Condominiums Grow to Be Hottest Market in Real Estate

Daily Herald (Arlington Heights, IL), September 27, 2003 | Go to article overview

Condominiums Grow to Be Hottest Market in Real Estate


Byline: Jordan I. Shifrin

Sometimes you go through life and take certain things for granted. You accept certain concepts as given truths because they have been around seemingly forever. Thus, condominiums and townhouses are growing around us like ragweed in July and we do not really think about why these developments are not single-family homes or even dairy farms.

Well, the national real estate pundits tell us that condominiums and townhouses are the "hottest" things the real estate market has going for it.

Looking back to the early 1960s when the condominium form of ownership came into being, the ownership of a home was still just a dream for most Americans. Though academics can debate whether the condominium's origins go back to ancient Rome or the Pueblo Indians (which came first, the Indian or the Roman?), its origins in this country was really a matter of economics.

Baby boomers following rapidly on the heels of the war babies, began looking for "affordable" housing they could call their own. In the large cities, "condomagic" began to cast its spell over old apartment buildings during the first wave of conversions in the early 1970s. In the suburbs, since it was no longer as profitable to farm as to sell the family homestead to a real estate developer, you could pack nine individually owned homes (units) on an acre of land. (You could buy an acre for $30,000 and sell 9 units at $30,000 each. You do the math!) Empty nesters and seniors on fixed incomes got onto the same bandwagon with the yuppies.

This was essentially the beginning of the boom that is still going on today. Even in the recession driven real estate market of the early 1980s, developers found ways to continue to offer affordable housing in spite of 17 percent interest rates.

A recent national survey revealed that condominiums and townhouses are "appreciating in value at more than double the rate of conventional detached single family resale homes." [1] "The median price of a resale condominium in the second quarter of ...(2003)... was up 15.1 percent from the same period the year before." [2]

Therefore, not only is the main reason for buying a condominium or townhouse affordability, or even maintenance-free living, but most important, it is a great investment.

While IRAs, 401Ks and other investments have taken a beating over the last three years, real estate values continue to escalate as fast as ever, particularly in the Midwest. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Condominiums Grow to Be Hottest Market in Real Estate
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.