Thinking of buying a condo close to family as a second home? This is a growing trend that has been helped by the new affordability of condos.
Condos are the Twin Cities market segment hit hardest by the real estate decline, creating a great selection at great prices. Combine that with low interest rates and Baby Boomers are recognizing a wonderful opportunity to buy a place of their own for regular visits to family and friends or a city getaway.
I have clients closing on an Edina condo soon… that they are buying at a price that hails back to 1995! Right now they will be using it as their 'hotel' for their regular visits to their children, but they eventually plan to make it their retirement home.
Evidently others are catcing onto this idea as well and the Internet makes it easier to shop long distance than ever before. I have had calls from Boomers in Texas, Florida, New York, Iowa about buying condos here.
This is a great time to plan ahead and buy a retirement or 'vacation' condo now when the market is low even if you don't plan to move out of your current home any time soon!
Sharlene Hensrud, RE/MAX Results - Email – Minneapolis – St. Paul Real Condo Realtor
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