Clarksville Condo Market Report 2012 vs 2013
The Condo real estate market during 2013 in Clarksville TN saw some changes from the previous year. Condo sales have suffered the last few years as financing of condos has been challenging with lenders not able to find secondary mortgage financing options.
In 2012 and 2013
We saw some easing of the financial strains and lenders seemed to be able to work with buyers to get their condominium purchases financed and closed. Closed sales showed a substantial increase in 2013 over 2012. However there did not seem to be as much inventory and the trend is showing that this is continuing into 2014.
Why do people like living in condominiums?
Generally it is the community style of living that they like. There is security having neighbors close by. There is comfort in getting to know your neighbors. Many condo communities have neighborhood amenities like swimming pools and clubhouses. This gives the homeowners opportunities to mingle and get to know each other better while having a good time.
Do all condos have an HOA?
Most do have Homeowner Associations. There is a monthly assessment fee collected from each homeowner to cover the cost of managing the communities and its facilities. The purpose of the Association is to look after the common elements of ownership that belong to all the homeowners. There can be the land, walkways, open spaces, swimming pools, clubhouses, picnic areas and playgrounds.
Even many HOAs manage the building exteriors and this means that roofs, gutters, exterior siding, etc. are overseen by the HOA. There is a community insurance policy for the HOA. If a problem arises from a weather storm or it's time for routine maintenance, the HOA has a reserve fund that is set aside to handle the repairs. The individual homeowners do not need to worry or be concerned.
What are some Condominiums Communities in Clarksville?
There are not as many as you might think. Building of these stopped when the financial markets became so challenging in 2007 and 2008. Very few have been built since. But the ones we do have are really nice and offer this care-free living style where the HOA takes care of exterior maintenance. Some current choices in Clarksville are Channing Place, Kingsbury Condos, Magnolia Place, Wilson Green, The Woodlands and Woody Lane.
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