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To many buyers and unit owners, condominium ownership may still be ambiguous and convoluted. Since condos aren’t based on the same ownership structure as street-level traditional (freehold) homes, comparing condos to traditional homes is like comparing apples with oranges.
Condos have grown to become a major habitat of urban centers across North America. Touted as a housing alternative with a care-free lifestyle, they have become very popular, especially during the last 10 years or so. Single people, childless couples and retirees seem to be particularly attracted to them, mainly because of convenient amenities in and around them.
The allure of the carefree condo lifestyle has attracted many. Among them, retirees who became tired of the everyday chores of maintaining their traditional homes.
Former U.S. Federal Reserve Chairman, Alan Greenspan, was interviewed recently on the subject of economic bubbles which many economists have been suggesting we are heading towards. In fact, some proclaim we are in one already.
“What does the future hold for condos and how long will they last?” These are by far the questions I am asked most often by condo buyers and owners alike.
Every time I am approached by condo buyers and owners alike, the most asked question is on the future of condominiums.
Practically speaking, condos will exist as a real-estate ownership option for as long as there are buyers willing to buy them — notwithstanding the inherent ownership related problems mentioned in my previous MarketWatch article: Should you Buy or Lease your Retirement Condo?
Do not let anybody get you to sign something overnight, think about it, go around, look at the choices, says Dan Barnabic. The Condo Bible addresses and explains the profound changes that Canada’s urban landscape has gone through over the course of the past 30 years.
Seniors over the age of 65 number over 40 million, and that number will increase to 55 million by 2020 according to the U.S.Census Bureau. If you belong to this demographic, the idea of moving to a condo might have crossed your mind.