Well I’m the bottom of the ownership food chain– owning a condo about half a mile from those twin homes– yet I am in no denial and believe that condos in this area are toast. In my complex there are about 8 buildings, and each building has 10 units. In my building alone, we have 2 vacant foreclosures and one short sale. The asking prices are wildly different and the days-on-market are lengthy. I think a 20% drop from here should start to move things.
In defense of condos I’ll say that they’re great for people who don’t care for yard work or exterior home maintenance. Also good for elderly or disabled people. The things that suck are the lack of a garage, and the popularity of wall-penetrating, bass-pumping home theater systems.
