ONLINE RELOCATION PACKAGE

This post is included in Your Online Relocation Package for Anne Arundel County, Maryland - Home of Fort George G. Meade, NSA, Northrop Grumman, BWI, and the U.S. Naval Academy.

With GPS and Mapquest, who needs a map to get around in the Greater Crofton area? 

If your answer is “I do!”, you’re in luck because I just happen to have a box of Crofton area maps in my office.  Simply ask, and you shall receive.  I also have a limited number of full-color maps for the area between Baltimore and Washington, which are ideal for anyone relocating to work at Northrup Grumman, Fort Meade, BWI or anywhere in this area.

Since you’re reading this online, the easiest way to get your map is probably to click on Contact Margaret Woda and type your request into the message box.  If you prefer, just call me at 301–346–2923.  I can either leave a map at the reception desk at Long & Foster for you to pick up or mail it to you, whichever you prefer.

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Margaret Woda is a licensed Associate Broker in Crofton Maryland.  She specializes in serving the real estate needs of home owners and home buyers in Anne Arundel, Howard and Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy.  If you enjoyed reading this post, check out Focus On Crofton and Your Online Relocation Package for Anne Arundel County.  You can contact her online or by phone at the Crofton office of Long & Foster REALTORS (410) 451-6245.

The rules changed on June 1 for condominium unit owners and associations in the Greater Crofton area and throughout Maryland.

Until then, condo associations were responsible for upkeep and structural repairs to both the common elements and units, while unit owners were responsible only for personal property within their units.

A copy of the master insurance policy was provided to unit owners at the time of purchase, along with other condo documents, so unit owners would know the extent of the association's insurance coverage and they could purchase supplemental insurance accordingly.  That's no longer the case.

The new law (HB 287) has two requirements you should know about:

1.  Condo associations must maintain property insurance on the common elements and units, but NOT any upgrades or replacements made by unit owners. 

2.  Unit owners are now responsible for any damage that originates in their own unit, up to the $5,000 deductible of the association's master policy. 

How does this affect you, a Maryland condo owner?  Let me give you some examples: 

• If a broken pipe in your unit causes water damage in your unit, another unit or the common elements of the condo, you will be held responsible. 
  
• Should a fire begin in your unit and spread to other parts of the building, you will be liable up to the $5,000 deductible of the association's master insurance policy.

Maryland condo buyers will be notified of this obligation at the time of initial or resale purchase AND condo associations will provide written reminders to unit owners annually.  (Agents, take note of this and be sure to use the new condo forms provided by MAR or your local association whenever you sell a condo.)  A Maryland condo buyer who does not receive this notice may terminate his/her purchase contract.

How will Maryland condo owners cope with this new responsibility?

I'm not an insurance expert, so let me defer to local real estate attorney Benny L. Kass.  He indicates that the answer lies in a condo owner's own insurance policy.  He suggests you obtain an HO-6 policy from your favorite insurance company because it will cover any personal losses and supplement the condo association's master policy.

If you're new to Maryland and don't have a local insurance agent, check with one of these agents in the Greater Crofton area for more information:

• Allstate, Hyacinth Tucker 
• Nationwide, Ed Reilly
• State Farm, Alicia Popham

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Margaret Woda is a licensed Associate Broker in Crofton Maryland.  She specializes in serving the real estate needs of home owners and home buyers in Anne Arundel, Howard and Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy.  If you enjoyed reading this post, check out Focus On Crofton and Your Online Relocation Package for Anne Arundel County.  

Whether you're a "Terps Parent" or a savvy real estate investor, this home will catch your eye for many reasons.

LOCATION, LOCATION, LOCATION -

• 2 blocks from campus, near "The View", where students can catch the campus shuttle or take the walking path directly to campus.
• Just blocks from Greek Row and Rt. 1 night spots and restaurants.
• Just blocks from Metro to D.C.
• Easy access to the Beltway (Route 495) and I-95.

FINANCIAL INFO -

• Owner financing with 10% down (investor financing is usually 20-25% down).
• The price is $349,900.
• Potential rental income $3000+ month.
  
• Currently licensed in College Park as a rental property.
• If you're a "Terps Parent", why pay rent for your kids' when their roommates could be paying you?

THE PROPERTY -

• Built in 1990 by Procopio - none of those lead-based paint or maintenance issues of older College Park homes.
• Five big bedrooms + den - or six bedrooms.
• Currently tenant occupied, so it doesn't show well, but it's in good condition.
• Central air conditioning
• Plenty of parking

For more information about this property, contact Margaret Woda at Long & Foster (410) 451-6245 or ask your buyer's agent to show you MRIS # PG7083920.

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Margaret Woda is a licensed Associate Broker in Crofton Maryland.  She specializes in serving the real estate needs of home owners and home buyers in Anne Arundel, Howard and Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy.  If you enjoyed reading this post, check out Focus On Crofton and Your Online Relocation Package for Anne Arundel County. 

Real Estate statistics for Odenton, in May, were "not too bad" - which is another way of saying they were "almost good" by comparison with almost everywhere else in the area last month!  I'm fairly sure this is a reflection of the community's proximity to Fort Meade, BWI, and major defense contractors such as Northrup Grumman because they contribute a steady turnover and boost to the local economy and real estate market.

The best news of all was the fact that days on market have declined to 102 this year from 134 last year.  The bad news was that 70 new listings came on the market, while only 30 sold/settled during May and only 25 went under (non-contingent) contract. 

This imbalance of supply and demand impacts all the other statistics for May 2009:

The average and median sold pricess were DOWN from May 2008 but UP since last month;  the same is true of the average list price for sold properties; only the percentage of list vs. sold prices is down from both last year and last month.  Now you see why I said it's "not too bad" in Odenton...  Many other nearby communities declined since last month as well as last year.

Of course there are variables from one Odenton neighborhood to the other - from homes in Piney Orchard compared to those in Seven Oaks and outside those two planned communities.  If you'd like to see how your own neighborhood is doing, please give me a call.

6/17/2009 - UPDATE

A client of mine made an offer on a Piney Orchard townhome yesterday.  'Turns out there were a total of four offers in one day!  It appears that well-priced homes in good condition are in demand.  Plenty of buyers who are willing, ready and able!