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Just curious for anyone that has knowledge in this area, if I were to purchase a condo today, and don't need the extra space for myself, would I be better off to purchase a loft or a 1-bedroom, in regard to resale value down the road? I have a realtor trying to sell me a loft, but I have a hard time believing him when he tells me that a loft will actually sell better and retain its value better than a 1-bedroom would. He claims that investments in real estate are always best done at the lowest possible dollar value at purchase, whether it be a loft or a 1-bedroom. Thoughts, anyone? Thank you!!
The condo market in DC is a strange beast. I'd do some more research as there has been quite a lot of condo development in the DC area over the last 3-5 years. Several buildings have had vacancies for awhile. I've read that there is a glut, but others may differ in their views.
My view on buy low / high etc would be to buy the lowest price thing, such as a fixer upper house, and then put some effort into it cleaning and repairing and turn a bit of a profit on that.
Lofts have been very popular, although I also know some people who regret their decision to go with an open floor plan (less privacy, noise issues, etc). They tend to be popular with singles or couples without kids.
I agree with Penguin - if you really want a good investment, buy a foreclosed or fixer-upper property and do the work yourself.
Also, I would be cautious about buying any newly-constructed condo in DC. There are some beautiful ones out there. But a lot of stuff got slapped together during the 2004-2007 boom, and construction standards were not always up to par. Be sure to get it inspected, and talk to neighbors to see if they've had any problems with leaks, cracking, etc.
Thank you for the information (changed my username). Very much appreciated.
Pat
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