In America from San Diego to Washington, D.C., condominiums are hot property. Demographic and economic trends have increased the demand for the once-unpopular real estate traditional homes. Wealthy investors are rushing in to acquire low-maintenance condos whose prices have fallen over 40% due to the housing recession. They hope for a rental income when the market does go up!
Other buyers for California condominiums are young first time home buyers. With low interest rates on FHA loans, the young singles can now afford to buy apartments instead of rent them. In some areas of San Diego, prices of Condos have fallen over 60%.
To buy a condominium is not worry-free. California condominiums were often entry-level homes, so their prices reduced faster than regular homes when the market was low, and increased more slowly when the prices increased.
Before investing, the buyers need to make sure the buildings are in good shape. In spite of every thing there many advantages to condominium ownership. First, the maintenance would be much less as compared to a single owner. In many cities, these condominiums are centrally located mostly close to museums, public transportation and workplaces. Unlike in rental apartments, owners can paint and remodel, as they like.