The example above is not intended to be a horror story to discourage you from buying a condo, but to point out that it takes a little more homework and savvy before you sign closing papers. In all fairness, it should be pointed out that this same situation can happen in a newer single-family home subdivision. However, in a condo project, the units are alike, so price tends to become the biggest sales factor. In a slow market, you have to underprice your neighbor, since you don’t have curb appeal, super landscaping, or a new vinyl fence to make a compelling difference.
If you’re retiring and plan on staying in the condo for a long time, the selling bubble and market ups and downs won’t be as big a problem.
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