like the main unit, gets above market rents (as it should).

The remaining two units (one bedroom and two bedroom) allow more opportunity for the next owner to put a personal touch. Don't get me wrong, they're in perfectly good condition, they just aren't at the level of the first two units. I haven't seen very many apartments in Montpelier that are.

242 Elm Street in Montpelier has one of the keys to investment property in Montpelier--parking. There's a five bay garage that's in great condition, plus a sizeable parking area that allows for snow removal. Housing with off-street parking? What a concept!

The back of the building is what would be called a shed. It's attached to the house, but is unfinished space. Two stories of unfinished space with an existing footprint. Could it be a fifth unit? Could it be studio space? Could it be amazing storage? There are lots of options that are worth pursuing.

The list of improvements and updates is extensive. Standing seam metal roof and architectural asphalt shingle roof. Updated electric (no knob and tube wiring in this one). Hardwired smoke and carbon monoxide detectors. But one of the best features of the building is something that was done at construction--it's made of solid wood.

That's right, it's built like a boat. Wood stacked on top of wood, not framed in. Want to know how such a grand property stays so straight? Solid construction. You've got to see it to really appreciate it.

Great rental history, great rents (call or email for details), and great tenants. All four units are currently rented, showing it works as a Montpelier investment property, but imagine the opportunity for growing net worth if you were to move in and make it owner-occupied...

Invest in Your Future with Montpelier and Barre Multi-Family Properties

Welcome 2012 with an investment in your future! 

As the New Year begins, this is a time when many of us recalibrate and take some time to think about how we might improve our lives.  If you have been considering investing in real estate to build for your future, your children's education(s) or maybe for your retirement the options available now are great.

Multi-family residential properties.  These present a tried and true formula for building equity.  Ownership and management of apartments take effort and patience.  In the Capital Region where very little new rental housing has been built in the last 20+ years there is opportunity to purchase properties and upgrade them.  Market demand for nice rentals is strong and supply is limited.

Some potential investors are unsure about financing options to purchase multi-family properties.  The general rule is that properties with four units or less can be financed with a conventional fixed interest rate if one qualifies with a down payment in the 25% to 33% range.

Larger properties with more than four units are treated as commercial properties from a banking point of view.  The implication of this is that mortgages can be approved locally by each banker or lender and are not as likely to be packaged for sale on the Secondary Market.  This gives lenders more opportunity to customize these mortgages.  Often interest rates can be fixed for five year terms but rarely do we see longer term fixed rate mortgage for this category.

At present, the supply of multi-family properties on the market is strong.  The list below indicates how many properties are listed as of the end of 2011:

Barre City - 31

Barre Town - 7

U-32 Towns - 1

Montpelier - 13

Northfield - 10

Waterbury - 4

The variety of types, quality, and condition of these properties provides a potential investor with options at different price points.

A few to consider in Montpelier are:

93 Berlin Street, Montpelier                          2 Apartments              $174,900

55-57 Northfield Street, Montpelier              2 Apartments          $190,000

93 Berlin Street, Montpelier                          2 Apartments              $174,900

17 North Franklin Street, Montpelier             3 Apartments              $199,500

5 Liberty Street, Montpelier                           2 Apartments              $250,000

1 First Avenue, Montpelier                             4 Apartments              $298,000

8 First Avenue, Montpelier                             4 Apartments              $365,000

4 Loomis Street, Montpelier                           3 Apartments              $369,000

242 Elm Street, Montpelier                            4 Apartments              $415,000

Call us for more details on any of these.  We will be happy to provide you with more information or arrange for you to visit and see these.