From the penthouse all the way down to the bottom, rumor has it that the condo market has officially bottomed out. Now, granted most of these rumors are coming from individuals who have a particular stake in the economic recovery of the condo and housing market, but the general consensus is that somewhere in 2008 the condo market will scrape the bottom of the barrel and then begin its upward slide again.
What does this mean for average folks, those not involved in the building, buying or selling of condominiums? Probably not too much in the short run. The condo market isn’t a yardstick for the housing market, in fact, in mot markets, it’s quite the opposite. But a positive turn in the condo market could mean that things are on the up for homeowners too.
If you’d like to take advantage of the current rock bottom condo conditions then you need to act and fast. If the market is expected to make a positive swing in the next year, you’re going to get your best prices right now. If you’re looking for a second “city” home or getaway, then this is the best time to invest in a condo. If you’re looking at it as strictly and investment opportunity, now is the time to buy, but you could plan on sitting on that property for some time as the economy recovers and the demand for condos again picks up pace.