Condo conversions are hot...but are they selling?
Condo conversions are all the rage now in Austin. Buyers from all manner of cities east and west are fighting to the death over old apartment buildings in and around town, much to the dismay of renters.
But are these fights worth it? Condos generally don't sell quite as quickly as homes: 2006 single family homes in Austin under 400k stayed on the market for an average of 60 days prior to selling, while their fellow condos and lofts stayed on the market an average of 79 days.
Additionally, while recently in Austin condo appreciation has been neck in neck, traditionally, and particularly in slower markets, their appreciation lags behind that of single family homes. And while we are all for high-density housing, and who knows what our world will bring in future years, we'd hesitate to tell someone a condo is a surefire long-term investment.
That being said, we think there are good times to buy condos, for instance, before ground is broken in rapdily apprecating neighborhoods, and if you are planning to sell within a few years. But we don't know that its time to drink the condo conversion Kool-Aid with relish just yet. Check with us before you make an investment- whether it be a new construction condo or a 50 year old single family home- and we can help you choose a location and construction, asess your goals, and be pretty assured that when the time comes to sell, you'll be able to as quickly and as easily as possible.
posted by Danny Gallant @ 1:12 PM
0 comments
