All About Condos

Yep, there is a standard that defines a structure that conforms and is certified to meet environmental standards set by the industry and government. Known as the Leadership in Energy and Environmental Design (LEED), certain developments are taking the cause of dealing with and incorporating environmental factors into their work as part of the structure itself. Power saving, water saving and other environmentally friendly options that will cost more but ensures that the structure is kind to mother earth in the long run. Some buildings maximize the use of natural light with sun scoops and solar heaters for pools and some have optional solar panels that are used to generate power for their tenants. The use of environmentally sound materials is also on the rise, non-polluting and totally recyclable materials that are not only natural but cheaper and pollutes less. Other structures get to take part in alternative energy developments such as wind farms and similar technologies that take advantage of the available natural resources, tapping them for power and other needs. Buildings are some of the most environment impacting structures around and it is just prudent for industry to develop and use newer and greener methods and technologies to lessen the impact of development.

Not many can afford to purchase condos for investments or vacation purposes but there are a select few who do have the luxury and do so with gusto as prices continue to fall. Investment/vacation condos can be quite tricky for you’ll have to either be content with having a white elephant of an investment or consider renting the property to somebody else so it remains occupied and maintained when you don’t use it. Be sure to check with the developer who is selling regarding sub-leasing your units for some would not allow it yet some do. Some buyers consider multiple-ownership where several people own the condo itself and agree to use it during different times of the year that shifts to give everybody the chance do experience the full range of offerings in the condo and environment. Check the surrounding areas for developments for they may be sign of the future for your investment.

Convenience in having everything within reach is one of the most contributory factor that people look at when deciding to purchase a condominium over a single unit home. Prices have bottomed but rising costs of fuel are not to be taken lightly that many have to move nearer the city’s center to cut down on fuel costs. An amazing fact is that they cost considerably less than single housing units and you don’t have to maintain that lawn every year. No maintenance, no chores such as cleaning the gutters and other stuff but there would be trade offs. No more barbecues, running in the lawn among some of them but the costs further outweigh the disadvantages. Industry experts advise that if you love privacy and are quite a loner get a house, love company and diversity, get a condo. The micro community that exists within is something you would surely love and enjoy, and besides a friend’s always a few doors away.

In the midst of the current real estate slump in the US, condos are still doing better than houses, according to the Boston Globe. There were 80% as many condominium sales as single-family home sales in Metropolitan Boston, and condominium prices are not falling as sharply as those of detached homes. They fell by only 3.3% to 3.8% in the first 3 months of this year.

If you live in Massachusetts or are looking into purchasing a condominium unit in the state, a table can be found here that shows the comparison between real estate prices in January to March 2008 and the same period last year.

Condo sales activity in three of Canada’s eight major markets – Ottawa, Calgary and Edmonton – is expected to drop this year, according to the Metropolitan Condo Outlook Winter 2008 report. At the same time, prices are expected to increase at a more modest rate than previously in all cities in the study except Montreal in 2008.

“In many cities condominiums are filling a need for relatively affordable housing close to the city core. Since prices for single-detached bungalows, for example, are pushing $500,000 in some Toronto and Calgary neighbourhoods and at least $650,000 in Vancouver, condominiums represent an important first step for many housing market entrants,” the report says.

A slowdown in price growth could finally bring a bit of relief to the country’s priciest markets, Vancouver and Victoria, where condos are the only option for many buyers.

In Wellington, New Zealand, housing space is at a premium, and realty developers are likely to be told to build up because there is not enough room to build out, and it is significantly cheaper. The Wellington City Council hopes to house more people in apartment zones at low cost instead of the free-standing houses with lawns that are common to the area.Most of the new apartment dwellers are older people and childless couples. “The next challenge is going to be housing families in apartments,” says Ernst Zollner, the council’s urban development and transport director. The council is putting more thought into building playgrounds and parks, to make sure children are not “cooped up” indoors.

The other critical issue is size. “We need apartments that have more than two bedrooms. At the moment, once you go to three bedrooms it becomes dramatically more expensive.”

Japanese condominium sales may fall for a third year in 2008, according to the Real Estate Economic Research Institute, a Tokyo-based industry publisher. This is another sign that the Japan’s condominium market has “deteriorated”.Building code changes last year delayed projects and construction costs soared, said Akira Mori, chief executive officer of the developer Mori Trust Co. Mori said in an interview on March 24 that “there is a high probability for bankruptcies among condo builders.”The collapse of the subprime market in the U.S. has made it harder for Japanese developers to borrow. At the same time, building materials and land have become more expensive.

Recent reports today indicated that the parcel of land located at the NW corner of 2nd Avenue & Virginia has been put up for sale by the property owner, Columbia West. They are selling the lot so they can use the profit to build income producing properties. But insiders of the company told us though that if the land has no takers, Columbia West will ultimately develop the property.

Columbia West, who also owns a property on the SW corner of 2nd Avenue & Virginia is pushing through with its plans to develop a condominium/hotel complex and integrate the Terminal Sales Annex building nearby. Despite public concerns that the building might be razed, their fears were unsubstantiated since it received landmark status just a couple of months ago.