Condominiums in Pismo Beach continue to offer unique attractions for all kinds of homebuyers -- not least because of their often ultra-competitive price points. Nationally, condos continue to be real bargains -- statistics show them to continue to underperform the rest of the housing market, which translates into a tempting value proposition to home hunters with economy on their minds.
That local condos for sale may still offer top-notch value is, historically speaking, not a surprise. Often, condos are the first part of the market to register price drops (and slower than other segments to recover). The NAR confirms the national trend, with existing single-family home prices rising 10.2% from a year earlier, while existing condos’ and co-ops’ rose a bit more than 3%.
Does that mean that Pismo Beach condos are more risky as investments? Experts may squabble about that, but most observers see several reasons to believe the long term outlook is thumbs-up:
Leading is the familiar demographic truism: the gigantic baby boomer generation is confronting a nest that has emptied out -- and condos are the ideal downsizing solution.
Then there are the amenities. They might not have been a priority to a young family, but to retirees and partial retirees thinking about transmuting yesterday’s yard-work time into leisure time, the allure of luxury without maintenance can be newly important. Some high-end condos offer swimming pools and workout areas, and are now adding other social amenities.
Of course, location makes a difference when it comes to how condos will appreciate. City-based condos should prosper as urban populations grow within their limited spaces. Young professionals will join Boomers in coveting the practical convenience offered by shopping, sports and entertainment facilities within walking or biking distance. Then there are the vacation area condo developments, which add more into the mix: who doesn’t love the idea of retiring on a golf course…
As always, practical homebuyers with an eye to long-term value are well advised to seek the advice of an experienced agent as they evaluate their wide array of possibilities. If you are thinking of buying or selling anytime soon, call me - I can help you go over today’s options!
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