[/caption]I know what you are thinking: it is an ad to hook you and draw you in, or that these condos are in drug and gang ridden areas replete with crimes - but you are wrong.
Yahoo! Finance is reporting that there are condos to be had, which cost less than the typical family car. There are condos that could be had for $25,000 to 50,000 in great neighborhoods.
The reasons for these cheap condos has to do with the economic downturn – the National Association of Realtors (NAR) reported that since 2007, median home princes have dropped some 23%, while the drop for condos has been even more drastic at 25%.
In some states, the drop off has been devastating: in Sacramento, California, condo sales have dropped 59% since 2007; Miami condos have dropped 65%; and in Vegas, its condos have dropped 66%
Prices for individual condos have dropped even more than those listed so far – a condo in Deerfield Beach, Florida that once sold for $125,000.00 is now worth $25,000.00. The NAR attributes some of these low prices to over development in areas like Phoenix, Miami, and Las Vegas, areas the hardest hit in the recession.
In Las Vegas alone, there are some 200 condos listed for $30,000.00 or less – meaning that a two bedrooms, two-bath condo, and covered patio in North Las Vegas can be had for $30,000.00. If you are going to take advantage of these low prices for condos, you must also remember that you must take into consideration the cost for the condo’s maintenance and its' property taxes.
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