Home Buying in Davenport>Question Details

Lee Muller, Home Buyer in Davenport Area

What has better resale possibilities, house or condo?

Asked by Lee Muller, Davenport Area Sat Mar 8, 2008

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8
James Mooney’s answer
Go with the house. Even in a good market, I see condo's appreciate at a slower pace. I agree with Colin below in regard to financing. For example, to mitigate their risk, some lenders have underwriting policies that restrict lending to developments that are 100% completed and have 90% occupancy...and even then they may have LTV (loan to value) restrictions as well. Many of those specialty "condo/townhome" lenders are all gone these days. There are a few that will do it, but buyers will pay a higher rate...again, just making it a little bit tougher to sell.
0 votes Thank Flag Link Sun Jan 25, 2009
Lee,

As previously stated, it depends on a number of factors including the property and the location of the property.
0 votes Thank Flag Link Tue Jun 17, 2008
I would have to agree with just about everybody. The reason I don't like condos, they climb in value along with the homes, but as soon as the market turns, they seem to be the first to drop and usually at a much faster rate then the homes. On the flip side, some people just like the convience of them though, just not me.
0 votes Thank Flag Link Tue Jun 17, 2008
Hi Lee

One other factor to think about is financing. Some loan companies are currently refusing to finance purchases in the Disney area (including Davenport) and that makes the properties harder to sell - which in turn, adds to any downward pressure on prices.
0 votes Thank Flag Link Tue Jun 17, 2008
The resale value is dependant on the location and other factors.
0 votes Thank Flag Link Tue May 6, 2008
I comes down to your preference, there is no way to know what the market is going to do in future, I really wish I had that crystal ball. You need to make your decision to purchase based on your needs and wants. According to National Association of Realtors, home values including condos double every 10 years. Make your decision based on what you want and need.
0 votes Thank Flag Link Tue May 6, 2008
Hi Lee!
I love our area and it is a GREAT place to invest...If you look at who the buyer might be alone, there are far more buyers that are looking for a home as compared to a condo. For my current investors we look for minimun of 3 bedrooms w/ garage. Condos sometimes offer great ammenities, but I would say that by the time you add on the home owner's association they sometimes are not a "great deal". There are several areas in Davenport that I would stay on top of for investors, in particular the areas by the hospitals and look for area near the elementary schools! Hope this helps!
0 votes Thank Flag Link Tue May 6, 2008
Hi Lee,
I believe the way the market is right now that house is a better resale. The price of homes have drop so much that they are very attractive. Condos are attractive when the price of houses are rising. I know in my area (Modesto, CA) house and condos are very close. Then you have to think about the Home Owners Association (HOA) fees. This can take a reasonable mortgage payment and push it higher than a payment for a single family residence.

Let me tell you; I own a condo that I bought last year and I have seen its value drop by 45%. I can buy a house for the sale price as my condo. Go for the house everytime.
0 votes Thank Flag Link Sat Mar 8, 2008
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