Affordable Condos? Where?
Where are all the affordable condos? Isn’t it a buyer’s market? Currently there are 8 active condo listings on the market in the $200,000 and under price range and 21 total condos in the $300,000 and under price range. Out of these 31 condos – 8 of them are at Cypress Park. There are no condos actively on the market at all in either Seaside or Marina. Why?? They are getting snapped up very quickly in most cases. Interest rates are still incredibly low and it really can be as cheap or cheaper to buy than to rent.
For most of us, there’s a nice feel to owning our own home, being able to paint any color we want, not having the rent get raised on us. Also it is a long term “savings account”. You slowly start building up equity. Some people get 15 yr loans. A close friend of mine refinanced and got a 15 yr loan – over 15 yrs ago.
Buying a condo can be more complicated than buying a house. Financing can be tougher – how many are owner occupied? And owners late on their dues? Are there enough reserves so you don’t get slammed with a special assessment just when you have moved in. It can be a little tougher getting a loan in some cases.
If you have questions about any condos in the area or would like to see one, please don’t hesitate to give me a call! (831) 277-9939