Why doesn't my condo grow in value?
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Anonymous
| I bought a 2-bedroom condo in Grosvenor Park IV community in MoCo back in 2003. The value hasn't grown a penny since that time. In fact, it is probably lower now than it was when I bought it. Everything else around Grosvenor metro seems to be growing in value, however. Anyone has any ideas why? |
Anonymous
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How much have your condo fees increased in that time?
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Anonymous
| $30 or so. |
Anonymous
| What, if anything, has gone on in your community that time? Have you noticed more renters than before? More crime? Has traffic around there gotten worse? Is it just that other buildings around Grosvenor are newer, or have been renovated? I'm in Arlington so I can't really give you specialized advice. Do you have any realtor friends who would have ideas? |
Anonymous
| Nothing has happened that I know of. No crime increase. No traffic changes. Renters have always been present. Other properties around metro are newer, true, but they are also much more expensive. |
Anonymous
| I have the same thing my SFH home prices have gone up but not the condos. I am not sure how long the lag is with condos. |
Anonymous
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I have a friend who owns a 3 bedroom in that complex and his HOA are $1000/month which seems crazy.
The area is really nice though, they're building those brownstones next to strathmore that go for $1-2 million. |
Anonymous
| Condos always lag behind SFH in appreciation. |
Anonymous
| Supply went way up, though. Lots of new condos have been built in that area over the past ten years, and they are much more efficient so they have lower condo fees. |
Anonymous
| Supply and demand. There will never be a shortage of condos for sale. |
Anonymous
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Anonymous
| I'm a NP, but am familiar with the complex. They consistently sell for less than they did in 2003, so I don't think an appraisal is needed. |
Anonymous
| Condos are never a good investment. Period. And with all the condos built within the past few years up Rockville Pike (with more on the way), the market was over saturated. So many empty units prompted steep drops in list prices for brand new condos less than a mile from you. Sorry, OP....but you shouldn't expect to turn a big profit on your condo. |
Anonymous
My downtown condo and i beg to differ. But I agree that a condo in a suburb is a risky investment. Locat... |
Anonymous
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I think it really just is that inventory has increased, some buildings along Rockville Pike have had more refurbishment and the market's moving a bit more slowly in suburban condo markets. I'll bet the world looks a bit different for your condo in a year when the Bethesda mkt starts to put more pressure further out and so forth.
Are you able to rent it out? I'll bet rents have gone up in that time... |