Rare Find: Affordable Condos for Sale at $173K
Fair Housing Committee sets open house for four two-bedroom condos at Marblehead Highlands.
The Fair Housing Committee told the Board of Selectmen this week that there are four affordable condos for sale at the Intrepid Circle building at Marblehead or Peach Highlands.
The affordable two-bedroom, two-bath condos are priced at $173,000. The other units in the 88-unit building are priced at $400,000 to $500,000.
The committee, working with building developer Ted Moore, will hold an open house for potential buyers to view the condos from noon to 2 p.m. on Friday, March 10.
The units are carpeted, have standard appliances and are wired for cable TV and Internet service. No dogs are allowed, but indoor cats are.
The four units are the last of 22 affordable, or 40B, condos in the building.
Affordable housing in Marblehead makes up less than the 5 percent of all housing that is required by the state to exempt the town from restrictions of the 40B program.
Eligible buyers must be first-time homeowners with annual income of no more than $45,500 for a single person up to $65,000 for a family of four. The buyer's net worth (cash, stocks, properties, retirement income) may not exceed $75,000.
First-time homeowner in this case is defined as not having owned a home for three years.
The buyer must qualify for a mortgage. Committee Chairman Virginia Heely Kenney said the Grand National Bank and Marblehead Bank have agreed to work with potential buyers to qualify them for a mortgage.
Buyers must be able to pay 1.5 percent down from their own money. An additional 1.5 percent down payment would be paid by state funds allocated to the town.
The estimated monthly payment on the mortgage would be a total of $1,099, which includes $707 in mortgage payment, $236 condo fee and $156 in property taxes.
The mortgage payment cannot exceed 38 percent of the buyer's monthly income.
Kenny told the Selectmen that the committee would advertise the condos to town employees who might want to live in Marblehead, but cannot afford to buy a house at market price.