Price and location; location and price! With condominiums, as with every other area of real estate, these are the twin motivators that sell property! Everything else is just the natural ebb and flow inherent in consumer-driven markets.
"Back when the housing market was hot, a strong investor market spurred a bevy of condominium projects and saturated the market with new condos. As demand increased, apartments were converted to condos. Now that the housing market has cooled, some developers are seeing the need for rental units and the conversion is being reversed.
Alison Dailey spent 10 years specializing in condominiums. Now her company, Alison Daily Properties, is building the 72-unit Grand Oaks apartment complex at Haddon Hall in West Ashley. 'We originally started that as a condominium property and did a reverse conversion,' Dailey said. 'We’re renting them as we speak.'
Dailey said that as land prices escalated with the sizzling housing market, attached housing became more affordable. 'That’s why we saw all the apartment conversions,' Dailey said. 'As a result, bingo, the market’s flooded with condos.'
Philip Ford, vice president of the Trident Home Builders Association, said the condominium market has been harder hit than other real estate segments as the housing market has cooled.
That doesn’t mean the condo picture is completely dim.
'It’s like anything,' Ford said. 'The housing market has dropped off for single-family detached homes, but some builders are selling them better than others. You may have pockets or locations that are selling well. It could be price, it could be location. For people who want to get out of renting, I think condos are a great option.'"
Alison Dailey spent 10 years specializing in condominiums. Now her company, Alison Daily Properties, is building the 72-unit Grand Oaks apartment complex at Haddon Hall in West Ashley. 'We originally started that as a condominium property and did a reverse conversion,' Dailey said. 'We’re renting them as we speak.'
Dailey said that as land prices escalated with the sizzling housing market, attached housing became more affordable. 'That’s why we saw all the apartment conversions,' Dailey said. 'As a result, bingo, the market’s flooded with condos.'
Philip Ford, vice president of the Trident Home Builders Association, said the condominium market has been harder hit than other real estate segments as the housing market has cooled.
That doesn’t mean the condo picture is completely dim.
'It’s like anything,' Ford said. 'The housing market has dropped off for single-family detached homes, but some builders are selling them better than others. You may have pockets or locations that are selling well. It could be price, it could be location. For people who want to get out of renting, I think condos are a great option.'"
For the full Charleston Regional Business Journal article: http://charlestonbusiness.com/pub/13_23/news/10773-1.html
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