Pricing of any home with an association is harder than without, because the fees are a negative and the services and standards a plus.
A lot of people have heard horror stories about HOAs taking houses or being a general pain in the butt, and that the fees are excessive. Of course the truth is associations often perform functions that no one wants to or can afford to, like running a neighborhood pool or enforcing landscaping and appearance standards.
Whether the fees are worth it or not is really a case by case question. Fees effectively lower the price of an equivalent unit by acting like another mortgage payment. At $6/k a $100/mo fee is equal to another $16,600 mortgage on the property. You can chop that off the value of an equivalent unit without the fee.
But, the pool and other improvements the association runs, including outside maintenance may overcome the $100/mo fee completely. So, it isn't a slam dunk for the non-HOA house.
If you had to pay $300 a year for a gym membership and the association offers you one for free, isn't that worth at least $25/mo (also it's a lot closer).

Now that you know the principles, comparably sized homes in the same area tend to more expensive, but you have to look at each subdivision or townhouse plan.

Typically condos don't do well in Dallas but in Rockwall it's a different story. If you are talking about the ones at Waters Edge, they stay on the market for less than 2 weeks. If the condo has an unobstructed view of the lake, it sells pretty fast very close to asking price. The HOA isn't too bad either. The ones on Signal ridge have a different story and the same goes for the ones in Chandler's Landing.

Have your agent run comps for you for the complex you are considering and you'll see the trend.

Naima
214-289-8555
Naima@Sumner-Realty.com

When selling the realtor fees will take about 6% off your sales price. That is a large amount to overcome to break even. Add in HOA costs and then special assessments for repairs needed but nor saved up for.

If a condo is not FHA approved it can be very tough to sell.

Look at an investment honestly. It has to bring you more money in than you pay out for it. Can you rent a condo for more than mortgage, hoa fees, insurance, and taxes? Then add in another month with no tenant and if it still pays you maybe it could work as an investment, if not it will not.

Luke,
In my opinion townhomes and condos are no different than any other home in terms of sale or resale.
Just a couple of things to consider are the HOA fees and what do you get from them. After having sold many of both, most of my clients have tended to shun places with HOA fees over $300/month. As with any purchase you probably want to get a great price going in....that's where you make your money. That's on purchase price. If you can you might also want to check owner/occupancy versus investor/occupancy. The more owner-occupiers the better typically in a place like this. It improves financing options, typically condition, and various other positives.
To search all condos and townhomes currently for sale in Rockwall, just follow the link below.
http://www.mlsfinder.com/tx_ntreis/robertbrucelynn?action=ne…

Bruce Lynn
Keller Williams Realty

Condos in Rockwall can be a good investment and they sell as well as any housing.

Luke,

Here is my take on the question. Condos are a depreciating asset. What that means is that as carry a mortgage on a condo, you are almost always carrying it without building equity. However, as long as you go in knowing that it may not have the same return as a tradtional home, its up to you how you view ownership. Investment - could be something else. If you have a large downpayment and you rent it out for more than the mortgage - it could benefit you. Keep in mind there are usually HOA fees and upkeep to maintain its value.

Condo ownership carries similar value as renting an apartment but when you get tired of renting an apartment you give notice and move. Condos sometimes are more difficult to leave and if you sell, you usually have to pay money to get to closing. If you buy one, keep in mind that you may have a better shot with a 15 year mortgage and know that you should keep it or rent it out when you dont want to live there anymore.

Rockwall is a great area of Dallas with all the new development on the Lake Ray Hubbard. Much needs be involved in making a purchase decision . Price , short / long term goals, area, rental amount are few concerns.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com