Dear Monica: I am somewhat put off by the zeal of the current market. Is there any real estate that is a good buy right now? Mark S.
Dear Mark: The market has been very active this year and this is likely to continue for several more months. The one property segment that isn’t in demand now and in some cases, has lost value, is the condominium market. Condo prices are down and there are reasons for this.
After the lockdown happened in March of this year, many people realized that they wanted more space. Everyone was at home: Mom, Dad, and children – and they wanted a home with more indoor and outdoor space. This depressed the condo market and several condos were marked down considerably in order to sell.
When the COVID rules are relaxed and life is nearly back to normal, you may wish that you had bought a condo when prices were down. The value is there.