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Condominium sales distort the true picture.
Published September 1st, 2007 in Uncategorized. by Julie Joyce, Coldwell Banker Tags: No Tags.Home values in desirable neighborhoods in Oakland seem to be holding, but that’s not the case for Condos or homes in the < $600K range in Oakland. The condo market seemed to appreciate beyond hyper-inflate over the last several years,
Condo owners who purchased in ‘05 or ‘06 were in competition with lots of other buyers many of whom are folks mortgage lenders now realize shouldn’t have approved.
Their mortgage payments have jumped and many can’t afford the monthly cost and want to sell now. Some of the owners that purchased in ‘05 & ‘06 trying to sell may see the current value of their home decline as much as 12%. ….there’s just too many of them on the market.
Interesting is the lack of local Real Estate stats differentiating condos and single family homes.
In today’s market or in any market, I, too have noticed that local and regional Real Estate stats lump both single family homes and condos many times together and yet they are two very different markets. In San Francisco, I find that often times condos and TICs (Tenant-In-Common) units are also lumped together making it even more confusing for the consumer to understand that difference between those two markets. Thanks for your insight and knowing I am not alone in getting the “real” real estate word out.