Condos Going Kooky!

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Wow. Just a few months ago, no one ever called, emailed or sent up a smoke signal asking about Condos. Now it seems like every day I hear condo talk. Investors are thinking about converting apartments to condos. First-time homebuyers (who are rapidly getting priced out of single family homes) are thinking about buying condos. Part-time residents are wanting a condo for a second home. Parents want to buy their ASU student a condo instead of wasting money on a dorm room. Condos-Condos-Condos!!

Francy and I just listed a condo. It was built in 1974. 1100 square feet, 2 bedrooms, 1.5 baths. It’s quite nice, very well maintained. The owners bought it for $72,000 a little over two years ago. It’s on the market for $130,000. We got an offer for $140,000. You do the math. That’s not a bad investment!

As the price of single-family homes skyrockets, I forsee a bunch more condo listings and sales in my future. Right now, they tend to stay on the market a little longer than SFH’s and usually they don’t go crazy over list like SFH’s still do–although our listing did, and that one seems to be rapidly approaching the norm.

So if you’re an investor out there thinking about getting into the wild and crazy Phoenix real estate market, be sure to think about condos! If you are considering a smaller home, think condo. If you are a first time buyer, think condo. And you parents out there, THINK CONDO. If prices continue to appreciate at anywhere near the rate they have been, you could buy yourself a condo, plant your student child in it for four years (probably paying less for mortgage than you would for a dorm room) take the tax credits, and sell it when junior graduates–and pay off all the student loans with your equity!!

JT

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