PORTSMOUTH — The condominium market in Portsmouth continues to boom, with Realtors saying they are seeing interested buyers from all over the country.
“I’m seeing a huge trend of people moving here from all around. They love Portsmouth because of the waterfront,” Tom Gorski, a Realtor with Bean Group said Thursday.
Gorski currently has a luxury condominium listed on Zillow.com, a three-bedroom, four-bathroom, 3,279-square-foot property at 233 Vaughan Street. It is listed at $2,175,000. He said the average for downtown units is about $700 per square foot.
“Portsmouth is a booming market right now and has been for over a decade,” Gorski said. “The whole community on the Seacoast has a great vibe.”
Courtney Costa, a Realtor with Great Island Realty, says her clients cite lower taxes as one of the reasons they are relocating to New Hampshire.
“I have clients across the country moving to New Hampshire because of that,” Costa said.
Costa said that people also choose Portsmouth because of its proximity to Boston, the mountains and the ocean.
Some of Costa’s clients are looking to buy condos as their first home. Others are downsizing.
“I’ve had an influx of people that have been making New Hampshire their home for retirement purposes,” Costa said.
Although inventory is tight in the New Hampshire real estate market, with Gorski saying sellers are getting more than their asking price for properties, there will be ample opportunities for people to find a condo in Portsmouth if that is what they are looking to purchase.
According to information provided by the city’s planning department, there are 12 condo projects under construction. Three others have been approved and three more are under review.
And lenders remain confident that the city’s condominium market will remain strong in coming years.
Eastern Bank announced in February that its commercial real estate team is leading a $20 million construction loan for Portsmouth-based developer Stephen Kelm to build a 71,000-square-foot mixed use condominium property at 46-64 Maplewood Ave. T
hat is one of the city’s approved projects.
The property will include more than 16,000 square feet of ground level retail and/or office space and 22 luxury residential condominiums above them.
“Portsmouth is a market in and of itself, and there is no other market in New Hampshire like downtown Portsmouth,” Senior Vice President and New Hampshire Commercial Group Director David Cassidy said.
“In downtown Portsmouth over the last four years, the market has really taken off. We’re seeing developers buying up any and all available land.”
Information released by officials at Portsmouth’s planning department shows that since 2010, 11 new condominium projects have been completed, adding 105 new units to the city.