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The housing market needs more condos

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Re: The housing market needs more condos

#31

Post by oldsecondhand »

massysett wrote: post #25
Victerius wrote: post #13

Earlier quoted context omitted.

> condos don't see similar appreciation, get hit harder in downturns and are one of the last types of properties to recover in value afterwards. This is fine. I don't buy a condo with the hope of recouping my money. I buy a condo to have a roof over my head. I couldn't care less if my condo loses 80% of its value. It would lower my property tax bill in fact. I don't expect a ROI > 0 for the furniture either. For my r…

If all you want is a roof over your head, why not rent? It's less risky. You may well find yourself caring if your condo loses 80% of its value if you need to sell it and you can't repay the loan.

Because rent would hurt you really bad when you're pensioner.

Re: The housing market needs more condos

#32

Post by zbrozek »

goodluckchuck wrote: post #21
twalla wrote: post #5

A lot of people have a big chunk of their net worth tied up into home equity because it's sort of the "ordained" path to building wealth for the middle class - condos don't see similar appreciation, get hit harder in downturns and are one of the last types of properties to recover in value afterwards. Start incentivizing treating housing as, you know, a place to live rather than a financial instrument and you'll see…

Single family homes offer dominion over your housing, where condos come with a variety of complexities. Unless condo laws are improved, I wouldn’t want one. Condo regulations about noise, guests, pets, children. Some actually try to ban children. Buying and sells is complicated by the association’s finances, which depends on other people. This naturally leads to maintenance issues. Look as the surf side building coll…

Unless you're in CA, where an SFH just means that your municipality is the HOA instead. In places with sensible governments and less NIMBYism, the SFH offers the advantages you describe.

Re: The housing market needs more condos

#33

Post by [deleted] »

massysett wrote: post #25
Victerius wrote: post #13

Earlier quoted context omitted.

> condos don't see similar appreciation, get hit harder in downturns and are one of the last types of properties to recover in value afterwards. This is fine. I don't buy a condo with the hope of recouping my money. I buy a condo to have a roof over my head. I couldn't care less if my condo loses 80% of its value. It would lower my property tax bill in fact. I don't expect a ROI > 0 for the furniture either. For my r…

If all you want is a roof over your head, why not rent? It's less risky. You may well find yourself caring if your condo loses 80% of its value if you need to sell it and you can't repay the loan.

[deleted]

Re: The housing market needs more condos

#34

Post by thisrobot »

goodluckchuck wrote: post #21
twalla wrote: post #5

A lot of people have a big chunk of their net worth tied up into home equity because it's sort of the "ordained" path to building wealth for the middle class - condos don't see similar appreciation, get hit harder in downturns and are one of the last types of properties to recover in value afterwards. Start incentivizing treating housing as, you know, a place to live rather than a financial instrument and you'll see…

Single family homes offer dominion over your housing, where condos come with a variety of complexities. Unless condo laws are improved, I wouldn’t want one. Condo regulations about noise, guests, pets, children. Some actually try to ban children. Buying and sells is complicated by the association’s finances, which depends on other people. This naturally leads to maintenance issues. Look as the surf side building coll…

Something to point out is that condo regulations vary significantly from state to state so can’t be as easily generalized as you do here.

Re: The housing market needs more condos

#37

Post by notatoad »

massysett wrote: post #25
Victerius wrote: post #13

Earlier quoted context omitted.

> condos don't see similar appreciation, get hit harder in downturns and are one of the last types of properties to recover in value afterwards. This is fine. I don't buy a condo with the hope of recouping my money. I buy a condo to have a roof over my head. I couldn't care less if my condo loses 80% of its value. It would lower my property tax bill in fact. I don't expect a ROI > 0 for the furniture either. For my r…

If all you want is a roof over your head, why not rent? It's less risky. You may well find yourself caring if your condo loses 80% of its value if you need to sell it and you can't repay the loan.

>It's less risky.

depending on your local housing market, it could be much more risky. where i live, for the last few years renting has carried the real possibility of being unable to find a place to live, for any amount of money, when your lease ends.

the big upside to a condo is that nobody is going to kick you out.

Re: The housing market needs more condos

#38

Post by axlee »

goodluckchuck wrote: post #21
twalla wrote: post #5

A lot of people have a big chunk of their net worth tied up into home equity because it's sort of the "ordained" path to building wealth for the middle class - condos don't see similar appreciation, get hit harder in downturns and are one of the last types of properties to recover in value afterwards. Start incentivizing treating housing as, you know, a place to live rather than a financial instrument and you'll see…

Single family homes offer dominion over your housing, where condos come with a variety of complexities. Unless condo laws are improved, I wouldn’t want one. Condo regulations about noise, guests, pets, children. Some actually try to ban children. Buying and sells is complicated by the association’s finances, which depends on other people. This naturally leads to maintenance issues. Look as the surf side building coll…

It has been solved across the pond, why wouldn't the US be able to do it?

Re: The housing market needs more condos

#39

Post by [deleted] »

asiachick wrote: post #16
HideousKojima wrote: post #11

Earlier quoted context omitted.

My wife and I live in a townhome and we hate it. The noise through the walls, especially if you have inconsiderate neighbors, is a huge pain and you have essentially zero control over it.

I've lived in "soundproof" condos and in paper thin floor condos. I'd blame bad building construction on noise more than neighbors.

[deleted]

Re: The housing market needs more condos

#40

Post by trhway »

tdeck wrote: post #24

The housing market also needs more row houses. Those have fewer of the disadvantages of condos but unfortunately they're illegal to build in most (almost all?) parts of the US.

Absolutely. Americans have very low skills living in close neighbors conditions like condos, and row houses would be a reasonable solution.
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