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What propels
condo ownership?
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When the condominium market was so
depressed in Charlotte, we rolled up our sleeves and set our goal: to know
this segment of the market very well,. to believe there was still activity
with buyers and with sellers...and to keep a positive attitude and
maintain a CanDo attitude! We still love learning about the market,
keeping up, taking pictures of communities, gathering data and observing
trends.
And, of course, helping buyers and sellers..."buy" and
"sell" condominiums and townhouses.
 This
is me, in Rome and the signs reads,
"Condominio"...
Fancy that! |
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I
have read that condominiums existed in Rome some 2000 years ago. I
actually have a photograph taken under the entrance way to a very
old community, the stone reads "Condo"...is there a doubt?
Perhaps Romans bought into a multi-family structure for the same
reason families today do...more time for leisure, less demand on
utilities and in many cases, lower costs than single-family housing.
Our lifestyle has evolved since then...most of the forward movement
has happened since the 1970's. Today the
condominium is the fastest growing shelter concept in America. In
1963 the government mortgage insurance was extended to condominiums
through the enactment of an amendment to the National Housing Act.
The concept was first accepted by the 55+ market as an alternative
to single family housing in retirement areas and as second home
investment in resort areas.And for a variety of reasons with the
enthusiasm for condos propelling builders and
developers, the condo boom in the late 70's ran right into
overbuilding. Even here in Charlotte. Kathryn
Smetana built the very first new condominium on Gaynor Road in
Cotswold: Gaynor Arms. A handsome building still...stately and well
built it serves to remind us that quality construction is long, long
lasting.Then came the era when first timer condo buyers got married,
had children, changed jobs, were transferred and there was a
glut...and interest rates were high and condominiums got a bad
rap...made worse by some faulty construction and some poor
management and maintenance. Whew! If units didn't sell, they were
rented...investor ratios grew, then complexes couldn't get
financing. It was a tough market for attached housing.
Then Charlotte began to grow...the condominium
market changed. In some areas sellers even made money...note: some
areas. When I first started my database, there were 300+
condominiums and townhome complexes...as of today, I have data
sheets on over 635 residential condominium
communities and that is just for Mecklenburg County.
Now is a good time to refer you to an article which appeared in The
Charlotte Observer several weeks ago and is in our section Charlotte
News...this article speaks to density and lack of
infrastructure.
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