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