Thanks to a huge inventory, many condominiums are bargains these days.
Forbes magazine took a look at the nationwide condo market to determine where the best deals could be found. Because financing can be hard to get, prices on luxury models have fallen the most.The magazine suggested that the best deals come from paying cash or at least putting down enough cash so the property can be purchased with a federally-backed loan.It also suggested that buyers bid low. Since these properties are moving so slowly, even a lowball offer might be accepted.
Here are the top 10 best places for condominium deals and their ZIP codes, as determined by Forbes:
1. Olympic Village, Calif., 96146
2. Tahoe City, Calif., 96145
3. Terra Linda, Calif., 94903
4. Fisher Island, Fla., 33109
5. Dallas, 75205
6. Malibu, Calif., 90265
7. Bal Harbour Fla., 33154
8. Key Biscayne, Fla., 33149
9. Lake Forest, Ill., 60045
10. New York (Upper West Side), 10069
Source: Forbes, Matthew Woolsey (07/29/2009)