Condos and Townhomes in Forsyth County

We don’t hear much about condos and townhomes in Forsyth County.  They certainly make up a small percentage of our residential market.  According to our local MLS, they have only accounted for 7% of our sales in 2013.  This number is close to last year when condos and townhomes were 9% of the sales in Forsyth County.  When you remove the Active Adult Communities that we discussed last week, the number drops down to 5%. 

In reality, the majority of attached homes in Forsyth County are townhomes.  Townhouses are homes that share two or more sides with adjoining properties and straddle the gap between condominiums and single-family homes.  It’s similar to a house in that the owner owns both the structure and the land.  Since townhome owners own the land, townhouses can’t be stacked one on top of another.  Urban areas and densely populated suburban areas are the most common location for these communities, which is one reason we don’t see them representing a larger part of our market in Forsyth County.

When purchasing a condo or townhome, the resident is a member of a homeowners’ association and pays a monthly fee to the association in exchange for maintenance of the common property.  Of course, some communities have additional amenities such as pools, tennis, playgrounds, clubhouse, etc.  The more amenities you have the higher the monthly association fee will be. 

The typical buyer for townhomes will usually be singles, young couples, or empty nesters.  When I lived in Connecticut, my first home purchase was a townhome when I was 23 years old.  The community was mostly single professionals who wanted the benefits of home ownership without the hassles of home maintenance.  We had a clubhouse, pool, tennis courts, racquetball court, and several activities to choose from on a daily basis.  We also had public transportation available for the 20 minute ride into Hartford.

Of course, similar to apartments, townhome and condos can result in a larger number of residents in a smaller area which can lead to congestion and more of a strain on resources than a single family home subdivision.  For the time being, I would say it’s safe to say that we will not be seeing an influx of new  condos and townhomes in Forsyth County.

Tim Hopkins

www.tkosales.com

678-341-7403