Making money through real estate investing can be a fickle business. Here's a surprising trend that can put money into your pocket.Traditionally those of us who own rental property looked upon condos as competition. They offered a relatively low cost way for renters to move into home ownership.
This demand for condos has fooled many of us. With low rates of interest on home loans and plenty of money available...
logical expectation would be that instead of buying condos, buyers would move into single family home market.
Of course... many of them have done that and home prices continue in an upward trend in many areas. But thousands are choosing condos rather than a detached home.
The National Association of Realtors reports that condo sales averaged less than 200,000 annually in 1980s. That number jumped to 500,000 in 1990s... and over last three years has rocketed to over 800,000 sales each year.
Take note of this.... In quarter number two of 2004, condo sales nearly hit 1 million mark.
Right now condo market is hot in most parts of country. Prices have reached record levels and continue to climb.
While condo values go up... rental market has gone soft. That has prompted many of biggest apartment owners to begin converting apartment complexes into condos.
