2005 Condo Market

Highlights from an article "What's Happening in the Condo Market," by Brad Beggs, Development Strategies Review, Summer 2005, pp 9-10.

• Median price of condos just exceeded that of a detached home

•Affordable starter home for singles and young families + downsizing/maintenance free + folks trading one appreciated house for two houses in different climates + speculators

• In 2005, 2.2 million new housing units : 1.9 million demand (Mark Zandy, Economy.com cited in "What's Happening...")

• Median price for condo resales is up 63% from five years ago, while single family homes only increase 32%

• 10x Increase in the sale of apartment units for conversion to condos from 2002 to 2004.

• "Location is paramount to the condo buying decision, allowing groups of individuals to buy a much better location than most could afford in a single-family home. The product that has sold the fastest is located where people want to be--not just Miami Beach, along Central Park or Las Vegas, but in almost every vibrant downtown and in the best neighborhoods in cities across the country."