Seattle, WA (PRWEB) October 5, 2006
The once red hot market for condo conversions has cooled. Buyers are now benefiting from incentives and, on occasion, even lowered prices. A new website, CondoCenter.com, makes it easier than ever for buyers to find the best deals in condos for sale worldwide.
The condo conversion concept is simple: a developer buys an apartment complex, makes upgrades, then sells the individual units as condos.
For developers, the attraction of condo conversions is obvious. It’s quicker and less expensive to renovate a building than it is to start from scratch. Condo buyers benefit as well, as condo conversions tend to sell for less than new condo developments.
The eighties saw a huge wave of condo conversions, but the trend largely died by the nineties. Shortly after the dawn of the new millennium, however, condo conversions came back. Several factors led to this renaissance, but low interest rates certainly helped. With low rates, mortgage payments could actually be lower than monthly rent. As a result, those who had previously been excluded from home ownership could for the first time purchase a condominium.
For first-time home buyers, condo conversions are a terrific option. And the advantages may soon grow even greater: it appears the boom has ended and the market for condo conversions has cooled, leaving an oversupply of condos for sale in some areas.
The cooling market in condo conversions – an inevitable result of supply and demand – is not likely to result in a “crash”. The market for both new condos and condo conversions is too strong for that. The cooling market has, however, forced some developers to start offering incentives or even to lower prices. And that’s great news for buyers.
Better yet, it’s now possible for buyers to conduct worldwide condo searches from the comfort of their own homes. Simply by visiting http://www.CondoCenter.com, buyers can scour the worldwide market for bargains in condo conversions or new condos for sale.
Using CondoCenter.com’s powerful search functions is absolutely free for buyers. And that makes it an ideal tool for first-time buyers.
CondoCenter – USA
2715 First Street
Seattle, WA USA
CondoCenter – Canada
400 Robson Street
Vancouver, BC Canada
Head Office Telephone: 604-681-9554
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