Did you know you can buy, in at least some areas of the country, a new condominium for less than the price of a new car? While you may not be able to buy condos in every area of the country so cheaply, the bargains are not limited to just one state or city either. Recent online articles listed condos from $19,000 to a little more than $39,000 in areas as diverse as Florida, North Dakota, Kansas, Arizona, Minnesota, Georgia, and Iowa. If you are looking for a new home, and would consider a condo, you should maybe call real estate agents about condos, check your local newspapers, and check online.
Why are so many condominiums selling for $25,000 to $50,000, many less than the price of a Toyota Corolla, Prius, or other cars? According to experts, condos have been affected by the housing bust, by people who can’t pay their mortgages because of unemployment, in an even greater way than other homes. Experts also blame the falling prices on over development during good times.
While the average home price has dropped nationally by 23% since 2007, condo prices have dropped by 25% nationally. In some places, however, condo prices have dropped even more: 65% in Miami; 66% in Las Vegas; and 59% in Sacramento, California.
That is only an average. The prices of individual condos have dropped even more, some as much as 80%. A condo in Deerfield, Florida, that sold for $115,000 five years ago sells for $25,000 in 2010. Some condos sell for as cheap as $15,000.
What kinds of bargains are available? One looking online or talking with local real estate agents can find plenty.
Kevin Berman, a broker with Bankers Realty Services, has one condo he is listing for $15,000. The condo has one bedroom. Berman, who works in Fort Lauderdale, Florida, says the condo is “great” for a vacation or someone wanting to retire.
Maintenance costs for the condos can be reasonable as well. A 770-square-foot condo in Deerfield Park, Florida, as recently listed for $25,000, has one bedroom, one-and-a-half bathrooms, a screened porch, wooden floors, garden views, and according to one real estate saleswoman, was in move in condition. The condo that once sold for $115,000 in 2005, and has access to a swimming pool, exercise area, and clubhouse, only takes $180 a month to maintain.
A condominium in Glendale, Arizona, that has had only one owner since 1984 was recently listed for only $19,000. The one bedroom, one bath, condo had been well maintained anyway. Now, because of new painting, carpet cleaning, new upgrades, and light fixtures, it is ready for a new owner to move in. It is only ten miles away from downtown Phoenix and is close to where the Arizona Cardinals of the NFL and the Coyotes of the NHL play. There is privacy because of the high hedge of shrubs. The 12 foot by 13 foot kitchen demonstrates that the condo is spacious.
A two bedroom unit in Brooklyn Park, Minnesota, has a spiral staircase and sells for $32,000. The condo has garage space, offers lots of sunlight, and provides a pool, party room, recreation room, and volleyball pit. Taxes are less than $500 a year. It takes less than $250 a month to maintain this unit. If you lived in this condo, you would be only about 10 miles from downtown Minneapolis.
As you can see, if you were thinking about buying a new house, there are a lot of bargains as far as condominiums available. You might find some of them in your area.
Condos For Less Than a New Car, by Les Christie, finance.yahoo.com
Condos For Less Than a New Car, author not listed, money.cnn.com
Condos for Less Than the Price of a Corolla, by Les Christie, money.cnn.com