| According to the National Association of Realtors, | | | | Marcos area, the median condo price was |
| the flourishing condominium market is no longer an | | | | $373,800, as compared to last year's price during |
| advantage for sellers. It has become a buyer's | | | | August of $387,100. Realtors saw August sales |
| market across the United States amidst declining | | | | decrease by 3.4 percent, as compared to an |
| sales and median prices. By year end June 2006, | | | | increase of 5.5 percent last year at this time. |
| realtors have seen the supply of existing condos | | | | With the onslaught of retiring baby-boomers, the |
| for sale increasing by almost two-thirds and sales | | | | condo market may see an upswing during the |
| falling by almost 15 percent across the nation. | | | | next five-to-ten years. The downside for some |
| With investors making up about a third of condo | | | | markets is that the increasing amount of natural |
| ownership, it is expected that more condominiums | | | | disasters, such as hurricanes, may change the |
| will be put up for sale this year. According to the | | | | migratory pattern towards safer weather states. |
| National Association of Home Builders, realtors also | | | | Sellers |
| can expect an influx of new condo development | | | | A declining condo market does not mean an |
| over the next two years and increasing | | | | owner cannot sell at this time. Realtors advise |
| conversions of rental apartments to condos, | | | | sellers to price the unit appropriately - more |
| adding to the over-availability in the condominium | | | | affordable condos still are selling well. Make it stand |
| markets. | | | | out over your competition by removing clutter |
| During the past real estate bubble, condos have | | | | and staging it well. Some sellers are throwing in |
| appreciated at a faster rate than single-family | | | | amenities, such flat-screen televisions and |
| homes, especially in high-cost metro markets with | | | | state-of-the-art audio systems. Some are offering |
| rapidly rising prices. Even last year ending June | | | | bonuses as incentives to the realtors who make |
| 2006, the national median price rose by nearly 14 | | | | the sales, motivating an increase in the number of |
| percent. Realtors only expect an increase of | | | | showings. Realtors advise sellers to be prepared |
| three-to-four percent this year, as compared to | | | | to negotiate with buyers and not to automatically |
| six percent for single-family homes. | | | | turn down reasonable offers. |
| Currently, the national median price for a condo is | | | | Buyers |
| $226,900, as compared to a single-family home at | | | | Realtors see this as a good time to buy if you |
| $231,500. This makes buying a condominium much | | | | plan to own the property for at least |
| more attractive, especially for empty nesters and | | | | three-to-five years. Realtors do advise that you |
| young families. The realtor outlook for condo | | | | look for condos that will hold their value over time |
| prices does vary by region. The Midwest is the | | | | for a better resale value. Look for units with a |
| best location with only a one-percent sales drop | | | | great view; close to downtown or shopping areas |
| last year and a third of a percent drop in prices - | | | | for lower gas usage; easy access to parking, |
| this is within the Chicago and Minneapolis/St. Paul | | | | public transportation, necessities and amenities; an |
| markets. Realtors would expect smaller | | | | elevator and spacious floor plans; garage parking |
| Midwestern cities to be even better. | | | | in cold climates; and a doorman or concierge if in |
| Realtors in the western part of the U.S. saw the | | | | a luxury market. Realtors also advise that you |
| biggest hit in the condominium market. Sales there | | | | take your time shopping for the right |
| last year were down by 21 percent, and there | | | | condominium. Visit the units you like more than |
| was an 11 percent drop in prices. | | | | once and drive a hard bargain. |
| For August in the San Diego, Carlsbad and San | | | | |