Depending on who you talk to or what you read, the housing market is either stagnant, rebounding or has yet to hit rock bottom. The bottom line being, it's still in a state of flux.
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Despite that, depending on where you live, you may have noticed large developments of condos and town homes being built. I've seen a few and even though I know the real estate market in New York State has fared better than most, I'm still a little surprised. Are these developers taking a huge risk? The answer, not really.
"It's more economical. Everyone's conscious about spending money and the cost of housing. When you build these larger communities it's quantity of scale, the basics of economics take over. You build more...more condensed housing and you can build a more affordable residence for the consumer," said
Scott Varley, a real estate broker.
There are, of course, advantages to condo and town home developments and not just for the residents but the builders as well.
"These larger scale residential communities are being built outside of urban areas because there's more land available. With more land available, the costs are generally less. It's something that's maintenance free. Typically, town home and condominium communities are maintenance free on the exterior. Services are provided for the snow and the lawn," said Varley.
Buying a condo or town house in one of these developments may not be for everybody. As Varley tells us, a lot of times there's a homeowners' association involved and rules to live by.
"Condominium and town home communities usually involve a homeowners' association, which is a document that's created by the developer and it's approved by the state's AG. There are, typically, by-laws and regulations that are imposed on anybody that lives in these communities," Varley said.
Varley went on to say that condo and town home communities are selling well right now. Especially amongst two very specific demographics, baby-boomers looking to downsize and young, married professionals with no children who also appreciate the maintenance free life-style.