Did Condos Get Hit Harder Than Houses In The Downturn?

In 2007, I sold my condo and we bought the house of our dreams.  We wanted something that we would be able to start a family in, and the house has served us very well in that regard.

The condo I sold was my first real place, and I left it with great sadness.  Still, I knew that while it was a good bachelor pad, it wasn’t any place to start a family.

The condo was built around 1990.  I think the ‘original’ price was in the neighborhood of $70,000 or thereabouts.  It sold in the early 1990’s for around $80-85k if memory serves.

I bought it in the spring of 1999.  It was listed for $104,900 and I put a full price offer.  There was a second offer, equal to mine, but the seller chose my offer because I was not moving out of another house, therefore I didn’t have another sale in the way of closing.

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Condo Buying Risks & What to Evaluate

I lived in a condo for almost eight years.  As a single guy, having my ‘bachelor pad’ was great and I loved it.  I got my feet wet in home ownership, actually built some equity with a rising housing market, and had a sense of pride that I never had while previously renting.

When looking around, I did a lot of research and knew pretty much exactly what I was getting myself into before I finalized the purchase.  I knew what my mortgage entailed, I understood the rules, I even understood the monthly association fees.

One of the things that I knew about but never really thought too much about, though, was what I now call the ‘wild card’ risk.  That is the special assessment.

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