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Many real estate experts feel optimistic that the townhouse market will improve shortly. According to the January 2015 Realtors Confidence Index, there is hope that the market will rebound within the next six months. One of the leading reasons for this belief is the heightened interest in “walkable” and “smart” communities. More and more people want increased social interactions and a neighborhood where local government, businesses, and other groups work together with the help of information technology.
Certain states, including California, are seeing employment growth from technology and the oil industry. These will be the areas with the highest townhouse demand. Also, places with manufacturing and international residents will have a high demand as well. This means Michigan and Florida will be more open to townhouse communities than other states.
One of the few factors that may hamper townhouse and condominium demand is limited financing. Many of these housing units do not comply with FHA eligibility criteria. Only 30 percent of condos are FHA approved. In response, the Orange County Association of Realtors launched a campaign to educate and encourage condominium homeowner associations to become FHA certified so that a higher amount of qualified buyers become attracted to their buildings.
In order to overcome these obstacles, realtors must get more creative as they help homebuyers find a starter home. It is necessary to practice patience and present more feasible options to clients. If FHA certification becomes readily available, the market is sure to receive a much needed boost, especially within the townhouse sector.
So what’s the market like for townhouses and condos in Redondo Beach? There are currently 29 townhomes on the market in Redondo along with 21 condos. A little farther south on the Palos Verdes Peninsula, there are currently 7 townhouses and 23 condos for sale.
Interested in buying a townhouse or condo? Give us a call today.
