Mira Mesa half-mil $ condos vs. bigger, better, cheaper sfrs

[nostradamus]

I guess it’s subjective what one calls a condo, for me if you pay an HOA and share any walls and share common areas, that’s a condo. Sellers/owners/agents use nice euphemisms like “duplex” or “townhome” but… these are subsets of the definition of condo.

They are very nice condos but the houses are in the same locale, bigger, better, and cheaper. IMO.

[SDEngineer]

[quote=nostradamus]I guess it’s subjective what one calls a condo, for me if you pay an HOA and share any walls and share common areas, that’s a condo. Sellers/owners/agents use nice euphemisms like “duplex” or “townhome” but… these are subsets of the definition of condo.

They are very nice condos but the houses are in the same locale, bigger, better, and cheaper. IMO.[/quote]

Actually, my mother (an ex-realtor) corrected me on this. There is in fact a substantial legal difference between a townhome/twinhome and a condo.

In a townhome, you own the house fee-simple, meaning you also own the land under it – even though you have an HOA taking cared of the shared elements. Unlike a condo, though, you actually own the entire home, and the land underneath it – so the owner, and not the HOA, is responsible for their exterior walls, their roofs, and so on. There are more shared elements than a SFR, but a lot fewer than a condo, where the HOA takes care of the exterior roofs, the walls, etc.

Theoretically, this would place more of the burden on home maintenance of the exterior variety on the individual townhome owners, and thus makes it less likely the HOA would levy large assessments for upkeep, but I have no idea how that plays out in real life.

Of course, there are a lot of “townhome” developments that are really condos – just have to check to see whether it’s a condo ownership, or a fee-simple ownership to tell which type you’re looking at.

[SDEngineer]

[quote=nostradamus]I guess it’s subjective what one calls a condo, for me if you pay an HOA and share any walls and share common areas, that’s a condo. Sellers/owners/agents use nice euphemisms like “duplex” or “townhome” but… these are subsets of the definition of condo.

They are very nice condos but the houses are in the same locale, bigger, better, and cheaper. IMO.[/quote]

Actually, my mother (an ex-realtor) corrected me on this. There is in fact a substantial legal difference between a townhome/twinhome and a condo.

In a townhome, you own the house fee-simple, meaning you also own the land under it – even though you have an HOA taking cared of the shared elements. Unlike a condo, though, you actually own the entire home, and the land underneath it – so the owner, and not the HOA, is responsible for their exterior walls, their roofs, and so on. There are more shared elements than a SFR, but a lot fewer than a condo, where the HOA takes care of the exterior roofs, the walls, etc.

Theoretically, this would place more of the burden on home maintenance of the exterior variety on the individual townhome owners, and thus makes it less likely the HOA would levy large assessments for upkeep, but I have no idea how that plays out in real life.

Of course, there are a lot of “townhome” developments that are really condos – just have to check to see whether it’s a condo ownership, or a fee-simple ownership to tell which type you’re looking at.

[SDEngineer]

[quote=nostradamus]I guess it’s subjective what one calls a condo, for me if you pay an HOA and share any walls and share common areas, that’s a condo. Sellers/owners/agents use nice euphemisms like “duplex” or “townhome” but… these are subsets of the definition of condo.

They are very nice condos but the houses are in the same locale, bigger, better, and cheaper. IMO.[/quote]

Actually, my mother (an ex-realtor) corrected me on this. There is in fact a substantial legal difference between a townhome/twinhome and a condo.

In a townhome, you own the house fee-simple, meaning you also own the land under it – even though you have an HOA taking cared of the shared elements. Unlike a condo, though, you actually own the entire home, and the land underneath it – so the owner, and not the HOA, is responsible for their exterior walls, their roofs, and so on. There are more shared elements than a SFR, but a lot fewer than a condo, where the HOA takes care of the exterior roofs, the walls, etc.

Theoretically, this would place more of the burden on home maintenance of the exterior variety on the individual townhome owners, and thus makes it less likely the HOA would levy large assessments for upkeep, but I have no idea how that plays out in real life.

Of course, there are a lot of “townhome” developments that are really condos – just have to check to see whether it’s a condo ownership, or a fee-simple ownership to tell which type you’re looking at.

[SDEngineer]

[quote=nostradamus]I guess it’s subjective what one calls a condo, for me if you pay an HOA and share any walls and share common areas, that’s a condo. Sellers/owners/agents use nice euphemisms like “duplex” or “townhome” but… these are subsets of the definition of condo.

They are very nice condos but the houses are in the same locale, bigger, better, and cheaper. IMO.[/quote]

Actually, my mother (an ex-realtor) corrected me on this. There is in fact a substantial legal difference between a townhome/twinhome and a condo.

In a townhome, you own the house fee-simple, meaning you also own the land under it – even though you have an HOA taking cared of the shared elements. Unlike a condo, though, you actually own the entire home, and the land underneath it – so the owner, and not the HOA, is responsible for their exterior walls, their roofs, and so on. There are more shared elements than a SFR, but a lot fewer than a condo, where the HOA takes care of the exterior roofs, the walls, etc.

Theoretically, this would place more of the burden on home maintenance of the exterior variety on the individual townhome owners, and thus makes it less likely the HOA would levy large assessments for upkeep, but I have no idea how that plays out in real life.

Of course, there are a lot of “townhome” developments that are really condos – just have to check to see whether it’s a condo ownership, or a fee-simple ownership to tell which type you’re looking at.

[SDEngineer]

[quote=nostradamus]I guess it’s subjective what one calls a condo, for me if you pay an HOA and share any walls and share common areas, that’s a condo. Sellers/owners/agents use nice euphemisms like “duplex” or “townhome” but… these are subsets of the definition of condo.

They are very nice condos but the houses are in the same locale, bigger, better, and cheaper. IMO.[/quote]

Actually, my mother (an ex-realtor) corrected me on this. There is in fact a substantial legal difference between a townhome/twinhome and a condo.

In a townhome, you own the house fee-simple, meaning you also own the land under it – even though you have an HOA taking cared of the shared elements. Unlike a condo, though, you actually own the entire home, and the land underneath it – so the owner, and not the HOA, is responsible for their exterior walls, their roofs, and so on. There are more shared elements than a SFR, but a lot fewer than a condo, where the HOA takes care of the exterior roofs, the walls, etc.

Theoretically, this would place more of the burden on home maintenance of the exterior variety on the individual townhome owners, and thus makes it less likely the HOA would levy large assessments for upkeep, but I have no idea how that plays out in real life.

Of course, there are a lot of “townhome” developments that are really condos – just have to check to see whether it’s a condo ownership, or a fee-simple ownership to tell which type you’re looking at.

[an]

It’ll be very interesting to see what SFR 2 sell for. Listing price doesn’t really reflected to sell price. You can over price it or under price it and the market will tell you. I’ve seem much smaller and worse condition houses in MM sold for low 400s, so I’d be very surprised if this one get sold for list price. Also considering this is the ONLY SFR (of this size and quality) in this are for sale, I would guess they’ll have a bidding war.

Here are closings in last 6 months for these townhouses.

12/16/2008 4/3 2,169 $520,000 $239
11/17/2008 3/3 1,737 $485,000 $279
10/20/2008 4/3 2,023 $485,000 $239
09/08/2008 3/3 1,737 $450,000 $259
07/31/2008 4/3 2,199 $535,000 $243

[an]

It’ll be very interesting to see what SFR 2 sell for. Listing price doesn’t really reflected to sell price. You can over price it or under price it and the market will tell you. I’ve seem much smaller and worse condition houses in MM sold for low 400s, so I’d be very surprised if this one get sold for list price. Also considering this is the ONLY SFR (of this size and quality) in this are for sale, I would guess they’ll have a bidding war.

Here are closings in last 6 months for these townhouses.

12/16/2008 4/3 2,169 $520,000 $239
11/17/2008 3/3 1,737 $485,000 $279
10/20/2008 4/3 2,023 $485,000 $239
09/08/2008 3/3 1,737 $450,000 $259
07/31/2008 4/3 2,199 $535,000 $243

[an]

It’ll be very interesting to see what SFR 2 sell for. Listing price doesn’t really reflected to sell price. You can over price it or under price it and the market will tell you. I’ve seem much smaller and worse condition houses in MM sold for low 400s, so I’d be very surprised if this one get sold for list price. Also considering this is the ONLY SFR (of this size and quality) in this are for sale, I would guess they’ll have a bidding war.

Here are closings in last 6 months for these townhouses.

12/16/2008 4/3 2,169 $520,000 $239
11/17/2008 3/3 1,737 $485,000 $279
10/20/2008 4/3 2,023 $485,000 $239
09/08/2008 3/3 1,737 $450,000 $259
07/31/2008 4/3 2,199 $535,000 $243

[an]

It’ll be very interesting to see what SFR 2 sell for. Listing price doesn’t really reflected to sell price. You can over price it or under price it and the market will tell you. I’ve seem much smaller and worse condition houses in MM sold for low 400s, so I’d be very surprised if this one get sold for list price. Also considering this is the ONLY SFR (of this size and quality) in this are for sale, I would guess they’ll have a bidding war.

Here are closings in last 6 months for these townhouses.

12/16/2008 4/3 2,169 $520,000 $239
11/17/2008 3/3 1,737 $485,000 $279
10/20/2008 4/3 2,023 $485,000 $239
09/08/2008 3/3 1,737 $450,000 $259
07/31/2008 4/3 2,199 $535,000 $243

[an]

It’ll be very interesting to see what SFR 2 sell for. Listing price doesn’t really reflected to sell price. You can over price it or under price it and the market will tell you. I’ve seem much smaller and worse condition houses in MM sold for low 400s, so I’d be very surprised if this one get sold for list price. Also considering this is the ONLY SFR (of this size and quality) in this are for sale, I would guess they’ll have a bidding war.

Here are closings in last 6 months for these townhouses.

12/16/2008 4/3 2,169 $520,000 $239
11/17/2008 3/3 1,737 $485,000 $279
10/20/2008 4/3 2,023 $485,000 $239
09/08/2008 3/3 1,737 $450,000 $259
07/31/2008 4/3 2,199 $535,000 $243

[donaldduckmoore]

Those “condos” you mentioned are twin houses. Some people like twin houses. They are not really condos. condos in that area do not sell at that price.

[donaldduckmoore]

Those “condos” you mentioned are twin houses. Some people like twin houses. They are not really condos. condos in that area do not sell at that price.

[donaldduckmoore]

Those “condos” you mentioned are twin houses. Some people like twin houses. They are not really condos. condos in that area do not sell at that price.

[donaldduckmoore]

Those “condos” you mentioned are twin houses. Some people like twin houses. They are not really condos. condos in that area do not sell at that price.

[Author]

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