Friday, October 05, 2012

The Condo Market in Baltimore Has Been a Roller Coaster Ride

The Condo Market in Baltimore Has Been a Roller Coaster Ride

                            Premier Rides, Baltimore Jim Seay

Sales of condos have seen their ups and downs. I remember a time about a dozen years ago when there were lot of condos on the market and quite difficult to sell.

Then after a few years when homes starting selling at record high prices, there was a waiting list... buyers who wanted to get into a condominium lifestyle. The units would not even hit the market and there were multiple bids. Death notices were closely monitored for specific buildings.

In the past couple of years, it has been slow selling condos. Banks would not approve mortgages for reasons such as the high monthly fees, assessments etc. Long term residents passed away or needed to leave for assisted living. Their heirs can not hold onto these units, finding the monthly fees too high, and many condos do not allow rentals. There goes any chance of investors purchasing.

To sell the condos, prices dropped drastically, rock bottom numbers. The units sat because some people thought, at these ridiculously low prices, there must be something wrong. It looks like the last of these units have sold at "give away" prices and now people will be saying...I shoulda coulda but didn't move fast enough.

It may not happen overnight but I do think that the prices of condos will be going back up. After all Baltimore Condos are not only for the old folks?



Want to know more about the Real Estate Roller Coaster?

Check out this article on RealEstate.com.


If you are thinking of selling a Baltimore condo or single family home, please call Margaret Rome.

     

The Condo Market in Baltimore Has Been a Roller Coaster Ride


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