Field Guide to The Condominium Market
(Updated July 2007)
Condominiums continue to be a popular option for first-time buyers and empty-nesters, particularly in urban areas. While buyers often choose condos for their convenience they also face a different set of issues that owners of houses do not - specifically condo boards and the rules governing the many aspects of condo living. This field guide offers articles and books that address the unique circumstances of condo owners. (D. Foligno, Project Specialist)
Contents:
Condo Trends | Marketing Condos | Condo Association Issues | Related Websites | Books, eBooks & Other Resources
Condo vs. Co-ops
Ownership
Condo: title, same as a house
Co-op: own shares of a corporation
Property Taxes
Condo: unit owners taxed separately
Co-Op: typically lower taxes
Financing
Condo: same as a house
Co-op: few lenders willing to give a mortgage
Deductions at Tax Time
Condo: same as a house
Co-op: more complicated
Monthly Assessment
Condo: includes maintenance
Co-Op: includes maintenance, property taxes
Re-Sale
Condo: same as a house
Co-op: less costly; sale not recorded (no title)
Source: Condo or co-op? What's the difference?, (BankRate.com).
Condo Trends
Bigger still better, (Chicago Tribune, July 13, 2007).
Co-ops slip, but condos lead rise in Manhattan apartment prices, (New York Times, July 3, 2007).
Bargain hunting for condos, (Fortune, June 25, 2007). Q
Feeling flush? $15M buys 8 baths, (Boston Herald, June 20, 2007).
As home market cools, condos are rising, (Bellingham Herald, June 3, 2007).
Condo market points down, (Las Vegas Review Journal, May 30, 2007).
First-time buyers find ray of hope in condos, (Seattle Times, May 21, 2007).
Animal house meets the empty nest; Condos built for hipsters draw folks over 50; Showdown at the pool, (Wall Street Journal, May 11, 2007). Q
Minding the store in a condo, (New York Times, Apr. 11, 2007) - Commercial and retail condos growing in popularity.
Co-op v. condo - what's right for you?, (New Jersey Law Blog, Apr. 11, 2007).
Trumped by the Donald?, (National Real Estate Investor, Mar. 2007). Q
Condominium trends, (Urban Land Institute, Jan. 2007).
More home, less work, (Milwaukee Sentinel, Jan. 6, 2007) - Single-family condos picking up in popularity.
Condos become cushier as builders vie for younger buyers, (Columbus Dispatch, Oct. 1, 2006).
Condos remain 'lifestyle choice' for small, solid minority, (Mortgage Banking, Apr. 2006). Q
Buy your college kid a condo?, (MSN Money).
Marketing Condos
Developers extending condo push with downtown marketing drive, (Columbus Business First, June 22, 2007).
What you need to know to sell condos, (Realty Times, May 29, 2007).
Real estate firm marketing industrial 'condos', (San Antonio Business Journal, May 18, 2007).
New condo towers pit 'boomers' versus 'echo-boomers', (Planetizen, May 12, 2007).
How to maximize revenues in a tight condo market, (National Real Estate Investor, Jan. 2007). Q
Name game is no joke for marketing of new condos, (San Diego Union Tribune, Dec. 31, 2006).
A condo - and a lifestyle, too, (Real Estate Journal, Sept. 8, 2006).
The right design for condo marketing, (Business Week, Dec. 9, 2005).
Condo Association Issues
10 questions to ask your condo board, (REALTOR® Magazine Handouts for Consumers).
What should I consider when buying a condo or loft?, (Boston Globe, July 9, 2007).
Specialist helps condo boards get along, (Star Bulletin, Mar. 25, 2007).
Understanding homeowners' associations and CC&Rs, (Nolo.com).
It's nice to live in a well-mannered neighborhood, but is it worth forfeiting freedom and diversity?, (Newsweek, Sept.18, 2006). Q
Political hothouse: Florida sends help for condo elections; at parker plaza, uproar over storm windows; raphans counsel peace, (Wall Street Journal, Mar. 11, 2006). Q
Regulation of political signs in private homeowner associations: A new approach, (Vanderbilt Law Review, Mar. 2006). Q
Making peace with the taste police, (Money, Dec. 2005). Q
New condo law empowers homeowners, buyers, (Miami Today, Aug. 27, 2004).
Good Neighbors, (Black Enterprise, July 2003). Q
An Introduction to Community Association Living, (Community Associations Institute).
Related Websites
Institute of Real Estate Management
Community Associations Institute
National Association of Condo Hotel Owners
What Buyers Should Know about Multifamily Homes, (Realtor.com).
Co-op Organizations, (Cooperative Housing Coalition) - Resource list.
Living in a housing cooperative, (National Association of Housing Cooperative) - FAQs.
FHA-approved condominiums, (Department of Housing & Urban Development) - Search by city.
Nationwide links to condominium laws, (Condo Lawyers.com).
Affordable Housing Cooperatives, (University of Illinois, June 2004)- Conditions & prospects in Chicago.
Buying a condo using an FHA loan, (Department of Housing & Urban Development).
Condo Life Magazine
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
Make Money with Condominiums and Townhouses (Adobe eReader)
Tips & Traps When Buying A Condo, Co-Op, or Townhouse (Mobipocket)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Existing Home Sales: Condominiums and Coops (Chicago, IL : National Association of REALTORS®).
Field Guides & More
These Field Guides and other resources in the Virtual Library may also be of interest:
>> Have an idea for a new Field Guide? Click here to send us your suggestions!
The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
