Renting Condos That Don’t Sell

Can’t sell that condo? List it as a rental. It’s not a slam-dunk proposition, certain conditions are required to make for a good rental property, but the option could be an alternative in today’s changing market — if only temporarily. Speculators are bailing out of the once super hot [tag]condo marke[/tag]ts and some potential first and [tag]second-home buyer[/tag]s, thwarted by higher energy costs, are opting for the rental market instead. QuickBooks Premier 2006

In June, single-family home sales were down 8.2 percent from June 2005 as the median price came in at $231,500, up 1.1 percent from a year ago, according to the [tag]National Association of Realtors[/tag]. Meanwhile, during the same period, condo and cooperative housing sales fell harder, by 14.6 percent and the median price was down by 2.1 percent to $226,900, the association reported in its latest monthly tally. In metropolitan areas, where rentals may be more viable, market conditions reversed a pricing anomaly that had the median condo price higher than single-family price for more than two years.

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