To this question today;
“Jav, what do you consider the top three best condo investments in sobe?”
Wow, that is a toughie so early in the morning….and my blog post for today.
Below was my reply:
“I personally don’t see condos as investments period because of the volatility of the product.
Several factors can come into play that you cannot control in the condo gig.
First and foremost is the association and how well/honest they run the building; lots of folks don’t look at this.
From first hand experience, every time I have a board meeting 10 out of 238 folks show up.
With that said, it might be because we have not had any special assessments nor maintenance hikes in 4 years and the folks are happy but still most unit owners are not involved and if just several board members get together for their personal agendas you could have huge ramifications.
I’ve seen great buildings completely tank just cause of one missed insurance payment or simple board infighting.
Second you are enclosed in a fixed market at all times and are at the mercy of the other unit owners.
Example;
You own unit 123 on the 3 line.
The unit owner above you decides that he hates everyone and dumps his unit at 10 dollars…..guess what your unit just priced out at?
Or you have a special assessment and several unit owners say “screw this, I’m out a here” and then you have downward pressure on the whole building.
So investment….None.
Place to live; plenty it’s just a matter of finding what/where you like.
I know it might sound like a copout but all buildings are good and bad; it’s about your needs.”
I truly mean this….Oh, and keep looking to your left, we’re adding new fun content every couple of days.