Super hot condo market!!!

Who would have thought a few years ago but the condo market in Hugo is red hot!  I just had a buyer looking for a condo basically in the Waters Edge condo development which is just North of Frenchmans Road in Hugo.  Its a newer development that built in the boom years.  As the Great Recession hit and the housing market crashed condo developments like this were some of the hardest hit areas.  Developers had over built condo because if they could sell them they allowed the developer to squeeze the maximum number of units into a certain area.  

So, when the market crashed there was a tremendous oversupply of condos and an overhang of new construction condos that were fire-saled by banks and developers that didn't go under.  Which made existing homeowners that had just bought deeply underwater and in a position that they couldn't sell their property unless they wanted to take a huge loss. 

Add to the fact that in the Waters Edge association there was pending litigation against the builder which made conventional financing almost impossible to get for buyers.  This further depreciated the prices that these condos could sell for.  

Fast forward a couple years... the litigation is over and conventional financing is available again and all of sudden these condos are a hot commodity!  For example, I just had a buyer that was looking to buy a condo to rent out to her daughter in Hugo.  She liked the location of the Waters Edge condos and we started looking.  Every condo we looked at was sold within a day or two.  When she was ready to put an offer in, we found a 3 bedroom 3 bath condo on the market for $199k.  We knew the market was hot and we put in an all cash offer (nice buyer:) and removed not only the inspection contingency but also the review of the condo document contingency because we were familiar with the rules and bylaws and financials of the association.  And we went $10k over list price.  We thought we were a shoe in for getting the offer and guess what, we didn't get it.  

We kept looking and found another condo that the buyer liked in the same neighborhood and basically put in the same offer in another multiple offer situation and got our offer accepted this time.  So, the moral of the story is that the condo market is hot! An amazing turn of events, prices are rising and multiple offers are abundant.  Hugo is hot! Its a great, growing, family friendly area with good schools.  

If you are a condo buyer, beware there is some competiton out there and if you are thinking of selling your condo, it is probably a good time.