Can anyone tell me if this is a good place to live? I’m considering buying a condo and the price seems high given the common charges and condition of the unit. Private sale, 4bed/3 bath, kitchen needs to be gutted, unit needs paint, common charges 830/month as well as condo assessment of 14k (owner willing to split). Asking price is 525k. Owner says the unit is rare in the development and there’s nothing like it in a 5 mile radius. I asked for a copy of the appraisal and the unit is valued at 520k

Any info/opinions welcomed!

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LoveIsLove75 t1_ituktal wrote on October 26, 2022 at 12:50 PM

#236,530

I looked at a smaller unit in the complex years ago. The 2nd bedroom was way too small for our purposes so we passed. The complex itself was nice enough but was dated looking from the outside. I was fresh to Norwalk at the time so I didn't know my way around the backroads to ge to the complex. The proximity to Connecticut Ave and the Taylor Avenue area was a bit off-putting for my wife and I. I used to be a "fire monitor" in the Merritt 7 complex, so I was put on a text alert whenever something "911 related" happened in town. I noticed that there was a lot of crime happening in that area (closer to CT avenue), so I never really considered living there.

WorkerDrone91 t1_itvhf1e wrote on October 26, 2022 at 4:38 PM

#240,473

thats expensive. i recently purchased a 2 BR, 2.5 Bathroom 1500 sq ft condo in westport for 480K to give you an idea. HOA fees are 400 a month.

eloiseveridisquo OP t1_itvld92 wrote on October 26, 2022 at 5:04 PM

#240,935

Replying to WorkerDrone91 (#240,473)

Good to know. The unit I’m thinking of purchasing is 2050 sq ft and has a garage so it seems comparable?

Flashy-Fig-4903 t1_itvncma wrote on October 26, 2022 at 5:17 PM

#241,184

Who is the property management company? 830 a month is high. That can happen when a board lets maintenance decline, a management company charged for repairs undone or the reserve was mismanaged.

eloiseveridisquo OP t1_itvnvs5 wrote on October 26, 2022 at 5:20 PM

#241,266

Replying to Flashy-Fig-4903 (#241,184)

There’s close to 700k in the reserve. From what I understand, 2 bedrooms pay $450, 3 bedrooms $705 and 4 bedrooms $830. In addition to the HOA’s there’s a property assessment going on. The unit I want owes 14k, the owner is willing to split

yudkib t1_ity0i85 wrote on October 27, 2022 at 3:13 AM

#251,492

He’s probably right that there aren’t many 4/3’s on the market, but this seems like early 2022 pricing and not current market. You can just about get a 3/2.5 detached townhouse in usable condition for that.