Why are condo prices dropping in Laurel. MD? (Bowie, Mitchellville: condos, credit check)

[mypost]

Hi,

I'm overseas and was considering purchasing in Laurel, MD.

I'd like to be within reach of Washington, D.C. and some of the condo's I've seen listed are within my budget.

However, I was wondering why condo prices are dropping in Laurel, MD?

[North Beach Person]

Because prices are dropping, rather assessments still are in some areas and they do drive prices indirectly.

Also, condos lose value first in a downturn and are the last to go back up in many instances.

[goldenage1]

Originally Posted by mypost

However, I was wondering why condo prices are dropping in Laurel, MD?

Laurel is also far enough out of the city that people would rather buy a single-family house with a yard.Thus there is less demand for them.

If you really want a condo, I suggest sticking with places less than a half-mile from a Metro station.

[EducatedBro82]

Originally Posted by North Beach Person

Because prices are dropping, rather assessments still are in some areas and they do drive prices indirectly.

Also, condos lose value first in a downturn and are the last to go back up in many instances.

This. Condo prices the suburbs nationwide are dropping, there are hardly any construction of condos in the suburbs. One reason is they target only certain demographics, the very young professional or the retired couple. Not the families, that's why Laurel has so much construction with Single family and Townhome communities, within the past 5 years numerous single family neighborhoods were built all over Laurel and are still building that's another reason home prices are rising in the area.

Originally Posted by goldenage1

Laurel is also far enough out of the city that people would rather buy a single-family house with a yard.Thus there is less demand for them.

If you really want a condo, I suggest sticking with places less than a half-mile from a Metro station.

Condo prices around Metro stations are good for convenience. Condos in suburbs aren't good. Look at Covington in Bowie, The Vistas in Bowie, The Vistas in Lake Arbor (Mitchellville), and The Vistas of Laurel Lakes. I think there are some in Upper Marlboro also. Those prices are dropping and most are being rented out due to the owners having a family and wanting to buy a Single Family. The good news with being rented out is that most of the owners due background checks, credit checks and DONT TAKE VOUCHERS. Which weeds out some folks...Unlike the condos over in Largo (Prince Place, The Pines) where they take anything...