IWETHEY v. 0.3.0 | TODO
1,095 registered users | 1 active user | 0 LpH | Statistics
Login | Create New User
IWETHEY Banner

Welcome to IWETHEY!

IWETHEY Home / IWETHEY Board / Money, Financials, and Economics Forum / Something else re: condos
Post #54,521
by drewk
Picture of drewk
10/2/02 3:26:24 PM
Reply
New Something else re: condos
I noticed this when looking several years ago, though I don't know if it was a local aberration or standard for condos. They seemed to behave like new cars, in that the first owner loses significant value just for driving it off the lot, so to speak. I saw numerous examples of people selling 3-year-old condos for 40% less than just-completed condos elsewhere in the development. New condos in the southwest suburbs were generally $75k-$150k. Same locations, 3-5 years old would run $55-$120k.

The psychology seems to be that people don't view condos as the same as houses, but as apartments you can claim on your taxes. And new apartments are better. I'm sure in urban areas (New York in particular) condos are seen more like "real" houses.
===
Microsoft offers them the one thing most business people will pay any price for - the ability to say "we had no choice - everyone's doing it that way." -- [link|http://z.iwethey.org/forums/render/content/show?contentid=38978|Andrew Grygus]
Post #54,540
by admin
Picture of admin
10/2/02 4:51:33 PM
Reply
New To add another twist:
Not all condos are like apartments. There are also "detached condos" which are houses with little tiny yards. You own the inside (walls, furnace, etc) and the condo association owns the outside and land.

Detached condos have pretty good resale (at least around here).

There's one other kind, which is like a townhouse. Two or more units, side by side. Same ownership as with detached condos.

Basically the shared characteristic is "who owns the outside". Having said that, there are also 'single family home' developments where there are so many restrictions and 'home association' fees that they might as well be condos.
Regards,

-scott anderson

"Welcome to Rivendell, Mr. Anderson..."
     What's your thoughts on buying a place in this econ? - (inthane-chan) - (38) - Oct. 2, 2002, 11:20:43 AM EDT
         Re: What's your thoughts on buying a place in this econ? - (deSitter) - Oct. 2, 2002, 11:23:36 AM EDT
         Keep in mind... - (admin) - (5) - Oct. 2, 2002, 11:25:18 AM EDT
             Exactly what happened to me - (drewk) - (2) - Oct. 2, 2002, 11:41:46 AM EDT
                 One other thing though... - (admin) - (1) - Oct. 2, 2002, 11:47:18 AM EDT
                     Student loans are already a deduction. - (inthane-chan) - Oct. 2, 2002, 12:05:36 PM EDT
             Also, keep in mind property taxes. - (a6l6e6x) - (1) - Oct. 2, 2002, 05:37:11 PM EDT
                 Interesting facet of Michigan tax law: - (admin) - Oct. 2, 2002, 05:53:04 PM EDT
         What doe s Marysville look like for housing and how far is - (boxley) - (1) - Oct. 2, 2002, 12:40:18 PM EDT
             One big problem. - (inthane-chan) - Oct. 2, 2002, 01:19:00 PM EDT
         Beware the bubble - (marlowe) - (16) - Oct. 2, 2002, 12:53:34 PM EDT
             Less chance of a bubble in residential real estate - (drewk) - (11) - Oct. 2, 2002, 01:15:35 PM EDT
                 Seattle == Silicon Valley/2 - (inthane-chan) - (6) - Oct. 2, 2002, 01:27:04 PM EDT
                     We're looking to sell soon. - (Brandioch) - (5) - Oct. 2, 2002, 03:13:24 PM EDT
                         Hey, where do you work, anyways? - (inthane-chan) - (4) - Oct. 2, 2002, 03:37:45 PM EDT
                             One Convention Place -NT - (Brandioch) - (3) - Oct. 2, 2002, 07:50:48 PM EDT
                                 LMAO! - (inthane-chan) - (2) - Oct. 3, 2002, 11:12:39 AM EDT
                                     Week after is the soonest. - (Brandioch) - (1) - Oct. 4, 2002, 11:34:00 AM EDT
                                         Need contact info... - (inthane-chan) - Oct. 4, 2002, 11:42:52 AM EDT
                 Nearly 100% chance IMO - (ben_tilly) - (3) - April 20, 2003, 10:37:33 AM EDT
                     Re: Nearly 100% chance IMO - (deSitter) - (2) - April 20, 2003, 11:00:53 PM EDT
                         Yes -NT - (ben_tilly) - (1) - April 20, 2003, 11:05:01 PM EDT
                             Econ Laureate LRPD: Unintended consequences -NT - (Ashton) - April 21, 2003, 05:38:58 AM EDT
             Commented on that in my original post. - (inthane-chan) - (3) - Oct. 2, 2002, 01:23:48 PM EDT
                 Doesn't add up - (drewk) - (2) - Oct. 2, 2002, 01:57:36 PM EDT
                     The houses aren't what's causing it. - (inthane-chan) - (1) - Oct. 2, 2002, 02:06:07 PM EDT
                         OK, I get it. In the 70s that land would be 2 dozen lots. -NT - (drewk) - Oct. 2, 2002, 02:28:12 PM EDT
         You need to compare it to the alternatives. - (Another Scott) - (2) - Oct. 2, 2002, 02:36:43 PM EDT
             Something else re: condos - (drewk) - (1) - Oct. 2, 2002, 03:26:24 PM EDT
                 To add another twist: - (admin) - Oct. 2, 2002, 04:51:33 PM EDT
         Don't - (ben_tilly) - (2) - Oct. 2, 2002, 07:52:46 PM EDT
             Here's the trick: - (inthane-chan) - (1) - Oct. 4, 2002, 11:50:59 AM EDT
                 Quick questions to ask yourself. - (ben_tilly) - Oct. 5, 2002, 05:49:49 PM EDT
         Totally depends on when and where - (wharris2) - Oct. 4, 2002, 11:59:18 AM EDT
         Rent is a ripoff - (tuberculosis) - (4) - Oct. 11, 2002, 10:32:02 AM EDT
             Re: "mortgage payments are equity" - (a6l6e6x) - (2) - Oct. 11, 2002, 11:34:42 PM EDT
                 Thought about it - (tuberculosis) - (1) - Oct. 16, 2002, 11:08:25 AM EDT
                     No need for 20% down to avoid PMI. - (Another Scott) - Oct. 16, 2002, 12:34:56 PM EDT
             Don't forget to factor in: - (wharris2) - Oct. 14, 2002, 05:28:49 PM EDT

7.8 on the Richter scale.
64 ms