Saratoga Condo Market
Saratoga Real Estate Trends Show Condo Market On The Rise
A new trend has also developed in the Saratoga real estate market. Not only are local buyers purchasing Saratoga homes for sale, but a report released by TL Metzger & Associates in March 2008 is showing that condo sales are on the rise!
"Certainly the development of new condo communities is really picking up speed," said real estate agent Erika Dietz from TL Metzger & Associates. "It's often about more 'urban living,'" she explained, "Being able to walk out your front door and go to the coffee shop, or the bookstore, or out to dinner."
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The Metzger Urban Condo Report shows Saratoga condo prices are not following the declining trends of many other condo markets in the nation. Saratoga Springs condo prices continue to witness record highs, despite surrounding market fluctuations.
"In large part, it's a lifestyle choice," said Dietz, pointing out the appeal of maintenance-free living. "Condo owners can expect to spend far less time and money maintaining their home, and perhaps enjoy more leisure time," she said.
Buyers are not only purchasing residential condos, but the commercial condo market in Saratoga is also booming.
"We represent Sonny Bonacio," said Roohan, "and for the first time in our area, there are commercial condos available. This works great for lawyers, dentists, engineers and other business professionals who are excited about owning their own space without a lot of upkeep."
High-end condos in Saratoga are valued far above those in the surrounding communities. The highest price paid for a condo in the Capital Region, according to the Metzger report, was $1,070,454 in Saratoga. The average price in the Saratoga condo market last year was $564,808.
Dietz explains that Saratoga condo prices are consistent with real estate pricing trends for non-condo properties in the area. "Non-condo single family homes in Saratoga are generally valued higher than in other surrounding areas," she said, "so it makes sense that condos would follow suit."