If you’re thinking about buying a downtown condo…existing condos generally are offering better value than new or very recent ones. Long-range investors have some attractive opportunities, for several reasons:

• Existing condo projects are largely sold out, reducing the pressure on prices
• Existing condo prices are based on a historical sales, not hypothetical future ones
• Homeowners Association fees may be lower and/or more stable because they’re shared out among a larger number of owners
• Many new and very recent condo projects are in the luxury price range

In short, they have more measurable value than presales or recently offerings. Still, existing resales are discounted from 15-25%.

If you believe the stock market anticipates future economic activity, now may be the time to buy. Real-state investment trusts are down 50% from their highs, so real estate assets may be a bargain.

This entry was posted on Sunday, November 16th, 2008 at 11:08 pm and is filed under Condos, Downtown. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.