More Americans, & Hawaii residents, turn to CONDOS

[urbanguy]

More Americans, and more Hawaii residents, turn to condos

One in four Oahu residents can now be found living in condominiums, and Coldwell Banker says the Honolulu situation is similar to a trend it's tracking on the mainland.

Sales of new condos across America are running 13 percent above year-before levels according to National Association of Homebuilders figures covering nine months of 2003.

Realtors, who watch existing condo resales, reported last week that condo resales in April ran 24 percent above year-before levels despite the fact that the median price soared to $205,000.

With limited inventory of single-family homes, and those prices soaring even more, it is easy to assume that the condo market is rising simply because many people can no longer afford homes.

But Herb Conley, managing director of Coldwell Banker Pacific Properties, says some of it is about lifestyle.

"The popularity of condo purchases on Oahu demonstrates that for some, a condominium can be a wonderful fit for busy lifestyles," said Conley.

"One of the main attractions to owning a condominium is that it reduces the personal time that you need to spend on the upkeep of a single-family home," Conley said.