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09-25-2004, 02:48 PM
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Oh yes...we can not forget those condo fees. An extra $300/month is nice chunk of change.....who really gets screwed: the people that thought they a great buy in a converted brownstone with 4 units. They only have to pay $200K for their unit w/ very low fees......they forgot the fact that when the roof goes or the historical windows need to be replaced, they will be hit for a few grand. That's alot for someone paying $200K for a unit....all that and these repairs will happen after their condos are worth slightly less than what they paid.
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09-25-2004, 08:35 PM
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National at old city sold 34 units in the first day. They raised their prices midway through the day because the demand was overwhelming. Phase 1 completely sold out.
Last I heard St.James had about 100 of their 307 units rented. There is a developer out of Houston who is making plans for 300+ condo units in University City at 34th + Chestnut.
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09-25-2004, 09:40 PM
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Yea, I would never buy one of those brownstone units. At least the large buildings typically offer a nice gym, large lobby/shared areas, pool etc. Oh, they also have the sense of security that is oh so important to the city dweller. Many have nice views too. Assessments can happen, but if you move into a new bldg, or refurbished older building, an assessment is not probable. A friend had a $4500 assessment earlier this year at her brownstone condo building. There are only 6 units, and that barely covered the expenses.
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09-30-2004, 12:23 AM
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New housing investments, unlike commercial and industrial buildings, do not go vacant----the prices drop and they speed up the housing filter that has successfully provided housing for 95+% of Americans for 2 centuries!
There won't be vacant condos----there MAY be some capital losses on some balance sheets around the world---and some lower than we thought schlobobians living in some of these, but I think BOTH of those are unlikely. Don't forget---demand increases as persons/household increases, and as people's incomes increase, they want to "buy more house"----left out of most of these discussions is the fact that many poeple want to CONSUME more housing services----houses aren't jst 401(k) plans---we consume them, too---- and we can lock in mortgage payments that are less than we paid 15 years ago per month!!!!
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SPM
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