Condo's... what happened?

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Real Estate Agent with RE/MAX Realty Center

I live in the Mid-west and am located in Waukesha county.  Waukesha county has been blessed with numerous lakes and just as many golf courses.  It would make one think that the life-style would warrant one to consider a condominium home which would allow more free time for the recreation that is so prevalent in this area.

Why then, has the condo market seemed to have dried up?  More and more associations are becoming insolvent and many of the new condo projects are being turned back to the bank.  Now, the sales of these homes is subject to bank approval while prices are dropping to critically low numbers in certain areas. 

Does anyone see a recovery in this market?  If so, when do you feel this may take place?

How do you feel about this style of living altogether?  I know that certain parts of the country require this style of living due to restraints on land availability.  But, I am concerned that we may have seen the best of times with this method of home ownership.  Maybe for a while, maybe for a long while.

Larry Stanul

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Larry Stanul

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Ambassador
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Larry first of all having spent many a summer in Oconomowoc and Waukesha County you live in a beautiful part of the country.

Now on to your question.  Recent changes in lending guidelines are making it harder and harder for buyers to get into a condo.  Pre-sale requirements on new construction changed yesterday, more lenders are looking closely at condo budgets and pending litigation against builders.  If you own in a building where the investor ratio is to high a buyer isn't going to get financing. 

The Northern Virginia area has loads of condos and though the lifestyle works great for everyone from first time buyers to retirees as long as lenders look at condos in todays market as second class citizens we are going to have difficulty moving them in some areas.

Feb 24, 2009 12:59 AM #1
Rainer
16,702
Larry Stanul
RE/MAX Realty Center - Oconomowoc, WI
Larry Stanul

Cindy,

Thanks for your response.  Tell me what happened yesterday regarding pre-sale percentages. 

Yes, this is a beautiful part of the world, cold but beautiful.  We will be leaving here soon.  Both of our children live on the West Coast and we are nearing that time when we would like to be close to family again.  Maybe in two years we will be selling Real Estate in Sunny California.

 

Larry

Feb 24, 2009 01:08 AM #2
Rainmaker
1,948,385
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Sad

What is going on in Condos. Are you remembering to make 10 comments on each othrs blogs a day, so in turn they witll follow you?

Sincerely

Tom BRaatz

Feb 24, 2009 01:21 AM #3
Rainer
16,702
Larry Stanul
RE/MAX Realty Center - Oconomowoc, WI
Larry Stanul

Tom, I received 59 comments on one of my blogs yesterday.  Do you mean just pick any 10 or 10 on each response/comment?

Nice to hear from you.  Miss your wit and knowleadge.

Larry

Feb 24, 2009 01:26 AM #4
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