Posted On: Monday, January 28, 2013 - 6:07pm | Posted By: Steven Kark
San Diego DataQuick reports that a total of 15,853 resale condos changed hands in the Bay Area in the first ten months of 2012. This is the highest level for that time period since the bubble days of 2006 when 16,720 units sold.
Condominiums are a first choice for many first time home buyers and “empty nesters” because of better pricing as compared to single family homes. Single family homes are a difficult buy for many due to the rising costs mainly attributed to a lack of inventory. Also, DataQuick reports that absentee buyers account for about 1/3 of the condominium buyers in the Bay Area as compared to 18.5% in 2008. Buyers want to take advantage of low interest rates and buy ahead of a rising market.