Thursday, April 07, 2005

Condos Appreciating Faster than Homes?

Say what? Traditionally, we've been told that investing in a single family home will bring higher appreciation than a condo. I've suspected that to be untrue lately and now the California Association of Realtors says this, "Though condominiums represented just 16 percent of California home sales in 2004, about the same share as in recent years, the California condominium market is going strong, according to a recent C.A.R. report. Annual sales of condominiums were 20 percent higher in 2004 compared with 2000, and annual price appreciation of condos has surpassed that of detached homes in all but one of the past five years. With lower sales prices -- the median price for condos is generally 75 to 80 percent of the median for detached homes -- condos tend to appeal more to first-time homebuyers, who accounted for 37 percent of all condominium buyers in 2004."

www.HopeGoss.com

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