Home Buying in 92130>Question Details

T. H., Home Buyer in San Diego, CA

is there any expert here could explain what is the difference between detached Condominium and single family?

Asked by T. H., San Diego, CA Mon Apr 28, 2008

house? from resale point of view, if detached condominium will reduce value a lot? is it easier to sell a SFH than DC? if this detached condominium is one of the highest priced one (due to better location and view) in the community, will this be harder to be sold compared with the SFH with fair price in the million house area and its potential value increasing will be less? thanks a lot for your advice.

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T.H.

There was a great thread on this subject previously -

http://www.trulia.com/voices/Home_Buying/Can_anyone_tell_me_…

Hope that helps!
CJ
Web Reference: http://www.TalkToCJ.com
0 votes Thank Flag Link Mon Apr 28, 2008
T.H., a condominium is a complex of dwelling units in which each unit is individually owned. They may of may not be attached. Generally, there is some element of shared ownership, grounds, facilities, infrastructure and shared cost for upkeep, improvements and maintenance. By contrast a single family residence generally shares no ownership or costs with other units in the complex, or subdivision. The are numerous variations of condominiums and ownership. If you have questions on a specific property you may want to talk to a pro to answer your specific questions. Best Regards, Woody Henderson, Broker (619) 850-5432
0 votes Thank Flag Link Mon Apr 28, 2008
A single family residence would indicate that there is no fractional ownership of any part of that property what-so ever. A detached condominium would indicate that even though the home is totally detached from it's neighbors physically, there is some fractional ownership is involved. Maybe the front lawns are held in common and maintained by the HOA or more commonly there is fractional ownership of the community amenities such as the club house and swimming pool, etc.

If one home has a better site, view, proximity to ammenities or is nearer to the gate can all affect the value of the property to its benefit or detriment. The ease at which a sale may happen will be determined by one Buyer who is willing to pay more for what ever ammenities of which you speak and you have determined that should command a higher price.

You could argue that a SFH has the advantage of not having an HOA and its inherent restrictions on usage, parking, noise and payment for the amenities all of which are part of fractional ownership agreements. But some SFH are subject to payments for recreational districts, street lighting, and maintenence of green belt areas. So the division is not so clear in some cases.

I don't think the investment potential will be significantly different in either case. Only a ready and willing Buyer will determine which form of ownership is of more value and it will be determined by their own personal tastes.
0 votes Thank Flag Link Mon Apr 28, 2008
HI T.H. I wish I had more details to give you a better answer. Condominium is a legal way of holding title on the land. It is shared with the other owners. If you are familiar with Trilogy in Carmel Valley as an example. They are single family detached homes, owned as condominiums. There are common areas - like a swimming pool. As a home owner you are fully responsible for the maintenance on the home both inside and out. You need to carry insurance on the home, just as any other home. But the land is not yours alone. As you point out, location and views do play a large part in the value. Even in this market, desirable homes, whether it is a condo or not, sell when priced well. There are buyers in all price ranges. They are looking not necessarily for a bargain but good value. If the pricing reflects this, buyers will be interested. If I can be of further assistance, please do not hesitate to call me at 858-248-0863. My office is in Carmel Valley and I would be happy to go more into detail with you. Thanks, Maria Weiss
Web Reference: http://www.mariaweiss.com
0 votes Thank Flag Link Mon Apr 28, 2008
Hi there T.H . A Condominium has shared amenenities , and common areas. You only own the Condo not the building. The desirablility of each depends on the location and what the community offers. EG Beachfront condo's or Condo's in NY or San Fran are usually in high demand so they will demand a higher price. So there are many things to consider when evaluating this.
In Some areas SFR may increase more but that only depends on many other factors. Condo's do appreciate also so you would need to sit down with an expert on this to get a better idea.
If you woud like to know the best options Please let me know and I could offer some assistance

Kind Regards
Michael Barron
Realtor.
0 votes Thank Flag Link Mon Apr 28, 2008
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