- Lovely Dining Room in a Renovated Hessian Hills Condo
Over the past 20 years working in the Central Virginia real estate market, I’ve helped buy and sell many condominiums. I’ve been through two condo conversion booms (converting apartments to condominiums) and several new construction phases. Condominiums fill an interesting niche in our real estate market. Condo prices range from approximately $50,000 to $500,000+ and the amenities, fees, etc. that accompany our condo’s follow a similar range. Our market includes condos for owner occupied graduate, undergraduate and University of Virginia Medical School students, young professionals, retirees, military and contractors stationed at the US Army’s Rivanna Station (NGIC, DIA, etc), Judge Advocated General School (JAG) staff and attendees, baby boomers, empty nesters and more plus investors! Many units are also ADA compliant with handicapped accessibility. Pretty much every market segment in Central Virginia has a condo meeting its needs except for perhaps horse properties and estates!
Exterior of one of Charlottesivlle & Albemarle Counties many apartmets complexes converted to condominiums.
In the past financing for condo purchases was relatively easy. With our new economy, financing has become more challenging. One of the first steps in exploring your options in condo purchasing focuses on financing options. Will you be paying cash or getting a loan? Traditional mortgages are not available for all condo’s so if you’ll be getting a loan let’s talk soon.
I have had several investors purchase multiple condos for cash during 2008-2010. The investors wanted to diversify their investments into rental real estate. Condo’s provided an opportunity and since they were paying cash we were able to negotiate great purchase prices which helped with the return on investment (ROI) calculations! The Pantops area has several good options for investors with Martha Jefferson Hospitals move later this year and anchors like State Farm’s regional headquarters. If you are interested in a investing in real estate, perhaps a residential condo would meet your needs, let’s talk and review your options. Each investor possesses individual goals, needs and resources so I’ll develop a plan to meet your needs.
Amenities Vary from Condo Association to Association
If you have questions about buying or selling a condo or real estate questions in general, I am here to help, so let’s talk!