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5 Condo Markets That Could Double Your Money: Don’t Miss Out!

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5 Condo Markets That Could Double Your Money: Don’t Miss Out!

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What makes condos good real estate investment in 2023?

For the last couple of decades, condos have been an attractive investment opportunity for real estate investors to yield good ROI. The condominium market is changing and this is what brings a question to investors’ minds- Is it still a wise idea to purchase condos for rental purposes? The good news is, condo investors are very likely to get a high return by dint of the continual growth in rental prices and demand.

Growth in Median Rent. Source: Realtor.com

Image Link: https://rdceconomics.wpengine.com/wp-content/uploads/2023/01/fig-1.png

Needless to say, investors were fortunate to buy condo units in 2021 at half the price of today’s. Condominiums across the US are spending more days on the market by the start of this year. The median days on the market are sticking to 52, which was 25 in the same month of last year. Condo housing demand says 23.5% of properties were sold below the list price, making the market less competitive for forthcoming buyers. Mortgage rates are a major factor that leads to residents choosing condo rentals instead of home purchases. All such trends make economic sense that investors will have adequate time and control over the US condo market.

 

We must not forget to tell you, the median sale price of condominiums in the US is dropping 1.2% per annum. 2023 started with a median price of $383K, which slightly grew by February. Seems like buyers should not take long to make a move.

 

5 condo markets in US with booming ROI

Charlotte, NC

The growth in property value seems to shrink in 2023 signaling no predetermination of price hikes. But the market would see continual demand for rental condos as it is still a more affordable option for many Charlotte residents. Renters choose to avoid unwanted home maintenance tasks in order to reduce their living costs.

Rental Growth in Charlotte, NC. Source: Charlotte Stories

Image Link: https://www.charlottestories.com/wp-content/uploads/2023/01/rent-rates-in-charlotte-nc.jpg

The trend stands by the investors’ side. They are supposed to make money by investing in top-notch areas such as Brooklyn Ave and Yellow Birch DR where rental prices go up from $5K. The traditional ROI ranges between 4.59%- 6.11% from rental condos at Hedgemore DR and Hunter Ridge DR, which is projected to exceed this year.

The city of Charlotte offers condominiums at a median price of $295K as of March 2023 (lower than the national average). This makes it one of the profit-making markets for US rental property investors. As an adjunct, rental owners generate 13% higher revenue than last year. A significant number of sales are sealed below the given price, indicating some bargain-purchase authority in buyers’ hands. On the contrary, condos are staying fewer days on the market, which gives rise to competition among investors. Therefore, the market will not be allowing you endless time to rethink the purchase decision. 

Colorado Springs, CO

Reason why people choose condo rentals over standalone homes is they have no obligation to make a big down payment. Forecasts say Colorado housing is not expected to undergo any more minor changes. The market is seeing both falling home values and accelerating rental prices. Moreover, the days on the market have reached 92 which gives investors enormous dominant power over the home sellers.

Colorado Springs has high growth in population that generates more rental leads. But the number of occupiers willing to rent out has always been limited. As a result, investors are free to grasp the chance and meet housing demand despite being in a hot market. The owners enjoy a list of tax-deductible sources like mortgage interest, rental property insurance, travel costs, and costs incurred in keeping the condo livable, which gives an extra push to the rental income.

Newark, NJ

Newark is a competitive market for condominium investors. Although the price is up this year, Newark is predicted to be a negotiable market supported by the big drop in sales.

Newark condos have shown dramatic changes in median prices over the past six months. After the horrifying rise of 89.1% in February 2023, the market surprisingly cut the price into half in March. It shows nothing but the failure of landlords who were minded to dominate Newark real estate. However, it becomes a hope to succeed when it comes to rental investors.

The year is not seeing any more steep increases in condo prices. Meanwhile, owners must suffer a loss while selling their real estate.

Month

Median Sale Price YoY Growth
Oct 2022 297,000 13.4%
Nov 2022 200,000 -16.6%
Dec 2022 290,000 16%
Jan 2023 182,500 -32.4%
Feb 2023 520,000 89.1%
Mar 2023 260,000 9.7%

Daytona Beach Shores, FL

Condominium rentals are high in demand compared to houses due to affordability in Daytona Beach Shores. The best thing about Daytona’s beachfront condos is the relaxing household life with positive vibes from the ocean breeze. The amusing beach view would force tenants to choose seafront condominiums on the upper floors. 

The vibrant coast has a large number of people residing there every year which soars housing demand for condos. The headway results in an excellent investment opportunity for all the local and outlander investors. In 2023, the price of condominiums at Daytona can be dragged down too as low as $300K. 

The return on condominium investments should not surprise Investors. It is okay to expect a rewarding sum by renting out one unit at Atlantic Ave or Peninsula DR as the rental price extended up to $5K in 2023. 

Fort Wayne, IN

It is less likely to have all the amenities you would get from a condo when you buy a home. This is one reason why people prefer renting a condominium rather than living in a typical city home in Fort Wayne. Like most of the cities discussed, condos in Fort Wayne stay longer on the market.

If you’re looking for a solid investment opportunity, you may want to consider this block of flats for sale. Investing in a high-quality condo can yield impressive returns, with some properties paying back over 70% in profits. Plus, condos tend to appreciate in value over time, whether you choose to rent them out or list them on Airbnb.

In addition to these benefits, Fort Wayne boasts a lower median property tax rate compared to the national average. This means you can enjoy a direct deduction from your rental income, allowing you to maximize your profits even further. Furthermore, the state of Fort Wayne assesses real estate according to the cost approach, giving investors even more advantages that aren’t available in other regions.

All in all, investing in a condo in Fort Wayne could be a smart financial move, especially if you’re looking for a property that can generate consistent income over the long term. And with this block of flats for sale, you’ll have the opportunity to secure a prime piece of real estate in this thriving city.

The ROI on condominiums depends not only on the rental price. It requires appreciation from consumers to raise the profit level. Under fruitful conditions, condos can be an excellent investment in 2023. 

 

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