Posted: 23 Jul 2012 05:00 AM PDT
Two West Irvine detached condominiums on the market have the same floor plan, and same listing price of $609,900. But, around their listing price is a single family residence with wood flooring, crown molding and other upgrades. At $639,000, it might end up working cheaper to own a single family residence than a condominium. What compels people to buy the overpriced condominiums when the single family residences are listed for a better price? The community is still the same, and the schools are the same.
Monthly Fixed Expenses: $3,019
Listing Price: $639,900
Monthly Fixed Expenses: $2,956
Owning a single family residence with its own lot is cheaper than owning a condominium in West Irvine. Which one would you? What justifies your decision? Do you think an HOA will keep the community in a better shape than a community without one? If given a choice, I would pick the Single Family residence over the condominium in this case.
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