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Looking to Buy a Condo? Act Now

What's bad for luxury developers is good for buyers

By Wesley Oliver, Newser Staff

Posted Aug 1, 2009 6:21 PM CDT

(Newser) – Standing tall in some of the most moneyed neighborhoods in America, condos once symbolized a seemingly bottomless housing boom. Now that the housing market has cratered, the luxury real estate sector is providing would-be buyers with the biggest opportunities, Forbes says. Lake Tahoe, Calif., Key Biscayne, Fl., and New York’s Upper West Side have all seen condos sit on the market for months, and prices could dip further.

“At some point you're going to see talk about drastic repricing,” says one Manhattan appraiser, noting that developers and banks cannot hold out forever. With a glut of inventory, they’ll be forced to act, and buyers can get the best deal by paying with cash or paying enough of a down payment to qualify for loans from the government, says Forbes, which lists its top 10 places to cash in on luxury condos.

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A construction worker helps builds a condo project in Mountain View, Calif., Friday, Nov. 30, 2007. (AP Photo/Paul Sakuma)

Homes and condos are seen offered for sale in Oakland, Calif. (AP Photo/Ben Margot)

A condo complex is seen in Detroit. (AP Photo/Carlos Osorio)

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What's the staying power of developers and banks? It's not forever. Can they last 10 years or five years? I doubt it. At some point you're going to see talk about drastic repricing.
- Jonathan Miller, Manhattan appraiser

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Looking to Buy a Condo? Act Now