Hot to Not: The Condo Shift
The attached home market, condominiums and townhomes, suddenly slowed substantially compared to the detached home market.
The market time for attached is 95 days, compared to 82 days for detached.
The typical meal at a fast-food restaurant used to cost $5 or $6. But over the past 10 years, prices have been rising faster than inflation. The cost of delivering a large hamburger and fries has skyrocketed due to much higher labor costs, persistent inflation, increased commodity prices, and relentless supply chain issues. The fast food meal has ballooned to $10 to $12 per meal. Fast food has suddenly become nearly as expensive as dining out. The allure of cost-effective fast-food dining out, compared to cooking at home, has lost its luster.
Condominiums were long known as the “stepping stone” to owning a home, a much cheaper alternative to a detached house. They offered a more affordable option, along with amenities such as pools, spas, barbecues, fitness centers, and community centers. It was a lifestyle choice for the young, a pathway to owning a home with a white picket fence. Yet, the cost of condominiums has soared, and their allure has lost its luster.
Excerpt taken from an article by Steven Thomas.
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