Condo Market

3 03 2006

For many, condos have been a remarkable investment in the last few years. Condo prices rose 106 percent between January 2000 and October 2005, even higher the average 56 percent climb of single-family homes over the same period. However, some owners looking to sell today may have difficulties due to restrictive condo bylaws. Condo rules tend to be nitpicky, in part because condo owners share more common space. Detailed rules designate parking privileges and the placement of satellite dishes, even the hours that residents can wash their cars, explains Paul Grucza, past president of the Community Association Institute, an advocacy group for homeowners associations. And while they may seem innocuous, even little rules can sabotage a sale. Potential buyers walk away from rules that prevent pets or require carpeting. In some slowing markets, the difficulties of selling have increased enough to encourage lifting some restrictions. But in many places, the rules are still tough — and getting tougher to the extent that they are beginning to sour sales.

Source: SmartMoney

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