Good reading....An article from The Wall Street Journal. These are for US market but also work here. In fact, they're exactly the same as what we are discussing in this forum i.e., location, distinguish features such as high ceiling & large windows.. etc., name and condo association (justice person). Enjoy reading:
Will Your Condo Retain Its Value?
Five Tips for Edgy Buyers
By Lauren Baier Kim
The U.S. condominium market has been good to real-estate investors. In 2004, the median sales price of an existing condominium surpassed that of a single-family home for the first time, according to the National Association of Realtors. This trend has held steady so far through 2005: The median sale price of a condo was $213,600 in September, compared with a median price of $212,200 for a single-family home, NAR reports.
The market for condos remains strong -- condo-sales activity in September was 10.2% higher than the same month last year. But some question whether it will last. "There's a lot of supply, and the demand has been significantly supported by speculative buyers rather than occupants," says Chip Brown, senior vice president and co-director of production of CWCapital, a national multifamily and commercial real-estate lender based in Needham, Mass. Speaking of his firm, he says, "We've gone from being selective to extraordinarily selective in thinking about financing condo projects."
The following five tips may help buyers concerned about resale values when buying in a market where prices have risen sharply.
1. Location is still the key factor.
The old mantra prevails: Location, location, location. It's likely to be the biggest factor in whether you smile or frown when you check your condo's resale value.
Rob Gross, a senior vice president at Prudential Douglas Elliman in New York, says the location of his condo -- in Manhattan's Flatiron District -- is a big reason why he was able to sell his three-bedroom unit with an office loft this year for more than double what he paid for it in 2000. Among the plusses of the neighborhood, located on lower Fifth Avenue, he says, is that it's between Union Square and Madison Square parks and home to such trendy stores as Armani and Coach.
Buying in an already popular neighborhood will help assure a property maintains its value, although sellers might not always reap such big gains. Buyers seeking large payoffs are likely to be better off purchasing in a new or emerging hot market, though that strategy is a bit riskier.
In New York, Mr. Gross says, areas that will see a "fairly rapid transformation" include the Lower East Side, the Financial District, Hell's Kitchen and Brooklyn's Williamsburg neighborhood. "The waterfront in Williamsburg along the East River is going to be completely rezoned to be targeted as a major residential neighborhood," he says. "It is the same thing with the West Side in Manhattan in the 20s, 30s and 40's."
Buying on a waterfront is usually a good bet for retaining value, says Robin Rommell, a Realtor with RE/MAX All Star in Madeira Beach, Fla., on Florida's Gulf coast.
"Equity is going to escalate more quickly for a condominium on the water than for a condo that doesn't have waterfront," says Ms. Rommell.
Even on the water, not all locations are created equal. "End units are generally more preferred, because they tend to have more windows," says Gisela DuVigneau, a Realtor associate with Coldwell Banker Riviera Realty in the beach town of Point Pleasant, N.J.
2. Avoid the 'white vanilla box.'
Distinguishing features help an owner when it comes time to sell. Your condo should have at least one unique quality that will pique interest, agents say. This something special could be a bit of private outdoor space, a view, a garden or celebrity resident, says Mr. Gross. "Whatever gives it a bit of cachet," he says.
Luxury is part of the formula. "Everyone likes the newest and greatest," says Toni Haber, also a senior vice president with Prudential Douglas Elliman in New York. Among the high-end accoutrements on condo buyers' wish lists are granite countertops and Sub-Zero, Bosch and Viking kitchen appliances. Stand-alone refrigerator drawers are also popular, says Florence Shapiro, a broker sales associate with Prudential Americana Group, Realtors in Las Vegas. These can be installed in the kitchen to store veggies, or in the master-bedroom for refreshments, she says.
Other in-demand features include hardwood and bamboo floors, large windows and high ceilings. "High ceilings make the rooms feel bigger than they are, and that's what people are gravitating toward," Ms. Haber says. You may feel like you're pampering yourself when selecting a condo with such luxuries, but these little extras can stir up attention for your unit when you want to resell, she says.
That extra amenity can also make the difference to a sale, says Ms. Haber. Popular amenities include a 24-hour doorman, a live-in superintendent, bike-storage rooms and an off-lobby refrigerator for grocery deliveries. Some new buildings also are installing wine rooms in their basements, Ms. Haber says. "People like having additional storage rooms," she says. Some buildings offer pools and recreational centers; in Florida, it's common for condo complexes to have boat docks and marinas. In some cities, the big draw is parking space, Ms. Haber says.
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Will Your Condo Retain Its Value? (Part I)
