If you haven’t lived in or near a metropolitan area, chances are you aren’t keen on the idea of purchasing a condo or townhome. In places where homes are affordable and a yard the staple of a home purchase, few people opt for the multi-unit condo/townhome lifestyle. This tends to build a bias towards home purchasing in those areas, which can often travel with buyers wherever they go. Additionally, this may falsely lead buyers to presume that condos and townhomes are not worth purchasing because they do not hold their value. Quite the contrary in a place like Los Angeles.
Where space is limited, and home prices in suburban neighborhoods a high barrier to entry, condominiums and townhomes thrive. Generally at lower price points, these multi-unit dwellings serve as a great entry point or stepping stone for those searching for a large lot and home. They also provide urban lifestyles in the heart of suburban cities and towns. Places like Santa Monica, Brentwood, Westwood, and Beverly Hills have large price gaps between condos and homes, and condo/townhomes offer convenience via proximity to shops, restaurants and attractions. Condos and townhomes in such areas don’t just hold their value, they are extremely desirable to numerous buyers for a variety of reasons. Places like the Wilshire Corridor are known for high rise condominiums with luxurious amenities and concierge services. So don’t immediately write off the condo or townhome, it might be just the right purchase and investment for you.