Is Buying a Condo Worth it in WASHINGTON DC (5 REASONS TO BUY A CONDO NOW)

Is Buying a Condo Worth it in WASHINGTON DC (5 REASONS TO BUY A CONDO NOW)

Condos enjoyed a decades-long run of popularity in the Nation’s Capital. Then this thing called Covid hit and everyone scrambled to get out to the suburbs. They wanted land and space. This was short-sighted, even without knowing how long the pandemic would last. Now that we are coming up on the four-year anniversary of the world lockdown, how has condominium ownership fared? And is it time to consider buying a condo again?

Buyers have come back to the condo market, and the condo market is embracing them. The condo was in the corner of the room, smoking a cigarette, nursing a gin and tonic and saying, “Of all the gin joints in all the town, in all the world…”

I’m going to tell you five reasons why it’s a great idea to consider buying a condo.

1) Not many other people are...yet
Who do we always quote around here? Warren Buffet – Be greedy when others are fearful and fearful when others are greedy. Since 2023 when mortgage rates started rising, we’ve seen a resurfacing in the interest in condos. Why? These are buyers who have been priced out of single-family homes. The rat race of chasing the new homes, watching the prices get bid up, the contingencies be waived, that got old after a couple years. Condos in DC basically fell off a cliff and became very difficult to sell. We’ve seen a resurgence of people coming back to reconsider a condo. Of course, city life having opened back up again has helped.

Historically, as in, pre-covid, condos weren’t as sought after in the suburbs as they were in DC. People wanted their city-living but when they moved out to Northern Virginia or Montgomery County Maryland it was to buy a house. That’s not the case anymore in many parts of Northern Virginia. I have a client who is currently finding multiple offers on condos in places like Oakton, Reston and Herndon.

2) The Condo Market is Ready to Embrace Buyers
There is enough for sale in many areas that the buyer now has options of places to see, and choices to make. This is a good feeling when the last decade has been a time where all choices have been taken from buyers. You won’t have to settle. You can get a place that checks most if not all your boxes.

3) Escalations are Minimal
In cases where there is interest from multiple buyers, translating to multiple offers, you won’t see escalations like you used to or that you see on houses. The price escalations may go up $10,000 - $15,000. And while I get that this is money you would rather not spend, this feels like a dream compared to what things used to be like with a mass exodus of the condo market to single family homes and escalations of hundreds of thousands of dollars over asking price.

It's also easier to “predict” what will happen on a condo escalation as opposed to houses where it was anyone’s guess if it would go up $50,000, $100,000 or $300,000.

4) Minimal Upkeep
Do you want to spend time mowing lawns, shoveling sidewalks or constantly fighting mice. Because that’s what homeownership has boiled down to for us. We don’t want to spend our time doing these things and it can be a real drag. I miss the days of dumping my trash down a chute and never seeing it again. I won’t miss not being on the email list serv for the rat patrol for our alley, where we’re reminded to put a rock on our trash cans to keep the rodents away.

5) The Lender is Your Friend
You may recall that during the whole Covid pandemic, we also witnessed the collapse of the Surfside Condo building in Miami. Things changed with lenders as a result of this, and they changed for the better. Side note - I have a couple videos on condo documents and what you should look for in reviewing them.

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Melissa Terzis
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[chasomwashere]

5 reasons to buy a condo now summary:
- No one else is buying right now

*Side Note: Ignore the reasons why people aren't buying right now

Decent video though. Keep it going.

[PastelP-bu]

We owned one in BC Canada and I will never, ever own a condo again. I'll leave my province if that is my only ownership model and move where I can buy another house. Condo/Strata is where all the worst aspects of renting and owning intersect.


Insurance crisis- underwriters fleeing multifamily commercial, both across the US and in parts of Canada. this will keep getting worse. condos= claims for insurance

STR platforms - condos are popular w STR hosts.Hosts don't care about complex bylaws. as this demand dissipates/laws are passed and enforced to crack down on STR activity, watch out below w the prices of these units

FOMO buyers who think they'll be priced out forever if they don't jump into the first thing they qualify to buy, so will complain about every expense that goes into running a condo complex. (also part of the big three)

Three Musketeers of bad condo owners who will fight tooth and nail passing budget that keep the complex/building in good repair and comfortable to live in.
1- "I didn't even want a condo" owner who the condo is their indexed to the housing market downpayment on the house they actually want. they want low fees to keep most of their money for the future house purchase and lowest mo fees possible to attract buyers when they sell.
2-landlord owners who don't care about living conditions in the complex/building. they want low fees to keep most of their money to purchase more RE not take care of the RE they already own. and lowest mo fees possible to attract buyers when they sell.
3 the "i'll be dead by the time the building caves in" owners who view condo ownership as subsidized housing and will never vote to pass an appropriate budget. they don't care about anyone who will be living in the complex yrs down the line.


finally, it was a nightmare dealing w mice in a condo/strata title. they can come from anywhere and I had no control over the exterior. In my detached I was able to hire a good pest control person and seal up entry points. I also no longer have to worry about sharing walls w STR units and risking bedbugs, or people who enjoy their living conditions to resemble the local garbage dump so it thwarts even pest control contracts and precautions on my end.