Condo living—whether as a primary residence or vacation home—has been growing in popularity throughout 2020 and 2021. ATTOM, property database curator, recently reported that median condo prices were up in more than half of oceanfront communities in August 2021, surpassing the typical $305,000 condo price nationwide.
ATTOM also revealed that median condominium prices increased during the second quarter of 2021 by at least 20 percent.
SoCal has been a region seeing major interest and sales games when it comes to condos, and with so many prospective first-time buyers in the market, we asked California Listings expert agent Fred Dapp for his tips and tricks when considering condo living.
Dapp, who’s current listings include the gorgeous penthouses at Culver City’s ARQ residences, as well as Hollywood and Beverly Hills units, says a major financial consideration when looking at condos needs to be the HOA fees.
“If you’re paying higher HOA fees, make sure the amenities are included,” Dapp says. “Check the building funds, and be sure to explore any possible coverages and insurance—for example, earthquake, fire, etc.”
While sometimes seen as a frustrating add-on to the total bill, Dapp notes that HOAs are ultimately beneficial to your longterm investment, so be sure and read the fine print on exactly what you’re paying for. Additionally, he notes to look closely at the building details, including it’s age, general condition and shared walls. All are important factors in a resale.
Of course oceanfront and full-service buildings increase property value as well. Full-service buildings may mean a higher price up front, but the rewards are limitless. Some of Dapp’s L.A. favorites include the iconic Sierra Towers, 1 Century Drive and Century Plaza, each offering variations of lux amenities including concierge service, pools, rooftops, gyms and entertaining space.
At the end of the day, condos are proving to be a smart option for many facing single-family home inventory challenges and bidding wars.
“Condos in oceanfront areas appear to be right in the middle of the pack when it comes to the ongoing market boom. Broadly speaking, they are worth close to what condos around the nation are worth and are gaining value at around the same pace as all homes in the U.S.,” said Todd Teta, chief product officer with ATTOM.