What’s My Condo Worth?
Hint: Condo’s are Commodities
The whole idea of most condominium developments – whether apartment or townhouse – is uniformity in size and design. In the eyes of a lender, appraiser, home-buyer or investor, one 1200 square foot, 3 bedroom unit is worth pretty much the same as the next. Interior finish becomes a somewhat secondary consideration.
Understandingly confusing to many condo owners or buyers, a very similar unit in a building or community only a few blocks away can carry a very different price point for no apparent reason – except that that’s what the last one sold for (in that particular development)!
Condo owners can easily determine what their unit might sell for by monitoring recent sales in their development. It may not sound fair, but that’s the way it works!
I’d love to hear your comments. Have you found this to be true?
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