condos

Realtors Seeing a Buyer’s Market for Condos

By J Harris

According to the National Association of Realtors, the flourishing condominium market is no longer an advantage for sellers. It has become a buyer’s market across the United States amidst declining sales and median prices. By year end June 2006, realtors have seen the supply of existing condos for sale increasing by almost two-thirds and sales falling by almost 15 percent across the nation. With investors making up about a third of condo ownership, it is expected that more condominiums will be put up for sale this year. According to the National Association of Home Builders, realtors also can expect an influx of new condo development over the next two years and increasing conversions of rental apartments to condos, adding to the over-availability in the condominium markets.

During the past real estate bubble, condos have appreciated at a faster rate than single-family homes, especially in high-cost metro markets with rapidly rising prices. Even last year ending June 2006, the national median price rose by nearly 14 percent. Realtors only expect an increase of three-to-four percent this year, as compared to six percent for single-family homes.

Currently, the national median price for a condo is $226,900, as compared to a single-family home at $231,500. This makes buying a condominium much more attractive, especially for empty nesters and young families. The realtor outlook for condo prices does vary by region. The Midwest is the best location with only a one-percent sales drop last year and a third of a percent drop in prices — this is within the Chicago and Minneapolis/St. Paul markets. Realtors would expect smaller Midwestern cities to be even better.

Realtors in the western part of the U.S. saw the biggest hit in the condominium market. Sales there last year were down by 21 percent, and there was an 11 percent drop in prices.

For August in the San Diego, Carlsbad and San Marcos area, the median condo price was $373,800, as compared to last year’s price during August of $387,100. Realtors saw August sales decrease by 3.4 percent, as compared to an increase of 5.5 percent last year at this time.

With the onslaught of retiring baby-boomers, the condo market may see an upswing during the next five-to-ten years. The downside for some markets is that the increasing amount of natural disasters, such as hurricanes, may change the migratory pattern towards safer weather states.

Sellers

A declining condo market does not mean an owner cannot sell at this time. Realtors advise sellers to price the unit appropriately — more affordable condos still are selling well. Make it stand out over your competition by removing clutter and staging it well. Some sellers are throwing in amenities, such flat-screen televisions and state-of-the-art audio systems. Some are offering bonuses as incentives to the realtors who make the sales, motivating an increase in the number of showings. Realtors advise sellers to be prepared to negotiate with buyers and not to automatically turn down reasonable offers.

Buyers

Realtors see this as a good time to buy if you plan to own the property for at least three-to-five years. Realtors do advise that you look for condos that will hold their value over time for a better resale value. Look for units with a great view; close to downtown or shopping areas for lower gas usage; easy access to parking, public transportation, necessities and amenities; an elevator and spacious floor plans; garage parking in cold climates; and a doorman or concierge if in a luxury market. Realtors also advise that you take your time shopping for the right condominium. Visit the units you like more than once and drive a hard bargain.

John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit Homes for Sale in Oceanside [http://www.twtrealestate.com/oceanside-homes.html]

Article Source: http://EzineArticles.com/?expert=J_Harris
http://EzineArticles.com/?Realtors-Seeing-a-Buyers-Market-for-Condos&id=372085

Powered By WP Footer

condos

Condo – Loft Lifestyle

By Andy Asbury

With the popularity of condos and lofts skyrocketing in recent years, especially in Minneapolis; these home choices have become a major player in the local real estate market. Condos and lofts offer a distinctly different package than a typical home: first there is the convenience of location. Typically condo and loft complexes are located within the city limits and as such provide excellent access to the business core, and the other great amenities of a major metropolitan area.

Condos and lofts also are great living options for busy professionals or people who simply cannot afford the time to take care of a traditional home and yard. That being said there are some things that you should spare some time for in a condo. Becoming an active member in your complex’s association is important as they make the decisions that affect your home and life. Condo living can be quite rewarding as they possess a close-knit community and an element of safety that is not present in a normal home.

The other main asset that condos offer is an abundance of desirable extras that are normally extremely expensive to attain in a home. Many complexes feature spas, fitness rooms, outdoor recreation facilities such as tennis courts and a number of other amenities. These things are remarkably expensive in a normal home and the upkeep is equally as daunting. Condos offer these things and the maintenance is seen to by professionals hired by the association. One of the most important aspects of the loft or condo is the fact that to purchase a basic condo is usually far cheaper then purchasing a basic house so it is an option that appeals to the wallet as well.

Minneapolis is the ideal place to find yourself a condo or loft as the real estate market here is thriving and lofts and condos are at the apex of popularity. New developments are cropping up across the city with many occupying old warehouses and factories creating a distinct loft style of living. Minneapolis is definitely a great place for a loft or condo.

For information about Minneapolis condos, visit MinnesotaLoftsAndCondos.com. There you’ll find advice from leading Minneapolis REALTORS,® as well as listings for properties in St. Paul, Minneapolis, and surrounding areas.

Article Source: http://EzineArticles.com/?expert=Andy_Asbury
http://EzineArticles.com/?Condo—Loft-Lifestyle&id=471497

Powered By WP Footer

condos

Minneapolis Condominium Markets – Buying or Renting a Condo

Today if you are interested in living in Minnesota, you’ll find that many people are deciding to go with twin cities rental condos instead of going with Minnesota homes for a variety of reasons. There are many great downtown Minneapolis condominiums available not to mention downtown Minneapolis lofts and downtown St. Paul lofts. If you are looking for housing in the area, you will quickly notice that it is easy to find a good Minneapolis condominium, so you may be wondering if condo living in Minnesota is a great idea for you. Well, let’s take a closer look at why the condominium markets are doing so well, the deals you can find, and the great benefits you can enjoy if you choose condo living.

Downtown Minneapolis Condominiums a Great Urban Housing Choice
While there are other urban and suburban choices for housing, such as Minnesota homes, you’ll find that many people are finding Minneapolis condominiums and downtown St. Paul lofts to be a great urban housing choice. Instead of living out further from the city these housing choices keep them closer to the city, and while at one time real estate trends were high in suburban living, the trends in this area are beginning to lean towards condo living in the major cities of Minnesota.

Over Building Has Led to a Soft Market

Wondering why twin cities rental condos have become such a great opportunity and why so many people are choosing this route? Well, the main reason is that over building of condos in these areas have led to a soft market. So many condos were built in a short amount of time and now the supply is higher than the demand, which has led to excellent deals. This is definitely a great time to get involved in renting or even purchasing a condo in the twin cities area.

Rent Condos Now for Great Deals

Because of the soft market and the great availability of downtown Minneapolis lofts, condos, and downtown St. Paul lofts, you’ll find that now it is easy to rent condos for great deals. If you’re looking for low cost housing, this is an excellent choice, since the deals are excellent right now.

Benefits of Condo Living in the Twin Cities

Of course you may be wondering if condo living in the twin cities area is really a great choice for you. Well, you’ll actually find that there are many great benefits to living in condos. Here are just a few of the excellent benefits that you can enjoy when you go with twin cities rental condos.

• Benefit #1 – Avoid Dealing with the Long Morning Commute – First of all, one of the main benefits that you can enjoy when you decide to go with condos in the twin cities area is that you’ll be able to avoid dealing with the long morning commute. While many people enjoy suburban living, you’ll find that the commute can get expensive. When you live closer to town in a nice condo, you may be able to take public transportation or even to walk to work. This will mean that you won’t have to worry about the long commute to work and you’ll definitely save money in gas costs as well.

• Benefit #2 – It’s Now Affordable – Although you may think that living in downtown Minneapolis condominiums is expensive and cost prohibitive, you’ll actually find that the opposite is true. You’ll find that it is very affordable to live in twin cities rental condos at this point in time, and it’s actually one of the best choices in housing in the area if you are looking for options that are affordable.

• Benefit #3 – No Upkeep to Worry About – Many people love living in condos because there is no upkeep to worry about. You don’t have to come home from work to worry about a lawn to more or landscaping to keep up, and the maintenance on the buildings are usually taken care of as well. If you like the idea of living a maintenance free life, then you just may find that condo living is a great option for you.

• Benefit #4 – Many Great Condos to Choose from in The Twin Cities Area – There are many great condos to choose form in the twin cities area as well, which is another great benefit. Whether you are looking for downtown St. Paul lofts, downtown Minneapolis lofts, or even a Minneapolis condominium, you’ll find that you can find about anything you like right now. There are many great options that are available to you, and this is a big benefit to you when you are interested in purchasing or renting a condo in the twin cities area.

Powered By WP Footer

condos

Five Top Reasons to Buy a Loft

Many urban dwellers are turning to lofts instead of condos.  There are some differences between the two, however.  Urban living and loft purchasers are on the rise, if only for the exquisite opportunity a loft may have compared to a condo.   Owners of either a loft or a condo hold the title to their unit or space and co-own along with the rest of the loft or condo community, the lobbies, garages, security system, swimming pools and other amenities.  Here are the five top reasons to buy a loft:

1.    Style – Lofts for sale tend to have soaring ceilings and wide open spaces.  Lofts also have lots of style and more modern finishes than a condo.  Floors are often hardwood and the sense of your own original space is achieved through the purchase of a loft.  You will find more stainless steel and sharp modern designs in a loft.

2.    Location – Most lofts for sale are in urban areas where a developer may buy an old warehouse and turn it into loft units.  These old warehouses are usually well within all the amenities any urban city or town would have to offer and are nearby or within walking distance.  Many lofts for sale are also designed and built from the ground up through developers and large city and town’s revitalization programs.

3.    Live and Work – While condos may only offer a home unit for residential use, lofts may permit a live and work space and some lofts for sale can be found in areas zoned specifically for this purpose.  Many professionals who work at home find the large loft space ideal for the separation between living areas and work areas.

4.    Appreciation – In some markets, realtors have found that lofts are appreciating at twice the rate of a traditional single-family home.  This alone can add value to your loft space when you sell it.

5.    Loft Conversions – Many loft builders who convert buildings into loft spaces, also invite commercial businesses such as drycleaners and small grocers to abide in the buildings. These types of loft conversions make it easier to never leave your loft building area when you seek consumer items—especially since they are close at hand.

Loft living is different than condo living.  While both are usually run by an association where you must pay a monthly fee and abide by the association rules, lofts tend to be quieter due to their size and do not have as many common walls as condos do.  For example, a loft may be an entire floor where condos may have two to four on one floor sharing a lot of common wall space.

Major developers are being encouraged and supported by large city and town governments to covert old spaces for loft living.  Not only are developers reaping the benefits of building these loft units, the owners of the lofts are happy with the security, parking, live and work opportunities, and the proximity of all the conveniences you can expect with a loft.

If you live in an urban area and are interested in purchasing a loft, ask your realtor for more details on lofts for sale, the amenities and how loft living works.

Powered By WP Footer

condos

Five Top Reasons to Buy a Condo or Townhouse

If you’re one of those people who doesn’t like maintaining your lawn or want to commit to a large down payment for a conventional home, buying a condo or townhouse may be right for you.  Before we look at the top five reasons to buy a condo or townhouse, what are condos and townhouses?

Condos and townhouses are unit-based home purchases.  For example, a condo unit will exist within a group of connected condominiums and you purchase one unit or one condo.  Townhouses are found in planned developments where all homes are similar in style and you purchase the townhouse but are not responsible for the upkeep of common areas.  The same for condos—you are not responsible for common areas, recreational areas, swimming pools or other areas where the Homeowner’s Association you join and pay for each month takes care of these common areas and you must abide by condo and townhome bylaws as well as association rules and regulations.  You do pay individual property taxes on both condos and townhouses.

Here are the top five reasons we found to purchase a condo or townhouse:

1.    Less Commitment – Condos and townhouses are great for people who want to own their dwelling space but don’t want to do all the required lawn and common area maintenance. Most condos and townhouses do not require a down payment as large as on conventional homes.  While you are committed to the condo or townhome, you buy and must follow the Homeowner’s bylaws, owning a condo or townhouse can be less of a stress when it comes to lawn upkeep and can offer more amenities than a conventional home.

2.    The Amenities – Because condos and townhouses are usually in planned areas and are consider a “community” of sorts, certain amenities may come with the purchase of your condo unit or town home unit.  These amenities may include a shared association swimming pools, tennis courts, recreational areas, common barbeque areas, and picnic areas and meeting rooms that may be rented for parties.  Other features could include higher security and a fitness center and newer condominium and town home structures are offering entire community conveniences such as grocery stores, drycleaners, and restaurants all within the development giving you the option to never leave the condo area for certain consumer needs.

3.    Overall Price & Ownership – Buying a condo or townhouse can be much cheaper than a conventional home.  Whether it’s a condo for sale, where you enter into a main lobby or a townhouse that allows you to have a private entrance and perhaps your own carport or garage, both are cheaper all around than a conventional home.  Ownership of a condo or town home is much the same as a conventional home.  You finance or pay cash and own the title to the condo unit or townhouse you buy.  When you sell it, you do this on your own as long as your follow the Homeowner’s Associations bylaws, covenants, and restrictions.   With a town home for sale, you will usually also hold title to the land the townhouse sits on.

4.    Appeal for the Elderly – If you are in your retirement years, often a condo or town home is your best bet, especially when it comes to security and community involvement.  Some town home and condo communities are dedicated for the elderly only and can provide activities at the same location where you live.

5.    Simple Care – Because almost all townhouses and condos have a Homeowner’s Association, if you do need to “fix” up your dwelling, the association provides specific guidelines on what you can and can’t do.  If you aren’t the creative type, town homes and condos are great for a structured way to keep up with the exterior maintenance such as exterior paint color (which can usually be arranged through the Homeowner’s Association) and other exterior options that are allowed.

What is the Homeowner’s Association?

All condos for sale and most town homes for sale are organized by a Homeowner’s Association.  When you purchase your condo or townhouse, you become a member of that association.  The association usually has a board of community members that oversee the bylaws, association rules, and regulations.  The association is also responsible for the upkeep of all common areas.  The Homeowner’s association is funded through monthly fees payable to the association by you and is set at time of move-in.  Association fees can be raised from time to time as outlined by each association’s bylaws.  All condo and townhouse owners must abide by the rules and regulations and pay their fees on a timely basis.

Buying a condo for sale or a townhouse can be an advantageous idea if you are looking for maintenance free lawn care, amenities such as pools or tennis courts, and a sense of security for all who live within the limits of each of the communities.

Powered By WP Footer