Changing cultural attitudes and skyrocketing home prices have boosted demand for condominiums this year, experts say. For many young adults, condos are the only affordable path to homeownership in urban areas near jobs and entertainment.
DAILY REAL ESTATE NEWS | FRIDAY, MARCH 22, 2013
"Location, location, location near public transportation" may be the new real-estate mantra according to a new study released today by the American Public Transportation Association and the National Association of REALTORS®. Data in the study reveals that during the last recession, residential property values performed 42 percent better on average if they were located near public transportation with high-frequency service.
"When homes are located near public transportation, it is the equivalent of creating housing as desirable as beachfront property," APTA President and CEO Michael Melaniphy said.
What Consumers & Real Estate Agents Should Know
While not a new concept for veteran real estate agents, the terms "off-MLS" or "pocket" listings may be an unfamiliar phrase to many consumers and some newer agents. Home sellers and agents should nevertheless be aware that the practice can adversely affect their goal of getting the best price reasonably possible for their homes.