condo associations

Hidden Danger of Condos

Q: My wife and I found a really good deal on a condo 25% cheaper than what the last buyer paid for it.  What do you think?  Kenny, West Orange, NJ A:  Well on the surface, a 25% discount definitely looks like a bargain, however, the market value of the condo may have been very different when the last buyer purchased it and residential property values are typically only valid for about 6 months. Another thing to consider is that there are hidden dangers in condominiums that you should be aware of–as a former condominium developer myself, I know this from experience.  One big danger with condominiums that many people aren’t aware of is an underfunded association.  Condominiums are normally […]

continue reading