{"id":29442,"date":"2017-04-07T13:37:42","date_gmt":"2017-04-07T17:37:42","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=29442"},"modified":"2017-04-11T10:28:22","modified_gmt":"2017-04-11T14:28:22","slug":"market-condominiums-strong-boosted-desire-live-maintenance-free-lifestyle","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/04\/market-condominiums-strong-boosted-desire-live-maintenance-free-lifestyle\/","title":{"rendered":"Market For Condominiums Is Strong, Boosted By Desire To Live Maintenance-Free Lifestyle"},"content":{"rendered":"
\"\"
Julie Bonacio of Julie & Co. Realty says rooftop terraces like this are popular with condo tenants. This one is at Park Place Condos, 268 Broadway in Saratoga Springs.
Courtesy Bonacio Construction<\/figcaption><\/figure>\n

By R.J. DeLuke<\/span><\/p>\n

Sales of condominiums and townhomes are brisk in Saratoga County, local real estate agents say. They have their own particular brand of customer and thus their availability does not affect the sale of single-family homes, whether existing or new construction.<\/span><\/p>\n

The people who are buying condos are a mix of retirees, young professionals and those who use them as a second home, according to Janet Besheer, owner of Equitas Realty, and Julie Bonacio, founding owner of Julie & Co. Realty<\/a>. <\/span><\/p>\n

\u201cIn general, it goes back to maintenance-free living,\u201d said Besheer. \u201cPeople want more of a turnkey environment. They don\u2019t want to have to do anything to the outside … You can just live and play.\u201d<\/span><\/p>\n

Bonacio said people buying condos are attracted by the low maintenance. \u201cThey don\u2019t have to worry about snow plowing or raking leaves. Also, they can shut the door and travel when they want to.\u201d<\/span><\/p>\n

Condos and townhouses are about 25 percent of the inventory for Equitas, Besheer said. But there are a lot of new, large, single-family homes that are being built in the area on large lots.<\/span><\/p>\n

\u201cThere\u2019s still a market for people who want a larger home with some privacy,\u201d she said.<\/span><\/p>\n

By moving into a condo in the city, customers \u201cwant to be close to the action. They don\u2019t want to have to drive. They want everything at their fingertips,\u201d she said.<\/span><\/p>\n

There is also a tax benefit in downtown Saratoga Springs. Besheer said for people who buy a condo that has a commercial element to it, the commercial tenants are paying most of the taxes. \u201cThere is benefit to buying a $500,000 condo compared to a $500,000 home. The taxes on the condo are almost cut in half,\u201d<\/span><\/p>\n

Some people in housing developments built years ago purchased the homes to be outside the city and have some land. Over time, some of those people wanted to move back to the city. That started the trend of all the condos and the high-rise buildings that started to crop up in the area \u201cthat we didn\u2019t have before,\u201d Besheer said.<\/span><\/p>\n

\u201cThis whole new urbanization of downtowns\u201d has happened in Saratoga, but also in cities like Albany, Troy and Glens Falls, she noted.<\/span><\/p>\n

\u201cWe have a lot of young professionals, both are working. They are making god salaries and they don\u2019t want to do the maintenance work,\u201d she said.<\/span><\/p>\n

Being in walking distance to downtown is important, said Bonacio.<\/span><\/p>\n

\u201cThey can go to the fabulous restaurants and boutiques\u201d and other downtown attractions.<\/span><\/p>\n

\u201cPeople love to be able to walk places … It\u2019s a lifestyle,\u201d she said.<\/span><\/p>\n

Those in the downtown area can take part in the Victorian Street Walk or Chowder Fest and then go home. They invite friends up to experience those events and they stay overnight. <\/span><\/p>\n

Bonacio agreed that condos and townhomes don\u2019t adversely affect the single-family home market.<\/span><\/p>\n

\u201cThere\u2019s a market for everything,\u201d she said. \u201cThere\u2019s enough to go around.\u201d<\/span><\/p>\n

Bonacio Construction, owned by her husband Sonny, is still building condos\u00a0 <\/span>in the area. \u201cIt\u2019s going great. There\u2019s a strong market for them.\u201d<\/span><\/p>\n

She noted Bonacio condos are pet friendly, which is attractive to people. Some also have rooftop terrace spaces that are popular. People are putting in outdoor kitchens or growing plants. The availability of space for those types of activities is a selling point.<\/p>\n","protected":false},"excerpt":{"rendered":"

By R.J. DeLuke Sales of condominiums and townhomes are brisk in Saratoga County, local real estate agents say. They have their own particular brand of customer and thus their availability does not affect the sale of single-family homes, whether existing or new construction. The people who are buying condos are a mix of retirees, young […]<\/p>\n","protected":false},"author":89,"featured_media":29519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-29442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-real-esate"],"yoast_head":"\r\nMarket For Condominiums Is Strong, Boosted By Desire To Live Maintenance-Free Lifestyle - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/04\/market-condominiums-strong-boosted-desire-live-maintenance-free-lifestyle\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Market For Condominiums Is Strong, Boosted By Desire To Live Maintenance-Free Lifestyle - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By R.J. DeLuke Sales of condominiums and townhomes are brisk in Saratoga County, local real estate agents say. They have their own particular brand of customer and thus their availability does not affect the sale of single-family homes, whether existing or new construction. 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