Is now a good or bad time to buy a condo? (Charlotte: for sale, coupon) - North Carolina (NC) - City-Data Forum

Graciebaby · 11-07-2010, 08:26 AM

Does anyone here have an opinion on whether now is a good time to buy an in-town condo (uptown, Elizabeth, Plaza Midwood, maybe NoDa). It seems like a good opportunity in some regards, especially uptown, as I've found a number of places for sale there that I wouldn't be able to afford normally. However, I'm a little concerned because Charlotte seems to have a lot of unsold condos/townhomes yet they keep building more and more. Of course, I would make sure to buy one in a complex where most of the units are already sold. But other than that, should I have any concerns? Is there a best time of year to buy one (I'm not in a rush)? Thanks for any help!

Charlotteborn · 11-07-2010, 08:47 AM

If you are not in a rush - wait. They will very likely be much cheaper next year and even cheaper the year after.......

Nativechief · 11-07-2010, 12:08 PM

Dont forget when you buy the condo you are also signing an agreement about upkeep. insurance.etc etc and agree to the rules forever set up by the "HOA" Read and understand every last word on this part of the contract. Its too late to complain after the deal is made................even 50 years from now.

verrocchio · 11-07-2010, 05:09 PM

no kidding you are signing an agreement signing the same agreement/contract you sign when you buy a car or rent a house

CouponJack · 11-08-2010, 06:13 AM

The best and most honest answer anyone can give you right now is "it depends".

We don't know enough about your personal situation, or what your motives are to but this condo to give you an answer.

Condos/Townhomes have their adv/disadvantages just like anything else, so one must do their homework before making a huge purchase like that....

Charlotteborn · 11-08-2010, 09:01 AM

Graciebaby - Coupon is correct. The answer to this depends on each individuals situation.

I assume you know the pitfalls/perils of purchasing a condominium and hopefully you are working with a good buyers agent.

My opinion is that property values will likely fall over the next few years. If I am right, is it acceptable to you to have paid more for the unit than it is worth? If so, now may be the right time for you to buy.