If you live in North Miami you could face this decision, “Should I buy a new Camry or a new condo?” You might have to think on it for a couple days because the 900 square foot condo would actually cost you less than the fully loaded Camry.
Since 2007 average condo prices have fallen 25%, but some in places it’s even more. Sacramento, California is down 59% and Deerfield Beach, Florida is down 80%.
Two things have contributed to these drastic price plunges. First the housing bust across the United States caused the average house price to drop 23%. Secondly the over development during the boom has left Sand State markets with lots of condos and no one to buy them.
These condos are not fixer-uppers. They are ready for someone to move in and would make a good retirement home or vacation property. The new owners would have some other expenses including property taxes and maintenance fees, but they could easily cover those with the savings from the house price. Plus, there’s always the possibility that the housing market will improve.
Although affordable housing can be found in most markets, you might want to check into Las Vegas. For $30,000 you could own a condo with two-bedrooms, two-bathrooms, and a covered patio. You might just have to drive your old car for another year or so.
For the full story, click here.
