Condos for less than the cost of a Corolla
April 19, 2011
Blog, Economics, Foreclosures, General Investing, Investment Properties, US Real Estate
By Les Christie, staff writerAugust 2, 2010: 4:15 AM ET
NEW YORK (CNNMoney.com) — The housing bust has made owning a home a lot more affordable — but in some places, prices are extraordinary; you can buy a nice condo for less than the cost of a new family car.
Some cities have dozens of attractive condominium listings selling for $50,000 or $25,000. There are some selling for less than a new Toyota Corolla. And these are not derelict hovels in crime-ridden communities: These homes are often in move-in condition and located in nice neighborhoods.
“Not to sound like a salesman, but there are some real bargains out there,” said Kevin Berman, a broker with Bankers Realty Services in Fort Lauderdale, Fla.
The housing bust has taken down the national median home price by about 23% since 2007, according to the National Association of Realtors (NAR). But condo have fallen even further, down about 25%.
In Sacramento, Calif., condo prices have fallen 59% from what they averaged in 2007, according to NAR.Miami condo prices have plunged 65%, and in Las Vegas they are off 66%.
Prices of individual units are down even more. One condo in Deerfield Beach, Fla., that sold for $115,000 five years ago now lists for $25,000. That’s a drop of nearly 80%.
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