Buyers are smart:
Q: I want to own something because it makes much more economic/tax sense, but I’m single and really like living in Midtown because I can walk to work and the park and restaurants and such. I know buying a single family detached house is the best bet from an economic perspective, but it just doesn’t suit my lifestyle right now. I have heard buying a condo in a high-rise building is a very bad decision because it will be very hard to sell and get your money out of it down the road. Do you agree with that? Would I at least be able to get out the money I put into it if I bought a condo and lived there 2 to 3 years. (more…)