For the first time in years there is a glimmer of hope in the condo market. After falling 20% nationwide and 60% or more in the hardest-hit areas, median condo prices remained flat nationally in the first quarter vs. a year earlier.
And sales in March were up 40% from the previous year, hinting that prices might be heading back up soon too.
So is now the time to pounce?
On the side of yes: Prices and mortgage rates are low, and choices are plentiful. Plus, thanks to new, stricter financing rules on government-backed loans, qualified buyers face less competition.
But many condo hot spots were seriously overbuilt during the boom — which sent prices falling at an even faster rate than those of single-family homes.
“There are deals of a lifetime out there — if you can handle the risk,” says Jack McCabe, a Florida housing analyst. (See latest condo prices in
FULL STORY: http://money.cnn.com/2010/06/28/pf/real_estate_condo.moneymag/index.htm
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