Las Vegas Condos
As the median age of Americans has risen, so has the popularity of condominium communities. Years ago, condos were of two distinct varieties. The bare minimum community, targeted towards first time home buyers who couldn’t afford to live in a home. The other was just the opposite, targeting the wealthy buyer by offering a wide range of amenities to entice a buyer to use as a vacation home or retreat.
Usually the luxury condo communities were restricted to vacation destination areas, like Las Vegas or Naples, Florida. To a certain extent they still are. Unlike the communities from a decade or two ago, most condominium communities that popped up have a wide range of amenities that would be considered “luxuries†just a few years ago, now are considered a standard.  The same can be said for communities in different parts of the country. For example, Las Vegas has seen significant growth in the condo market in the last several years.  Condos are now being marketed as a great first home alternative, rather than a second home or retreat (although many are still sold as such). People are still moving to Las Vegas in droves, so that has helped the market as has the great job market. Naples, Florida in comparison is a much smaller city but has a huge influx of residents every year due to its climate. Many of these residents call Naples home for six months of the year, while waiting out colder weather elsewhere.  Naples condo market has seen similar growth and the same trends—marketing towards first time home buyers.  While home prices haven’t spiked as much as Las Vegas, they have gone up which could also contribute to a spike in condo ownership.
Condominiums for second or vacation homes are ideal, because the owner does not have to needless hours with a property management company or other trades people ensuring that the property is being kept in shape - the carefree lifestyle. The condominium communities of today offer many more amenities than an owner of a single family home would have access to. It also offers the buyers a place for a quick weekend getaway, if there is a good weekend fare. Another feature of today’s condominium communities is the ability to rent the condo, thereby subsidizing a part of the annual carrying costs.
During the past few years, as single family homes became more expensive and less affordable for first time homebuyers, condominiums rose in popularity once again. The purchase of a condominium allows the first time homebuyers the opportunity to build equity and obtain income tax deductions for interest and real estate taxes, rather than paying rent.
Often a misconception about condominiums is the monthly fee versus the expenses of owning a single family home. The monthly maintenance fee is right in front of the prospective buyer and this can be discouraging. However, if one examines the monthly condominium fee, it is found that many of the expenses that are associated with a single family are covered - such as; hazard insurance, basic cable TV, water and sewer, trash removal, lawn and landscaping, fertilization, and reserves for painting and roof replacement, as well as the amenities of the community that might not be available without a significant investment in such things as a swimming pool, spa or golf course. One of the things that faces a homeowner is the painting and roof replacement at some point in time - this can be an unexpected major expense, but with a condominium every month a little sum is put towards these expenses, this is the reserves. For both first time buyers and second or vacation home buyers this can be an advantage for their personal budgetting and smooth the way without the sudden unhappy surprise of a major expenditure.
Another common denominator is investment. Both areas have been flooded by investors and speculators, which can make for an excellent purchase for a prospect buyer during the recent real estate downturn. As vacation destinations, Las Vegas condos or Naples condos make a good investment over the short and long haul.
Will the condo market share continue to grow in 2007? Probably because even though home prices have dropped, many people will prefer a condo lifestyle. In addition, many condominium communities are now pet friendly, offer luxury amenities and have low HOA dues making them a more attractive option to a wider home buyer base.
If you are thinking about buying a condo instead of a home, talk to a REALTOR familiar with the area first. They’ll be able to guide you in making the right choice for you.
- Charles Richey
About the author:
Charles Richey is the webmaster for www.lvrealty.net, a Las Vegas real estate website.Â
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