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November 21, 2010

There are BIG Condo Bargains now, but how do you pick the right one?
First decide if a condo is right for you. There are the advantages of commonly shared costs, and the disadvantages of commonly shared expenses and a board that decides on things like colors and building architecture modifications, and common area uses. Some of the things most liked are; the common area maintenance responsibility lies with the home owners association, and many associations have insurance on the building and that means discounts on the costs, and common area pools, party rooms and exercise facilities.

Things to look for are "location, location, location" look for a condo in an area that has things like shopping, theaters, walking trails, and green spaces. Other things to look at, are the over-all maintenance and curb appeal, and during the escrow period take a careful look at the home owners association rules and regulations and the last 6 months of meeting notes and the financials of the association. Developments like Renaissance and La Jolla Colony in the UTC / University City area of San Diego offer many of these advantages. In La Jolla the South Point complex as well as others offers many of these advantages. Smaller complexes in the Village of Lo Jolla, La Jolla Shores and Bird Rock areas offer many of some the advantages. In The Shores the "Clubdominium" complex while a little bit older and the unit you choose might need some upgrades but most everything mentioned above as a special feature can be found in this complex.

Think walking. The national population is aging. As that aging happens fewer home owners want to be responsible for building and landscaping maintenance. People that are retiring have time for community activities and often a condo community can be a source of social interaction. Shopping, entertainment and restaurants only a walk away along with libraries and parks are important features to look for. Think Walking locations.

Another type of condo is an investment/rental condo may be a consideration, at these prices. I'll write more on this tomorrow.



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