Oakland, Cape Coral, Austin, San Francisco, Denver, Tampa, Seattle, New York City, St. Petersburg, Fort Myers, Sarasota, Boise, Jacksonville, Detroit, New Orleans, Portland, Arlington (TX), Naples, Mesa, Aurora (CO), Reno, Scottsdale, Phoenix, Orlando, Garland
By Wolf Richter for WOLF STREET.
Condo prices in Killeen, TX, a little over an hour north of Austin, have collapsed by 40% since the peak in mid-2022 and have given up the entire 52% spike from mid-2020 to mid-2022, plus some. The spike had been driven by FOMO-madness and the Fed’s Free Money policies. This is one of the fastest-growing cities around; its population has surged by 35% in the past 15 years to 160,000 in 2024.
But Killeen and other cities like this with condo markets in free-fall don’t qualify for our list here because they’re too small.
Several additional cities made it onto this list because the August price drop brought the total price drop from the peak to 12%, including Phoenix, AZ, and Orlando, FL.
Some of the markets on this list peaked in 2022, others peaked later. Arlington, TX, peaked in June 2024, and condo prices have since then dropped 14%, including another 0.7% in August.
The 25 bigger cities with price declines of 12% to 27% through August:
- Oakland, CA: -27%
- Cape Coral, FL: -27%
- Austin, TX: -25%
- St. Petersburg, FL: -24%
- Fort Myers, FL: -21%
- Sarasota, FL: -20%
- San Francisco, CA: -16%
- Jacksonville, FL: -16%
- Denver, CO: -15%
- Naples, FL: -15%
- Tampa, FL: -15%
- Boise, ID: -14%
- Detroit, MI: -14%
- Arlington, TX: -14%
- Seattle: -14%
- New Orleans, LA: -13%
- Reno, NV: -13%
- Portland, OR: -13%
- Aurora, CO: -13%
- Mesa, AZ: -12%
- Scottsdale, AZ: -13%.
- New York City: -12%
- Phoenix, AZ: -12%
- Orlando, FL: -12%
- Garland, TX: -12%
But from the beginning of 2020 through mid-2022 condo prices had exploded in many of these cities by 50%, 60%, or more than 70%, in just two-and-a-half years, forming fantastic condo bubbles, and now these bubbles are deflating, visualized in the charts below.
What caused those bubbles was the astounding buying behavior of FOMO and investor-mania born out of the Free-Money era. When money is free, prices don’t matter. And mania rules. But money is no longer free.
The price explosion in 2020-2022 came on top of years of price surges, and combined, they blew all fuses: In the 10 years to the peak, prices exploded by 200% (Jacksonville, Tampa), by 260% (Arlington, TX), 300% (Detroit, Aurora, CO), or even 350% (Phoenix, Mesa, AZ).
Month-to-month, 22 of the 25 cities here experienced price declines in August from July (the exceptions: New York City, unchanged; New Orleans +0.1%; Boise +0.1%), topped off by these cities.
These month-to-month movements are not seasonal because the indexes are seasonally adjusted:
- Cape Coral: -1.9%
- St. Petersburg: -1.9%
- Fort Myers: -1.8%
- Oakland: -1.7%
- Sarasota: -1.3%
- Tampa: -1.3%
- Naples: -1.1%
- Jacksonville: -1.0%
Year-over-year, 23 of the 25 cities here experienced year-over-year price declines in August (exceptions: Boise unchanged, New York City +3.4%), topped off by:
- St. Petersburg: -15.4%
- Fort Myers: -15.2%
- Arlington, TX: -14.0%
- Sarasota: -12.7%
- Oakland: -12.1%
- Jacksonville: -10.8%
- Naples: -10.1%
- Tampa: -10.0%
- Orlando: -9.7%
- Aurora, CO: 8.0%
- Denver: -7.7%
In some densely populated cities, such as San Francisco, condos often make up a bigger part of home sales than single-family homes.
Methodology and data: These prices here are seasonally adjusted three-month averages of “mid-tier” condos and co-ops in “cities” (not in Metropolitan Statistical Areas) from the Zillow Home Value Index (ZHVI), which is based on millions of data points in Zillow’s “Database of All Homes,” including from public records (tax data), MLS, brokerages, local Realtor Associations, real-estate agents, and households across the US. It includes pricing data for off-market deals and for-sale-by-owner deals. These are not median prices.
The Condo Bust in pictures:
In the little tables for each city below, the metrics from left to right: price decline from the peak, change from prior month (MoM), change year-over-year (YoY), and remaining increase since January 2000.
The drops are not seasonal because the index is seasonally adjusted.
| Oakland, CA, City, Condo Home Prices | |||
| From May 2022 peak | MoM | YoY | Since 2000 |
| -27% | -1.7% | -12.1% | 156% |
Lowest since December 2015, nearly 10 year ago. In each of the last four months, prices dropped by 1.7% or 1.8%. That’s approaching a free-fall!
| Cape Coral, FL, City, Condo Prices | |||
| From July 2022 peak | MoM | YoY | Since 2000 |
| -27% | -1.9% | -15.2% | 149.6% |
A fast dive, but it still only worked off two-thirds of the Free-Money FOMO-made spike.
| Austin, TX, City, Condo Prices | |||
| From Jul 2022 peak | MoM | YoY | Since 2000 |
| -25% | -0.5% | -5.9% | 113% |
Lowest since April 2021.
| St. Petersburg, Fl, City, Condo Prices | |||
| From Oct 2022 peak | MoM | YoY | Since 2000 |
| -24% | -1.9% | -15% | 198% |
Still only back to September 2021. That 1.9% plunge in August followed a 2.0% plunge in July and a 1.8% plunge in June.
| Fort Myers, FL, City, Condo Prices | |||
| From July 2022 peak | MoM | YoY | Since 2000 |
| -21% | -1.8% | -15% | 138% |
| Sarasota, FL, City, Condo Prices | |||
| From Jul 2022 peak | MoM | YoY | Since 2000 |
| -20% | -1.3% | -12.7% | 151.4% |
Lowest since December 2021. That 1.3% drop in August followed a 1.5% drop in July, and a 1.3% drop in June.
| San Francisco, CA, City, Condo Prices | ||||
| From May 2022 peak | MoM | YoY | Since 2000 | |
| -16% | -0.3% | -1.7% | 139% | |
Lowest since February 2015.
| Jacksonville, FL, City, Condo Prices | |||
| From Nov 2022 peak | MoM | YoY | Since 2000 |
| -16% | -1.0% | -10.8% | 156% |
| Denver, CO, City, Condo Prices | |||
| From Jul 2022 peak | MoM | YoY | Since 2000 |
| -15% | -0.7% | -7.7% | 138% |
Lowest since May 2021.
| Tampa, FL, City, Condo Prices | |||
| From Sep 2022 peak | MoM | YoY | Since 2000 |
| -15% | -1.3% | -10.0% | 270% |
| Naples, FL City, Condo & Co-op Prices | |||
| From Aug 2022 peak | MoM | YoY | Since 2000 |
| -15% | -1.1% | -10.1% | 161.1% |
Lowest since February 2022.
In the two years to the peak, prices exploded by 73%, driven by FOMO-mad buyers and Free Money.
| Seattle, WA, City Condo Prices | |||
| From Jun 2022 peak | MoM | YoY | Since 2000 |
| -14% | -0.5% | -5.1% | 137% |
Lowest since September 2017.
| Boise, ID, City, Condo Prices | |||
| From Jun 2022 peak | MoM | YoY | Since 2001 |
| -14% | 0.1% | 0% | 221% |
| Detroit, MI, City, Condo Prices | |||
| From Sep 2021 peak | MoM | YoY | Since 2000 |
| -14% | -0.4% | -3.3% | 267% |
Where prices had first been in November 2018.
| Arlington, TX, City, Condo Prices | |||
| From Jun 2024 peak | MoM | YoY | Since 2000 |
| -14% | -0.7% | -14.0% | 239% |
Back to April 2022. Half of the 262% price increase in the 10 years to June 2024 came during the four years from mid-2020 through mid-2024.
This is one of the few cities where the drop from the peak was faster than that portion of the rise to the peak.
| Portland, OR, City, Condo Prices | |||
| From Jun 2022 peak | MoM | YoY | Since 2000 |
| -13% | -0.6% | -4.9% | 110% |
Lowest since June 2016.
| New Orleans, LA, City, Condo Prices | |||
| From Jun 2022 peak | MoM | YoY | Since 2000 |
| -13% | 0.1% | -1.7% | 99% |
Back to October 2021.
| Reno, NV, City, Condo Prices | |||
| From Jun 2022 peak | MoM | YoY | Since 2000 |
| -13% | -0.7% | -3.3% | 249% |
| Aurora, CO, City, Condo Prices | |||
| From Jul 2022 peak | MoM | YoY | Since 2000 |
| -13% | -1% | -8% | 207% |
| Scottsdale, AZ, City, Condo Prices | |||
| From Jul 2022 peak | MoM | YoY | Since 2000 |
| -13% | -0.4% | -4.8% | 197.1% |
| New York, NY, City Condo Prices | |||
| From Jul 2022 | MoM | YoY | Since 2000 |
| -12% | 0.0% | 3.4% | 225% |
Back to late-2017. But over the past six months, prices have essentially not changed, after the spurt from January 2024 through February 2025.
| Mesa, AZ, City, Condo Prices | |||
| From Aug 2022 peak | MoM | YoY | Since 2000 |
| -12% | -0.1% | -4.5% | 209% |
| Phoenix, AZ, City, Condo Prices | |||
| From Aug 2022 peak | MoM | YoY | Since 2000 |
| -12% | -0.4% | -5.3% | 238% |
| Orlando, FL, City, Condo Prices | |||
| From Jan 2024 peak | MoM | YoY | Since 2000 |
| -12.0% | -1.0% | -9.7% | 163.0% |
| Garland, TX, City, Condo Prices | |||
| From July 2022 peak | MoM | YoY | Since 2000 |
| -12% | -0.4% | -4.8% | 197.1% |
Condos have some special issues on top of the issues that single-family homes face:
- Too-high prices that exploded over the past few years, driven by FOMO-mad buyers, including investors.
- Hefty special assessments for long-neglected big repairs.
- Brutal increases in HOA fees at many properties, in part driven by spiking insurance costs.
- Fannie Mae’s ever-expanding Condo Blacklist that makes financing a unit that is on it very difficult.
- The end of Free Money: Mortgage rates are roughly back to a normal range.
- Foreign-based owners who’ve had it and want to sell.
- Investors bailing out of condo rentals as they face competition from an onslaught of new higher-end apartment buildings that developers are trying to find tenants for.
And in case you missed it: The Most Splendid Housing Bubbles in America, Aug 2025: Price Drops & Gains in 33 Large Expensive Metros. Overall US Home Prices Fell YoY
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Isn’t anything beyond 30% is considered a crash? In the case below, I think it’s fair to call it a crash, no? I am sure plenty of house humpers will have a way to defend it something to the effect of not in my area or this is just cherry picking certain areas, or whatever else they can come up with to mental gymnastic their way into housing is a no loss proposition.. although the top 5 in major metro areas are not that far behind that magical 30% mark. Sadly, as of now, none of the SoCal made the list….YET….time will tell.
“Condo prices in Killeen, TX, a little over an hour north of Austin, have collapsed by 40% since the peak in mid-2022 and have given up the entire 52% spike from mid-2020 to mid-2022”
…Killeen is side by with Ft.Cavazos/Hood. Curious about who’s been buying these-military, or civilian, or military/civilian renters…
may we all find a better day.
Good luck Dustoff, you are a good man in many many ways.
…and to you, my friend, and to you…
may we all find a better day.
Who ever it was, was speculating and/or incredibly uninformed in the era of the internet (no knowledge of 2008 implosion dynamics, no knowledge of absurd/insane pandemic run up, no sense that additional housing might ever be built in vastly empty Texas, etc. etc.)
I get the sense that you might be worried about young military families getting suckered into horrible investments – and that is fair (but see first paragraph).
But there are also plenty of active duty mil families/singletons who use their tax free housing benefits to play risky/speculative real estate games.
Ditto military retirees with defined benefit pensions and perhaps a history of getting lucky playing risky real estate games from active duty years and leaning hard on VA mortgage bennies…
…suspect the speculation in a ‘company town’, such as this. (…gamers/get-overs gonna game, regardless of their social cohort…).
may we all find a better day.
Pretty sure it’s 20%.
Condos are the first shoe to drop.
Condos are the canary in the coal mine – and that canary ain’t movin’!
He is pining for the fjords.
Or emulating his distant cousin, The Monty Python Parrot…
I think Houston Condo Prices are not on your list because sellers (Real estate agents) expectations of equity windfalls. They take their homes off the market when they don’t get offers that meet their expectations. But, my thinking is that the fossil fuel industry has only just consolidated up to this point and now the downsizing has begun as indicated by last month’s published unemployment data where Texas negatively skewed the report. Contrary to “DrillBabyDrill,” current proven reserves and production rates indicates the party is over and OPEC (Saudi’s) is moving in for their subsequent market share increase so without very unlikely progressive top leadership, Texas could fall over the next 10 years; with it fee-for-service (Oil Companies won’t do fee for service) wind, solar, battery, enhanced geo-thermal, autonomous cars and semi’s, sodium fuel cells, and/or CO2 enhanced oil recovery (carbon capture) carbon sequatration Texas (Houston) will attempt to recover but much more likely Houston Condo’s will become housing for the homeless.
“I think Houston Condo Prices are not on your list because sellers (Real estate agents) expectations of equity windfalls.”
No, LOL, they’re not on my list because they haven’t quite made the 12% cut-off yet, but are making good progress toward it:
-0.5% MoM
-6.6% YoY
-9.2% from the peak.
I bought my first house in phoenix area in 2009. 2800sqft 4 bed 3 bath for 120k @ 5.2% on short sale at 29yo. The first time houses were affordable. I was making $18/hr. year later I refinanced at 3.25%. In 2017 ended up moving back to hometown in midwest. Had to buy two years ago 1900sqft for 265k @ 6% making $25/hr. I am waiting for this crash to refinance at a decent rate. Same rate as my first house refi would save $400 per month.
My 25 year old nephew just bought a condo in Titusville. My brother said “he spent $240,000 for an $80,000 condo”. His mortgage, with amenities like insurance and HOA, runs just north of $2k. He has a full-time job as a technician with Blue Origin. And, his blushing bride, is happily pregnant. He put his young head in a pretty tight noose.
He will be fine after a few promotions. I think you are forgetting that wages have risen substantially since two decades ago when condos in that area were 80K. There are now many households with wages that can support mid 200Ks pricing.
Sounds like a happy and successful adult. $2k is a very reasonable housing payment these days.
Marry the house, date the rate,…get raped by the realtor/seller.
Either that or married the house but be prepare for one abusive relationship…
Reno back in the news again. I am an active agent in Reno also an avid reader here thank you Wolf. There is one new trend I’m seeing. My listings are getting more and more offers with the Buyer needing to sell their home first then closing on the second known as a ” contingent offer”. This sort of offer was mostly rejected until this year. Why would a seller wait around for 45-65 days to close when they had many more clean offers to accept including a fast close cash deal. Well now it could be the only offer you would get and needs to be considered. Out of two “contingent offers” I have put in escrow in the last 6 mos one closed and the other blew up as the other buyers backed out and they were buying a condo my Buyers were selling.
Why not just reduce the price enough to get a non contingent offer?
I’m seeing lots of contingent offers fall through. Bad for seller. As you say, 45 days gets wasted, plus the home develops a taint that won’t go away costing 5-10% of the original purchase price. Following buyers are going to lowball after the deal falls through. Better off just selling clean to a realistic buyer.
Agreed. It went back on market and got an offer in 2 days, not contingent. The price was already the lowest for the size and we figure it would get shown even if it was not just what some Buyers are looking for considering the price. There is just very few buyers looking and you need to be The best value to catch possibly the only Buyer out there for this area.
Would be interesting to see a line showing the CPI change over the same period to see how these condo prices compare to general prices.
Compared to these condo prices, the CPI would be a nearly flat line near the bottom of the chart.
CPI increased by 38% in 10 years. The condo prices increased by 200-350% in 10 years.
I did’nt notice San Diego on the list. Are condo prices holding up in San Diego?
They just didn’t make the 12% cut-off yet, but they’re making good progress toward it:
-0.7% for the month
-5.6% YoY
-5.7% from the peak in July 2024.
All of Coastal Southern California looks similar.
We own a condo in Southern CA with an ocean view. It is in a very nice/quiet area and we have beach access. Prices have dropped back to 2016 levels.
Out of curiosity, what part of So Cal is that condo in because that is far from what I see at my properties in North San Diego/Carlsbad. In 2016 you could buy my condo in Carlsbad for around $415K. Neighbor just sold same model 2 weeks ago for $756K so while I have been seeing drops (down over 60K from 2 years ago) it is nowhere near 2016 levels. Would love it to be though as that would be a great buying opportunity.
Additionally, my house is still $500K over 2016 levels as well as the comps on the same street.
If you are curious, you can google this address (publicly available) and look at zillow:
32646 Coastsite Dr UNIT 204
Thank you for sharing. Looked at past history and still looks to be about $150K above 2016 levels based on Zillow and Redfin.
For anyone else who is interested in some personal examples of price changes in the last few years, here is a house address in my development. 1204 Lanai Ct, Carlsbad, CA 92008
Just sold for $2.1M, which is ~$800K above 2016/17 and down about $400K from what comps sold for a few years ago. See Zillow/Realtor etc for approximate numbers.
Terrahawk,
Is the building on the Fanny Mae blacklist?
nice area, great weather and I ride my MC up east road often…very nice, IMHO maybe still not worth paying that HOA but I can understand why some would be more ok with that. At least the view, the weather is there….although maybe at a risk of landslide and also the ground sinking in given what happened recently.
@Justin, definitely a nice house….always amazing to see how much people willing to go in debt to buy their own dream pad…
Looking at this, looks like owner put 50% down or close to it and mortgage for $1.1M, the last owner took out a $1.5M loan….guess plenty of rich people in SoCal that don’t mind having a 5 figure monthly housing cost and with huge amount going to interest for a very long time..
@Lanai Court fans…..it’s right on I-5, and with the breeze blowing out of the west most of the time, that noise is a huge downside.
I would expect that house to sell for a significant discount to houses with less exposure to the noise.
As far as I can tell, it is not on the Fanny Mae blacklist.
@ Justin
2.1 million for a house 250 feet from a busy freeway is nuts, the noise and particulate pollution in a location like that would be a permanent weight on resale value.
Really? I find that hard to believe as much as I would love to, especially since I have been seeing plenty of small, crapshack or condo still mostly listed in Long Beach asking for $1M and above and pretty far away from the beach…and let’s face it Long Beach ain’t no Manhattan beach..so there’s that
Our complex was built in 1960 which is both good news and bad news. Monthly HOA fees are $1k so that is part of it. The condo to the right of us sold for $800k in 2016. At the Covid peak, the condo to the right sold for $975k. Some of the condos are now listed for $850k or less.
“Monthly HOA fees are $1k so that is part of it.”
ohh….yeah that’s a big caveat….and knowing HOA can only go up and never go down….that’s a big factor in demand…imagine paying for an expensive mortgage then having to pay almost like a monthly rent on top, and then add in Property tax, insurance and others…you get the idea.
Condo HOA includes insurance. Usually that is the biggest portion of the expense.
HOA also pays for exterior maintenance. On a detached dwelling you are either trimming your own bushes & replacing your own roof, or paying someone else on top of your mortgage / insurance / tax.
Property tax rates are the same for condos & detached houses.
It’s fine to dislike condos but don’t act like SFR’s are magically expense-free.
Motor City can’t even stabilize with tariffs. 😣
1. Not much manufacturing taking place in Detroit anymore — and hasn’t for decades.
2. Lower condo prices after a ridiculous spike is what is supposed to happen. Inflated housing costs suck the bejesus out of the local consumer spending, which is misdirected into higher property taxes, higher insurance, higher HOA fees, higher transaction costs, etc.)
Yes, I too thought I was mistaken because the only person I know in Detroit had family that works for Ford. (Not sure what sort of bias it is when one data point is used to represent the entire population.)
But the AI is siding with me on this one. Michigan is indeed still very dependent on car manufacturing, and yet the Detroit condo market won’t respond to the expectation of tariffs. Shouldn’t that be an opportunity?
1. Can you not tell the difference between “Detroit” and “Michigan?”
2. most of the auto manufacturing and component manufacturing for cars sold in the US takes place in Mexico, the Southern US, including Texas, in some other US states, such as Kansas, California, Ohio, other US states, plus South Korea, Canada, and China.
3. NO ONE is building new plants in Detroit. They’re getting built in other places in the US.
50 years ago, most of it took place in and around Detroit. Detroit lost this business. Even design and engineering centers moved away from Detroit to places like China and Silicon Valley.
4. Tariffs are not supposed to shift production to “Detroit” but to the “US,” and they’re doing that.
5. I normally just delete AI bullshit because I’m not going to waste my time with this braindead BS.
As the resident expert on all things Detroit, also knowing Wolf doesn’t spend time on the Detroit market, I feel like I have to jump in here.
“Shouldn’t that be an opportunity?”
Oh hell no. City of Detroit and inner ring suburbs are an absolute wasteland of real estate opportunities.
So many have wandered in, never to be seen again.
Best advice, don’t do it, don’t even think about it.
Don’t let the low prices and abundant listings fool you.
Unless you enjoy pain and losing money.
I’m in the old suburbs, 1950’s tract housing,
3 bd, 1 ba, 1000’2, basement, garage, 60’x80′ lots
House next to me just sold at 125k
As it did 2004.
The condos are no better.
I can get you a 2bd for 70k
There is no hope here.
The auto jobs are long gone.
I wouldn’t even accept a condo for free. “Special assessment” and “HOA board” are horror terms many who buy will become intimately familiar with.
HOA fees are generally quite lower in Tennessee, as is most insurance. I rent a single family in a middle income neighborhood in HOA of 24 homes…HOA fee of $65 monthly. Seems all they do is mow everyone’s lawn and if you leave your gate unlocked the lawn team services any fenced areas, too. Knoxville’s vaunted “Urban Wilderness” is comprised of expensive nevet ending rambling wild forested areas that are interconnected almost reaching into downtown and University of Tennessee with extensive biking trails that are just just down the street from the HOA. A second rental I have is $118 but that is actually low because being in Knox county but not Knoxville city proper, the city does not provide trash collection. But then you only paid county real estate taxes not city, which are $500 yr vs about $1300. This home is in the wealthy Farragut area with a highly rated school system. Rental applications poured in just to get into the school system. Regarding insurance and cost of living: I pay half car insurance vs what I paid in Massachusetts, electricans charge $55/hr in Knoxville vs $110 Massachusetts, Medicare rates for 20% Medicare doesn’t pay are substantially lower than in Massachusetts (dont recall the MA qoutes). In contrast, I see a condo association down the street from where I lived in Massachusetts now has $500 monthly fee.
We appraised a Condo in DC in a nice area where a list of 30 or more owners who’s names were posted in the lobby who were behind on paying their condo fees. Great optics for anyone thinking of buying in there.
Paying $500,000 for a condo in Austin, Texas is the craziest thing I’ve ever heard of.
Wolf,
Just curious how close Dallas and Fort Worth are to your 12% cutoff?
Dallas: -8.7% (-6.4% YOY)
Fort Worth: -6.9% (-6.% YOY)
There was a young man on Reddit asking of he should sell a house he bought as a rental because he was losing 400 a month it. Every single person told him to sell but he’s deciding to wait it out because home always appreciate.
Think I saw that and this is not even in REbubblejerk sub, if he asked the question there, I am sure most will probably tell him to HODL and value will shoot back up in no time .
I was hoping “There was a young man on Reddit” was the start of a Limerick.
There was a young man on reddit
Bought a huge condo now regreddit
He trying to sell
Buyers just say what in hell
Now he wish he had said fuggedit
🤣❤️
There is a difference between between “losing” $400/mo, and being cash-flow-negative while still being profitable.
Obviously he is not going to sell his property, because he bought it knowing full well he would “lose” $400/mo but expecting to recover that, eventually, from price appreciation at sale.
Presumably the property is worth less than what he paid, so his long-term-price-appreciation thesis would be even stronger today than it was at purchase.
Condos are holding up pretty well here in the Swamp. Reason: no one can afford townhouses and have to settle for a condo. Condos are affordable, still. Also, since the pandemic ended, traffic is horrendous, and people will settle for any housing that mitigates these long commutes.
Wolf, just curious if Puerto Rico has good data for you to source and consider including. Asking for a friend, who moved there and is religious about PR.
Hello from Manhattan, friends.
Sorry, I don’t have data for Puerto Rico.
The combined impact of those ‘special issues’ will continue to power the slide. Condo investors can no longer rely on ‘number go up’ to get their condo investments to pencil out.
Your charts are priceless. What were ‘we’ thinking?!
Wolf, forgive me for being nitpicky but in your MtM and YoY lists there are a couple of typos:
“Fort” Meyers
“Saint” Petersburg
What role do increasing HOA fees play in all this? In Oakland I see increasingly reasonable prices on Condos but then when you factor in the massive HOA it no longer looks like a good deal
HOA fees are one of the listed issues at the bottom.
I remember back in 1992-94 in Southern California there were condo construction defect suits all over the place from developers who threw them up in the 1980s. All kinds of special assessments. Buyers were running from them. Sellers were desperate. They could be bought cheap.
Those that did buy and hold made a killing.
And, of course, HOA fees are dropping just as fast….(sarc)
…could be roughly-analogous to the banks discovering that squashing interest on small-depositor accounts and instituting fees was where the better pickings were…
may we all find a better day.