[dipr]

there seems to be a temporary shortage of available single-family homes, with multiple bidders.

what do you think about condos, with the monthly dues and all, compared to just getting a house?

[eventusstultorummagister]

Rocky 2 - Condominiums? - YouTube

[modhatter]

Originally Posted by dipr

there seems to be a temporary shortage of available single-family homes, with multiple bidders.

what do you think about condos, with the monthly dues and all, compared to just getting a house?

I think you will find that their is a scarcity of condo's as well. I don't know if they are receiving as many bids, but I would assume they are. As for the idea of a condo. They have pluses and minuses. They are great for being able to leave empty and travel or snowbird, if you have a second home, or just don't care to spend you free time doing landscaping. No outside maintenance issues to worry about, lower utility bills as a rule. All you usually need to concern yourself with is the inside.

The downside would be if the HOA fees required are responsible for Too Much maintenance. Then you can have a situation like we have just had in these last few years, where people default on paying their HOA fees, that are needed by the association to pay the insurance, the landscaper, the electric, the pool maintenance, roof maintenance, etc. etc. You have limited storage, and sometimes issues with parking spaces.

When owners stop paying their HOA fees, where are they going to get the money to meet these obligations. The only recourse is "special assessments" from the paying members and increasing the HOA fee to pay for the dead beats, or letting the property fall into disrepair. The only other negative, I can think of at the moment, is perhaps thin walls and a noisy neighbor, but that usually can be rectified. All and all. In a good economy I like condominiums, especially for people starting out, singles, and people retiring. In a bad economy, they can be troublesome.

Actually, the same thing can happen in a single family home development with a HOA, but unless it is a fancy community with lots of amenities and grounds, their financial obligations are not as great. You are responsible for your own roof, pool, insurance, etc. So the effects of default will not be as noticeable or as crucial as in a condominium.

Las Vegas doesn't appear (from what I have seen) to have much in the way of townhouses, with small enclosed patio areas for sitting outside and barbequing. They have single family homes that have these little patios, and are "almost" attached. In my eyes, they are Townhouses Las Vegas style, which might be better in my eyes, if the association is responsible for the front landscaping, which I am not sure of.

[vegas888]

[quote=modhatter;25379544]perhaps thin walls and a noisy neighbor, but that usually can be rectified. quote]


can u please explain how? I live in condo and have problem with thin walls.

[MSchu]

No... it's a waste of money.

[ScoopLV]

Alex Trebek: "Welcome back to Jeopardy. Ken, our leader, has already earned $6,000 and has control of the board. Ken?"

Ken: "I'll take 'Conundrums' for $400, Alex."

Trebek: "The answer is: 'Herpes, a psychotic ex-girlfriend, and a Las Vegas condo.'"

Ding!

Trebek: "Ken, your question is?"

Ken: "What are three things you can never get rid of?"

Trebek: "Correct for $400. You now have $6,400 and control of the board."

[lvoc]

Condos are generally selling very well. Median days on market is 35. Inventory is about 5 weeks. That is a tremendously strong seller's market. Town houses days is 39 Inventory is just over 4 weeks. Single families are at 42 days with just over 5 weeks of inventory.

We have had a sustained price increase of about 2% per month since February.

[modhatter]

[quote=vegas888;25380211]

Originally Posted by modhatter

perhaps thin walls and a noisy neighbor, but that usually can be rectified. quote]


can u please explain how? I live in condo and have problem with thin walls.

Correcting the neighbors, not your walls. First nicely, then through the HOA. Of course if your in an apartment with no HOA, your not going to get far with a inconsiderate neighbor. Except for moving.

[eventusstultorummagister]

Buying a condo is like buying a profitable business, if it were really any good why would the owner be selling?

[irishspy]

It depends what stage in life you are in and what your job demands are. Older folks buy Condo's and Townhouses because they don't want to be slaves to outdoor maint. It gets harder every year to climb up on that roof,bend over weeding,painting and etc. People who have a high demand for time on their jobs do not want to come home work all weekend at home and then go back to the grind. Owing a house the work is never done there is something to FIX!. If you have a pool than that is another task and cost. Then you need to consider what your time is worth doing all of the chores. If you go the Condo/Townhouse route just do a good search on how solvent the HOA is and their history. Good luck and yes these places are being snatched quick.