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The prices of real estate in major selected urban centers are still going up. But job growth and wages cannot keep up the pace, in fact, they lag behind very badly. The minimum salary needed to afford the rent in many major cities is way too low, even for the rapidly eroding middle class.
The real estate bubble may be brewing in Miami due to depletion of foreign investors especially from bankrupt countries such as Brazil and Argentina. This article should be a fair notice to steer off condos as they will be the first to fall by the wayside. The same can be said for the rest of the country if Chinese investors, whose economy is in deep trouble, start losing financial wherewithal to purchase the condos in US.
In the wake of market recovery from the last real estate crash of 2007/08, developers have been once again trying to lure low-earning Americans into buying homes and condos facilitated by very small (in some cases 3%) down payments, with the idea to increase domestic demand.
After extensive research, it is evident to me that 15 years after construction, condo complexes enter a phase where major elements start giving up. In many cases, they will require expenditures that might not be covered by their fiscal budgets or reserve funds.
The negative impact of foreign investments in American residential real estate might have been badly overlooked by some U.S. government officials — and the potential harm it might cause is largely unknown to the average American.
Back in the mid-1960s, when condominiums were born, they were meant to become an affordable housing alternative to traditional homes. Because of their low prices, many renters aspired for better quality living arrangements and bought a condo unit.
Buying a condo unit during the preconstruction phase might seem to be a straightforward proposition. Future unit is bought from the architectural drawings at the developer’s sales site. However, in real life, buying a unit before it’s constructed may work out to be anything but straightforward.
Before buying a condominium, consider that, aside from mortgage payments, you’ll be responsible for condo association maintenance fees, real estate taxes and special assessments.
Before making an offer on any condominium, check with other local realtors to find out how much the unit would fetch on the open market if offered for sale.
If you come across a condo unit that’s selling at a rock bottom price, but with an unusually high maintenance fees, think twice before signing the contract.
To understand how important it is to buy at the right time, just think of condominium units that, only a few years ago, sold at very high prices but lost their value — many of them as much as 50% or more — as a result of the real estate collapse of 2007.
The overall prices of real estate are still 16% down from their peak in 2006. What the future may bring to the U.S. real-estate market is still debatable given its slow recovery and uncertainty about consumer confidence.
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.
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.