The condo market, which has been mostly stagnant in recent years, is showing signs of revival nationwide.
“While still well below historical construction levels, the new interest in condos is attracting interest from high-level investors who are keeping an eye on the growing condo construction and conversion market, both to see if the trend may produce opportunities in more markets and to gauge its effect on apartment property pricing,” CoStar Group reports.
The condo share of total home sales is nearing pre-recession levels.
Good news for Realtors, lenders and condominium unit owners who’ve been frustrated by FHA’s prohibition of “spot loans” in developments that haven’t obtained certification: The agency is now seriously exploring how to relax its ban and bring them back.
Officials are mum on the details and timing, but they confirmed recently that reviving this key financing option is now under active study. The main reason: FHA is under growing political and trade group pressure — NAR and the Community Associations Institute especially — to do so.
To rent or to buy? That is the question. Well, at least for many buyer prospects.
Buyers are sometimes stunned at the number of potentially life-changing decisions and choices they are required to make over the course of a house hunt. This neighborhood or that one? Condo or single family? Fixer or move-in ready? Is that the right house? How much to offer, and on what terms? When to make an offer? Whether to remove contingencies?
And that’s just the short list. Read more…