Home Buying in Norman>Question Details

Ping, Home Buyer in Norman, OK

Why are there so many condos on Alameda street on sale? They are new and price is reasonable, what's preventing them from getting sold?

Asked by Ping, Norman, OK Sun Mar 10, 2013

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This question was asked from this property: http://www.trulia.com/property/3008352459-1812-Alameda-St-12…

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Answers

4
One reason why condos in Norman on that side of town are harder to sell is because of the owner-renter ratio. It is not possible to get a loan on a condo if there are too many renters even if the new owner is planning to occupy the unit and not rent it out as an income property, so many of these units must be cash sales. Since the number of cash buyers is significantly smaller than people needing to get a loan, it makes them much harder to sell.

Hope that helps!

Christen Cox
Keller Williams
Mulinix OKC
Norman, Ok
405-301-5090 cell
0 votes Thank Flag Link Mon Jan 13, 2014
It could be the person they hired may not be doing enough work to get it sold, could be the cost of monthly or annual dues, could be that financing on these condos isn't as easy as financing on a traditional house. Last time one sold was in June 2012, before that it was mid 2011. It may be an investment if you intend on living there awhile. Or if you intend on renting it out, I wouldn't purchase one without reading a copy of restrictions and HOA rules.
0 votes Thank Flag Link Thu Mar 14, 2013
Thanks Jennifer! You've taught me a great idea - I will get a copy of HOA rules before I make any decision.
Flag Sat Mar 16, 2013
When you are buying a Condo, you are also getting an HOA:
You should investigate the HOA; go by the Condos and talk to the residents:
What's it like to live there?
Is the Management restrictive or draconian?
Is the HOA financial sound?
Are there a lot of Rental, (assuming that rental are allowed)?
Is there a parking or visitor problem?
How much is the HOA monthly fee? Compared to other Complexes?
0 votes Thank Flag Link Sun Mar 10, 2013
Ron, thank you for your answer! The HOA is only $58/month, while it is $100-150/month for other condos. I drove around the complex and there were a lot of parking spaces. The location is not so great though...
Flag Sat Mar 16, 2013
Ping,

Touch base with your Realtor for confirmation of this answer.

It appears that 6 units are currently for sale, out of what appears to be 45 units. This is only 13% of the complex, not too high.

Avg asking $/sqft on the condos is currently 92/sqft, all of them are pretty in-line with each other.

Hope this helps
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Sun Mar 10, 2013
Thank you Josh for you answer!
Flag Sat Mar 16, 2013
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