The second home Condo Buyer

Buying a condo for second home buyers is a lot like buying a share of a closely held-publicly traded, non-profit real estate corporation. The buyer in effect becomes a business partner with strangers in a multi-million dollar real estate development partnership. But, many second home buyers spend more time researching a used car purchase than they do when they are buying a condo.

In the past, the highest and best uses of land were commercial, now this emphasis has been shifting to residential. And, within this category the most influential factor has become condo ownership for private use or investment. Since the height of the market, July of 2005, the underlying condo value has declined primarily on the miscalculation of the speculative investor. Condo prices have shown greater volatility than the single family home market and the condo buyer has resembled the growth stock investor rather than the traditional second home buyers.

It is generally understood that an aging population, central locations, construction improvements, innovative architectural techniques, low financing rates, greater availability of credit and changing demographic trends have been the impetus behind the condominium ownership increase. Condo prices have and will continue to show greater volatility and be a more reliable market forecaster than any other realty indicator. And, at present in the NorthEast the high end urban market appears to be showing signs of recovery leading me to believe that researched local condo ownership remains an attractive market.

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