The answer is that the market has declined and this is a great time to buy. I own an investment property that was worth $435,000 at the peak of the market (2005)for a 3bed/2-bath condo. It is now worth about $230,000. When I bought it for $137,000, I got it as a rental property. When I bought it the rent almost payed the mortgage. After about 3 years the rental rates went up and my mortgage payment stayed the same. It now began to pay for itself along with it's property taxes. I was stoked! I currently get $900.00 in passive income from this single 3 bedroom condo.
My point is that there has never been a better time to buy with rates being low and properties being low it is a killer time to buy a condo in SLO. Our constant flow of Students from Cal Poly needing good rentals, keeps our rental rates up and demand high. Purchasing a condo in SLO is never a bad investment.
If you have any questions or would like me to crunch some numbers for you to see if it's the right investment for you, please give me a call or shoot me an email. I'd be happy to help.
You are looking to buy a condo I think? If you area going to buy in that neighbor-
hood is to contact the most reliable agent meaning you have to iinterview them.
Then select the agent that you can feel working with, he should give highlight of
what kind of marketing technique involved. Hiring an Agent would your best
decision in you life..