Thursday, April 28, 2005

Condo Market on Fire

We've always heard that it's better to invest in a single family home. That advise is being challenged these days. There has been tremendous growth in the prices of condos over the last several years. In some cases, more than single family homes. Why? I suspect it's because of the high price of homes. Many buyers want to own real estate and gain equity, but biting off a $600,000 mortgage doesn't feel comfortable. Both investors and first time home buyers are finding solid investments that they can later build on by trading up to a bigger condo, or a single family home.

As evidence of the condo craze, the Ventura County MLS is showing only 19 active condos in the city of Ventura this morning. The lowest price condo is $236,460, however that is a low-income condo with restrictions on income. The next lowest is $297,000 for a Peppertree condo.

Relax, sell your lawn mower at the yard sale, and join the crowd!


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