numbers were tracked beginning in the 1980s that the median sales price of a
condo in the U.S. surpassed that of a median home price. The median price of a
condo also rose faster than the price of a home in 2004 — 17% compared with
8.3%.” Here is the link
This is not surprising – condo
prices in Charlottesville have skyrocketed. There are several new construction
condo developments that are sold out or have waiting lists almost immediately.
Warehouses are being converted into condos; a simple cost-benefit analysis will
show that the return on one’s investment as condos will far exceed the potential
return for industrial warehouse space.
Another example of a national trend
being demonstrated on the local level. Or vice-versa, should you take a
Charlottesville-centric point of view.