MONEY

Condo and townhouses popular

Mary Chao
@marychaostyle
Maria McGill, associate broker at Nothnagle Realtors, is selling a townhouse at 11 Shadow Pines Drive, Penfield.

Maria McGill enjoys the convenience of being the owner of a condominium. She owns a unit in Lost Mountain condominiums in Penfield and likes knowing she doesn't have to mow the lawn or replace a roof.

"With the HOA (Home Owners Association), you don't have to worry about it," said McGill, 65.

Prior to buying the condominium, McGill lived in a townhouse. An agent with Nothnagle Realtors, McGill has become a specialist of sorts in the buying and selling of condominiums and townhouses. They are becoming more popular as baby boomers age and look for less maintenance, she said.

Condominiums sales are indeed on the upswing. Nothnagle has seen a 16 percent increase over the past six months, said vice president Karen Leonardi.  In August, the entire market of the 11-county Greater Rochester Association of Realtors showed a 22 percent increase in 2015 sales over 2014 sales, with 106 sales versus 87.

There are distinct differences between the two entities. The main difference is that as a condominium owner, you own the living space, not the land that it is on, McGill explained. A townhouse is a different legal entity in that the owner holds the title to the land as well.

This is an approximately 2,000-square-foot townhouse in Penfield.

Both types of housing usually come with a homeowners' association. With the monthly fee, the exterior of the unit is taken care of, such as lawn cutting, snow shoveling and exterior maintenance.

McGill likes the security of paying one flat monthly fee instead of having to budget for a major repair such as siding or a roof, which could cost $10,000.

She is currently listing a townhouse at 11 Shadow Pines in Penfield for a client who moved into assisted living. The 2,000 square-foot home is listed at $324,900 with a HOA fee of $299 a month that takes care of the exterior maintenance.

This particular townhouse is a detached unit, but townhouses may be attached, she said. It's a quiet community that overlooks the golf course. The home has two bedrooms and two bathrooms with an open floor plan and one floor living that appeals to people who are downsizing, McGill says.

The townhouse at 11 Shadow Pines has an open floor plan connecting several rooms.

With the population aging, people are looking for less maintenance as they have already lived in their large home with a big yard, she said.

Another main difference is the tax structure. Condominiums are taxed at a lesser rate in New York state, yielding savings on annual property taxes of up to 40 percent. Townhouses are taxed at a single family home rate. The developer of each project applies for the legal status designating it as a condo or a townhouse, McGill said.

The annual taxes on the townhouse at 11 Shadow Pines is $10,240.

Living in a condominium or a townhouse is often a matter of preference, she said. A condominium has a shared wall whereas some townhouses do not.

For McGill, she opted for a condominium for the convenience of the lifestyle. She can leave for vacation and not worry about house upkeep.

"It's easy living," she said.

MCHAO@DemocratandChronicle.com