CNNMoney.com reports that several condo markets in the U.S. are seeing units priced “lower than a Toyota Corolla”, at or even below $25,000 in nice neighborhoods.
Median home prices have fallen about 23 percent during the housing market collapse, but condo prices have suffered even more. According to NAR, nationwide condo prices have fallen about 25 percent since 2007.
NAR reports that in Sacramento, condo prices have plummeted by 59% from where they stood in 2007. In Vegas, where there are more than 200 condos listed for less than $30,000, median prices for condos have fallen by 66 percent.
Most of the condos mentioned in the report are available because of foreclosure or a short sale.
An Aug. 5 New York Times article noted that Asians are particularly active in U.S. residential real estate markets, including condominiums. One Hong Kong-based financier was quoted as saying that it is a highly opportune time to buy in the U.S., especially in cities like New York and Los Angeles where many travel several times a year on business.
NAR says that buyers from Hong Kong and China are the fourth most active group buying residential real estate in the U.S., behind Canada, Mexico and the UK. Foreign investment in U.S. residential real estate for a one-year period ending in March, 2010 totaled $907 billion.