Monday, August 02, 2010

Markets in Everything: Condos Cheaper Than Cars

Get a 1BR, 1.5 bath condo in the complex pictured above in Deerfield Beach, Florida (near Ft. Lauderdale) for just $24,999 (details here), about the same price as a Toyota Camry LE ($26,125 MSRP), or choose from 25 other Deerfield Beach condos for $28,000 or less, starting at just $19,500.

Or check here for 33 Las Vegas condos for only $20,000 or less, starting at $10,000; and here you'll find 31 condos in the Phoenix area (Glendale) for $28,000 or less, starting at $12,500. 

You'll probably never get a better deal on U.S. real estate than right now, especially with mortgage rates at historical lows.  So if you've been thinking about a Florida condo, vacation home, rental property, or a first home, now's the time - everything's on sale.  

7 Comments:

At 8/02/2010 10:53 PM, Blogger Benjamin said...

Tell Richard Fisher, the Dallas Fed President and dufus. Condos selling for $10k. But we gotta hold the line on inflation.

 
At 8/02/2010 11:05 PM, Blogger TDM said...

Has someone verified that these are real prices and not worthless second liens?

 
At 8/03/2010 6:58 AM, Blogger juandos said...

Well the links don't indicate if there were previous owners of these 'less than the cost of a Camry' condos...

I wonder if there were previous owners did any of them make use of this service: You Walk Away

 
At 8/03/2010 6:59 AM, Blogger Caveat Bettor said...

The real risk is the uncertainty over the carry, i.e. maintenance fees. I know owners who have seen their charges zoom from $1k to $3k per month, because of the high vacancy rates and Crist's insurance policies that have reduced competition in the state. So they can't sell them for $20k because of the burn rate that comes with the condo.

Hedge that, and you've got yourself a deal. Otherwise, buyer beware.

 
At 8/03/2010 9:58 AM, Blogger Bill said...

Location, location, location.

I live in the Phoenix area and those Glendale properties are NOT in the better part of the area.

 
At 8/03/2010 11:08 AM, Blogger Paul said...

Benji,

I know you're pissed at Fisher because of the harsh things he said about your boyfriend's idiot schemes, but also consider what your wish to eliminate the home mortgage deduction would do to those prices.

 
At 8/05/2010 2:24 PM, Blogger VangelV said...

This is what should happen when a bubble bursts. Nevada, Florida, California, and Arizona had massive housing bubbles that would inevitably lead to much lower prices even as the overall supply of money and credit went up and there was an annual price increase for essentials like insurance, food, gasoline, health care, etc. From what I see, the US is heading into another bout of stagflation that will see a weak economy at the same time as general prices for most goods go up.

 

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