The Condo/Townhouse Market:
Hmmm... Maybe it is time to buy a condo in the valley. Prices took quite a hit this month and it could be a good time to find some great deals out there. The high-end condos, those in the $400K's and up, are really what is hurting the market, so that is the place to find a deal right now. Many home buyers would just as soon get a house if they are going to pay half a million bucks, so sellers of the high-end condos are scrambling more to find a good buyer.
Inventory is down, but this should not be a surprise as the same is true for single family homes throughout the valley. In fact, the difference is much less pronounced for condos and townhomes. My conclusion: call me. I'll help you buy a place. :)
What is a Condo?
A Condominium is "an estate in real property consisting of 1. an undivided interest in common in a portion of a parcel of real property and 2. a separate interest in space in a building on said property."
Let me break it down for you like this: Technically, a townhouse or a condo is considered a condominium because the owner has exclusive rights to his or her unit, and a right, like other owners in the complex, to full use and enjoyment of the grounds. I hope that is a little more clear.
The typical valley condo is 2+2, 1200-1300 square feet, built in 1980.
What is my Condo/Townhome Worth? Click here.