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TUESDAY, NOVEMBER 24, 2009
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8

Looking to Buy a Condo? Act Now

What's bad for luxury developers is good for buyers

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(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.

A construction worker helps builds a condo project in Mountain View, Calif., Friday, Nov. 30, 2007.
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.
Homes and condos are seen offered for sale in Oakland, Calif.   (AP Photo/Ben Margot)
A condo complex is seen in Detroit.
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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8 comments
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Reader60610265
Aug 1, 09 7:37 PM CDT
Why own a condo in the first .All you own is a structure not the land .If they condemn the building you lose everything Reply
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IN RESPONSE:
Mad
Aug 2, 09 12:48 PM CDT
Nope, all you own when you buy a condo in everything from the paint on the walls, in. That's it. No structure. No building. Not one piece of wood. You own SPACE. Period
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BoZo
Aug 1, 09 11:01 PM CDT
HAHAHAHA!!! I live across the street from those Ste Anne condos. You can get a repossessed one for 50 grand or less. And they STILL try to sell them for 160. If you like broken streetlamps and brown grass, this is the place for you! Reply
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-1
CountChocula
Aug 2, 09 12:30 AM CDT
What Ste Anne condos??? How's the nabe??? Reply
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-1
IN RESPONSE:
BoZo
Sep 6, 09 12:14 PM CDT
Great neighborhood... As long as you don't mind the graffitti and the occasional stolen car.
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