Seeing as how I come up first in this search – Condominium Investment is good in Charlottesville, VA – I ought to have an opinion. As with most other question, the short answer is “it depends.” It depends on the development, whether it is a condo conversion or a new development. If it is a conversion, I am more concerned with what percentage of the units have sold already than I am with a new development. Right now, there is one “student condo” targeted at University of Virginia students that looks promising, and the product they are delivering, while corporate, has proven successful elsewhere.
Each client’s investments goal(s) is different and it is impossible to say either “condos are good” or “condos are bad;” each development warrants careful analysis and due diligence.
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Condos appeal to a wide demographic. From retirees to first time home buyers, from busy professionals to empty nesters. With everyone being so busy nowadays being able to come and go without worrying about lawncare for example can be such a great thing.
This is true, but with some condo conversions debating reverting to rentals, would that be a smart investment from either a pure investment or from a quality of life point of view?