Condos, Are They the Answer?

My answer is Could Be! Consider this:  Many of today’s clients, Buyers and Sellers are looking towards purchasing a Condo. Here are some reasons why Condos are on the rise.

Affordability:

Condos are less expensive than single-family homes, making them more appealing with the price of Real Estate appreciating at the rate it has in the last 2 years.  Last year, in our strong market the condo market also heated up. In San Mateo counties, sales were up 7 %, respectively, while single-family homes were down 5 %, mostly due to lack of inventory. Condo prices jumped 34.5 % in San Mateo County, much more than the 19 % of single-family homes.

Downsize clients or “empty nesters” are finding Condos the answer.  As they sell their single-family homes they’re finding themselves with money left over to travel and do all the things they’ve dreamed about.

Homeowner association fees come in all sizes so when looking at Condos, making sure your fees are in line with what your getting is important. For example: Some people may not have a need for a Pool or Gym but even if you don’t use these amenities, you’ll be paying for them. Generally the more amenities offered, the higher the HOA fees.

With property values on the rise, Condos take up less land (something we have a shortage of on the Peninsula) than a single-family home.

Location:

Condos on the Peninsula are usually located close the downtown area and within walking distance. This benefits those who no longer drive, giving them the freedom they need to live on their own longer. The younger generation likes the idea of living close to their favorite shop or restaurant, transportation etc.  

Look for Condos to become a bigger part of the Real Estate market.