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Saturday
Nov052005

Condos: Location, location, location!

I just found this great quote from Brad Beggs, Principal at St. Louis consulting firm Development Strategies.

"Location is paramount to the condo buying decision, allowing groups of individuals to buy a much better location than most could afford in a single-family home. The product that has sold the fastest is located where people want to be--not just Miami Beach, along Central Park or Las Vegas, but in almost every vibrant downtown and in the best neighborhoods in cities across the country." (emphasis added)

Perhaps most intriguing is the suggestion that the "best neighborhoods" are good locations for condos. I have a friend who lives in an apartment building nestled into a charming historic neighborhood on 6th and Pennsylvania in Denver...that's the kind of location we're talking about for both conversion and "best neighborhoods."

denver_2005_001.JPG

These apartments are on Pennsylvania Street in Denver. The house next door would probably sell for $350,000 or more.

In Indianapolis, this might be more condos in the Old Northside, or Meridian-Kessler, or Broad Ripple, or even Nora (within 1/4 mile of the Monon). Someone might even insert condos into gold-paved Meridian Street itself, allowing folks to live in those areas for less than a mil. (Don't tell the neighbors)

 

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