When I was out showing condos recently to a client from out of state who was in town for the holidays it reminded me again what fantastic buys are available on condos. It's not good news for sellers, but if you are in the market to buy at bargain prices and a condo fits your lifestyle this is a golden opportunity if you plan to stay put for awhile. Many sellers would be thrilled to work with you after waiting for a buyer for months… or even years.
Median sale price for condos is down 19.7% in the last year, compared to 10.1% for houses and 15.5% for townhouses. For example, 2 bedroom/2 bath units with 1100-1200 square feet in the complex pictured to the right currently range from $52,000 to $85,000.
Many condo complexes do not allow dogs and some don't even allow cats so if you have a pet be sure to check. Also, if you are thinking you might rent your unit either now or at some point in the future be sure to check to see if rentals are allowed. Sometimes there is a limit on the number of units that can be rented in the complex, sometimes none are allowed, sometimes there are no restrictions. No rentals often lead to a better maintained complex and more solid community as everyone shares in the ownership, but it can also mean fewer options if your situation changes.
Sharlene Hensrud, RE/MAX Results – Email– Minneapolis Condo Realtor
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