OK, this seems like a made up post since it’s such a bad financial move. Sorry if that seems offensive.
First off, don’t forget about HOA dues on the condo. Condos almost always have higher dues than homes. Secondly, don’t forget about having to pay commission when you sell the condo on top of the likely loss in value it will sustain during the next few years.
Renting is far away the best move at this time. Next fall, the market should be teeming with foreclosures and close out specials from home-builders. Remember that home-builders have already made their money in a lot of these developments and can afford to give away houses just to be done and move on. I believe 4S ranch is a prime candidate for this type of activity as it has been under development for a few years.
As for mello-roos, they suck, but they also pay for infrastructure etc. that wouldn’t be there otherwise. 4S has a number of parks, nice wide streets, etc. Not saying I want to shell out for all of that, but it’s not like the money isn’t used by everyone.
Finally, if you do decide to buy a condo, I would go around low-balling the heck out of people trying to find the person who just wants out. Believe me, as the market worsens this fall (which is a virtual certainty) some people are going to push the panic button. As a buyer, now is the time to take advantage of that. Sellers had the upper hand for the past 10 years, and now the shoe’s on the other foot.
