Are condos evil?
Admittedly, this is kind of an unusual question, given that I know a few people who own condos and they all seem to have made out fine on the deal. But these people own condos in an urban context, where condos make a good option when put against the smallish stock of houses and the lack of return one gets from renting.
My question comes from my current suburban context, where there are plenty of houses and even a few places where one could build more. On some level, I'm thinking that the condo market, purposefully or otherwise, is propping up the high cost of houses by being the only affordable option that results in actual property ownership.
Now, if people didn't want condos you'd assume they wouldn't sell. But they seem to be (based on what I see being built), so I'm trying to sort out whether they're popular or people are just giving in. Like with the root canals, I may be talking through my hat and looking for a scam where none exists.
My concern here may be fueled by condo projects that went up in my home town when I was in high school and college, many of which struggled to find full occupancy. I suppose they're full now, but the years of seeing places with as few as four units only half full makes me skeptical.
In any event, thoughts on this are welcome. Happy Thanksgiving to all where a Happy Thanksgiving would apply!
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3 comments:
Done right, I think condos (and gentrification of some poorer neighborhoods) are the best solution for the problem of urban sprawl. Properly marketed, they could be appealing to the sometimes exurb-bound SUV and Starbucks constituency.
I am looking forward to my purchase of a condo. When you think about it, it's all of the benefits of home ownership without having to worry about the maintainance issues. For someone like me, this is win win.
My town is in the middle of a condo boom. Most of the large developments have gone up in poorly-performing business blocks, But it's now starting to spread to residential areas: two homes next to our building, one single-family place and a girls' home, were recently razed to make way for a 14-unit condo.
The big downside is I have no idea what all this new construction is going to do to the value of our property. And I now interpret my realtor's comment "You got the last great deal in Evanston" as "You will never be able to afford another place in Evanston." Fortunately we're both very happy with the place.
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