Cashing in on the great condo bust CNN Money By Sarah Max 02-25-2010
Cashing in on the great condo bust
Great bargains abound, but you have to shop carefully.
CNN Money
By Sarah Max
February 25, 2010
SAN FRANCISCO
Price: $499,000
Rooms: 2 bed, 2 bath
Sq. ft.: 1,200
Taxes: $5,750
Dues/Mo.: $200
Buyers will face slightly higher interest rates on this condo because the building has a tenant-in-common status. But it's located in a desirable area near Golden Gate Park, and similar properties sold for $625,000 during the boom, says local realtor Anthony Koutsos.
Within walking distance of shops and restaurants; would have sold for nearly $400,000 a few years ago. Association fees were recently raised to cover renovation costs, but realtor Charlotte Hedge says the hike will be temporary. Bonus: The seller will pay for one year of fees at closing.
The property is one of two unsold units in an otherwise owner-occupied "live work" development; includes space for an office or business on the first floor. "The asking price is $180,000 less than its preconstruction price two years ago," says Denver realtor Michael Kearns.
Cashing in on the great condo bust
Great bargains abound, but you have to shop carefully.
CNN Money
By Sarah Max
February 25, 2010
SAN FRANCISCO
Price: $499,000
Rooms: 2 bed, 2 bath
Sq. ft.: 1,200
Taxes: $5,750
Dues/Mo.: $200
Buyers will face slightly higher interest rates on this condo because the building has a tenant-in-common status. But it's located in a desirable area near Golden Gate Park, and similar properties sold for $625,000 during the boom, says local realtor Anthony Koutsos.
SARASOTA
Price: $225,000
Rooms: 1 bed, 1 bath
Sq. ft.: 670
Taxes: $3,000
Dues/Mo.: $560
Within walking distance of shops and restaurants; would have sold for nearly $400,000 a few years ago. Association fees were recently raised to cover renovation costs, but realtor Charlotte Hedge says the hike will be temporary. Bonus: The seller will pay for one year of fees at closing.
DENVER
Price: $399,000
Rooms: 2 bed, 4 bath
Sq. ft.: 2,309
Taxes: $6,211ยน
Dues/Mo.: $251
The property is one of two unsold units in an otherwise owner-occupied "live work" development; includes space for an office or business on the first floor. "The asking price is $180,000 less than its preconstruction price two years ago," says Denver realtor Michael Kearns.
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