I would stay away from the Condo market in general. Condos don’t hold their value as well as Single family homes. Aviara Tramonto as zero lot line detached condos may do a bit better than larger multi-unit condo buildings.
Keep your eyes on the % renters in any condo development. The combination of large % of renters and large % of underwater homeowners is a recipe for continued depreciation.
Condos in Tramonto will very likely be selling in the 300Ks by the time all this is over in 2011 timeframe.
60 minutes just had a good summary of just how long this housing downturn will likely last. We have a 2nd wave of Option ARM/ALT A resets starting in 2009, these will continue thru 2011. It is comparable in size/scope of the subprime debacle.
