Can someone please offer some commentary on the advantages / disadvantages of those “detached condos’ or whatever they’re calling them now?
I’m somewhat spring-loaded to presume I’d want to own the land as well (and we do still own in the North County) – but when I look on Zip for a future residence (we’ll be returning next summer) I see a lot of “Lot Size = N/A” which I presume means condo.
So, other than generally having small yards and the general uneasyness of not officially owning the soil below your foundation – what are the problems w/ the detached SFRs?
Lot size = N/A does not always mean detached condo. Often the data is simply not available via public records. Also, from a financing standpoint you may see a small rate increase for a condo. But it’s difficult to be specific on the increase without knowing the details of your financing.
Detached condos are not a bad deal. It’s much faster and cheaper for a developer to do a condo map on a smaller parcel than to go through the subdivision process. That’s why most detached condos are in the smaller size ranges; the subdivision lots tend to get built with larger houses to justify the increased costs and risks associated with subdivision mapping.
You are subject to CC&Rs and HOAs, there will be dues for those. Among other things, the “streets” are usually owned and maintained by the HOA and many of those HOAs prohibit parking on them. Depending on the CC&Rs there are often limitations of paint schemes, yard improvements and maintenance; structural improvements and additions.
As for “ownership” of the land, you do have that; it’s just not the same form of ownership. You (and everyone else i the project) own an undivided share of the interest in the entire project as well as the right to occupy a specific unit.
If you have no plans to enlarge your home or paint it purple there’s not that much of a downside. The small sizes of the pads and reduced side setbacks would probably be of more effect on the value.
Thanks all.. Presumed that some (many / most?) of the NAs were from RAs who either didn’t know or didn’t want to admit the lot size, but often there were other hints (gated community, “common area maintenance” provided w/ HOA dues, etc).
I recall Alisa Viejo having a lot of those when we bought our house in SD – and just hated the “idea” of a condo even if there were no common walls but didn’t know if there were any real distinctions from a traditional home.
Many “rowhomes” are these detached condos. In such, you own the land under and airspace above. There might be 5-10 inches of space between you and neighbors but you’re all tied together by some common area such as sidewalks or maybe a BBQ area. In many of these, the HOA is inactive until a certain % of owners want to activate it and set up rules and monthly maintenance fees.
N/A in any type of listing technically means the agent inputting didn’t know the answer. Often it’s N/K for not known… but then again, you never know someone’s motives.
It appears that in a housing downturn, condos are the first to lose value followed by SFR. When the market begins to recover, which will recover first? SFRs? Or condos because they are cheaper?
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