Why I Think Condos Deserve Another Look Right Now

I’ve toured a lot of condos this past month, across both Oregon and Washington, and in all kinds of buildings, price points and sizes. I want to share what I am seeing and why a condo might be worth considering, especially in the current market.

I think when a lot of people hear “condo,” they immediately have an idea of what that means: probably a smaller unit in a big building. But after being in so many different ones lately, I’m reminded that condos can be just as varied as any other type of home.

I’ve seen condos with private patios and garden spaces, incredible views, historic architecture, floor-to-ceiling windows and rooftop decks. Some are in buildings with pools, gyms, concierge service and secure parking, while others have almost no amenities at all. Some feel very urban and some feel surprisingly residential.

There really isn’t a one-size-fits-all version of condo living, and until you’ve seen some of the different options, I think it can be hard to know whether it’s something that might work for you.

And there’s another reason I’m paying attention to them right now: there are quite a few condos for sale, and buyer demand hasn’t necessarily kept pace with that inventory. For buyers who are open to exploring them, I think that creates some interesting opportunities.

More choices can be a very good thing

One thing buyers haven’t always had a lot of over the last several years is choice, and more condo inventory changes that experience.

Instead of walking into a property and feeling like you need to make an immediate decision, you may have the ability to compare buildings, locations, views, layouts and amenities. Maybe you realize you’d rather have the patio than be ten floors higher. Maybe the smaller community feels better to you than the building with the concierge. Or maybe you discover that you love having all of those amenities right downstairs.

More inventory can also change the conversation with a seller. Depending on the property, there may be more room to talk about price, closing costs or other terms that make the purchase work better for you. Every seller and every property is different, but I think there’s value in recognizing when a particular part of the market is giving buyers a little more breathing room.

The Ritz-Carlton in Portland is an interesting example

I’ve been fascinated by what’s happening at the Ritz-Carlton Residences in Portland because it’s such an extreme example of how much the opportunity around a property can change.

The residences are part of the larger Block 216 development, which ran into financial trouble and eventually changed ownership after the original developer defaulted on its financing. Very few of the 132 residences had sold at that point, and under the new ownership, pricing on the residences was significantly reset.

There are still residences available as new develo-pment often has staggered inventory release, so I don’t think the story is as simple as saying the lower prices suddenly fixed everything. But I do think it’s interesting to look at what those homes were originally offered for compared with what buyers can purchase them for today.

In a building like a Ritz-Carlton, with incredible views, hotel amenities and concierge-style services. The lifestyle didn’t suddenly become less luxurious; the financial circumstances surrounding the project changed, and so did the pricing. It’s obviously a very specific situation and not representative of every condo building, but I think it illustrates something worth paying attention to: sometimes a changing market creates access to a property, neighborhood or lifestyle that you might have previously assumed was outside the conversation.

Condo living can also buy you something incredibly valuable: time

The potential financial opportunity is interesting, but there are lifestyle reasons I like condos too.

Not everyone wants their weekends dictated by maintaining their property. Some people want the flexibility to lock the door and leave without thinking about the yard or everything that needs to happen outside while they’re gone.

Depending on the building, exterior maintenance, landscaping and common areas are handled collectively. You might also have a gym, pool, rooftop or other spaces that you get to enjoy without individually maintaining them.

There’s something pretty appealing about being able to head out of town for the weekend, travel for a few weeks or spend your Saturday morning at the farmers market rather than dealing with a list of projects at home.

For some people, that freedom is a big part of the lifestyle they’re looking for.

And yes, you can still have outdoor space

This might be one of my favorite misconceptions about condos because I’ve seen so many examples lately that challenge it.

I’ve toured condos with patios big enough to have friends over for dinner, private terraces, little garden spaces and shared rooftops with incredible views. There are also townhome-style condos and smaller communities that feel completely different from living in a high-rise.

If having coffee outside in the morning matters to you, let’s look for that. If you want somewhere to grow tomatoes or have a space for the dog to hang out with you, that might be possible too.

That’s one of the reasons I don’t think you can decide whether you’re a “condo person” based on one idea of what a condo looks like. Condo describes the way you own the property; it doesn’t necessarily tell you what your home is going to feel like.

Then there are the amenities

This is another area where condo buildings can be wildly different.

Some keep things very simple, which can be exactly what someone wants. Others have secure parking, package rooms, fitness centers, pools, guest suites, rooftop decks, community spaces and concierge service. In some luxury buildings, the list goes quite a bit further.

The same is true of HOA dues. I don’t think it’s as simple as seeing a high HOA and thinking “bad” or seeing a low HOA and thinking “good.” I want to know what you’re actually getting for that money and whether those things have value to you.

If you’re already paying for a gym, would love having a pool downstairs, travel frequently or really value secure parking and concierge service, you may look at those dues differently than someone who wouldn’t use any of it. On the other hand, if those things don’t matter to you, there are buildings that don’t have them.

Neither is necessarily better. It’s another part of finding the version of condo living that fits you.

Location is part of the home, too

This might be one of my favorite reasons to consider a condo. Sometimes it can put you right in the middle of the neighborhood where you actually want to spend your time.

Maybe that means being near the waterfront, walking to your favorite restaurant or coffee shop, having easy access to transit or being close enough to walk to a concert or game.

I think we can get so focused on bedrooms, bathrooms and square footage when we talk about real estate that we forget we’re also choosing what our everyday life is going to look like. Your morning walk matters. Your commute matters. Having a neighborhood restaurant where you become a regular matters. Being able to walk out your front door and enjoy where you live matters.

Those things don’t show up in the square footage, but they absolutely have value.

We still have to do our homework

Being excited about condos doesn’t mean ignoring the details. We still need to understand the HOA, reserves, insurance, assessments, rules and what the monthly dues actually cover. We want to know how the building is being cared for and how the association is being managed.

But I don’t think those conversations need to overshadow everything that can be great about condo ownership. They’re simply part of understanding what you’re buying.

And I think that’s ultimately why I keep coming back to condos right now. There are a lot of them available, there are some really interesting properties out there, and the variety is much greater than I think people sometimes realize.

It could be your first home, a place in the city, somewhere to downsize into, a home you can lock up and leave when you travel, an incredible view, or just a great little patio in a neighborhood you love.

Or maybe you’ve never seriously considered a condo at all.

If that’s the case, I wouldn’t necessarily count them out without seeing what’s out there. With the amount of choice in the market right now, you might be surprised by what you find and what might suddenly be within reach.

Let’s go tour some condo’s!

Rachel Jarvis

503-998-6406