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Condominiums
Condominiums
have become the preferred type of housing for singles, young professionals
and "empty
nesters" who
have neither the time nor the desire to do yard work. The
sale of condominiums is the fastest-growing area of the region’s housing
market, with the rate of growth averaging between 30 and 40 percent
per year. In
the past few years, dozens of condominium projects have been started
in downtown Milwaukee, reflecting a renewed interest in urban living.
Especially popular are loft homes, which can be found in rehabbed historic
buildings in the Third Ward, Brewers Hill and downtown Milwaukee. In
fact, many of the metro area's recent condo developments are located
along the Milwaukee River in downtown Milwaukee.
Experts
cite several reasons for the heightened interest in condominium living, including
an increasing number of renters who want to become homeowners, more people who
want to own a home but don’t want to do yard work or maintenance, and changes
in the tax laws that make it easier for empty nesters and retirees to trade down
from a large, single-family home to a condominium.
Like house
prices, condominium prices vary widely, depending upon the property’s
location. In general, prices range from $100,000 for a 1,200-square-foot
condominium on the west side of Milwaukee to more than $500,000 for
a two-bedroom condominium overlooking Lake Michigan.
On average,
smaller condominiums (with about 1,200 square feet) range in price from
$80,000 to $130,000. The larger -and more luxurious - condominiums sell
for between $250,000 and more than $350,000.
Condominium
Associations
Condominium
developments are a blend of private property and common areas. This arrangement
allows people to own their own homes and to enjoy amenities such as swimming pools,
tennis courts and landscaped property without having to worry about lawnmowing,
shoveling and other maintenance issues.
Condominium
associations are responsible for maintaining the development’s "common
areas," which typically include the grounds, any shared facilities
and the building’s exterior. These associations collect fees ranging
from $150 to $750 per month to pay for lawn services, landscaping, snow
plowing and other property maintenance. Some of the money is put into
cash reserves for projects, and sometimes association members must pay
special assessments to cover the costs of major projects, such as reroofing
or foundation work.
Nationally,
two-thirds of condominiums are managed by on-site staff or a management company.
About one-fourth of condominium properties are managed by volunteer homeowners
in the property.
Because condominium
developments include shared property, homeowners are more restricted in the structural
changes they can make to their home. As a result, it is important that potential
condominium buyers understand the rules of the development and the structure of
the condominium association.
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