Parade of Condos 2007

Posted by Kristin Abraham Jul 17, 2007

My local Parade of Condos is coming up and I'm pretty excited to see the "competition". I've lived here for just over a year and haven't quite finished the rennovations I wanted to make (ie freelance writer = no cash flow) but I think I've done a pretty good job so far. I definitely don't want to move as I love my home and I love the area where I live, but it's always a good idea to stay on top of the market.

Since I made my purchase there has been a housing crash of sorts, maybe more of a burst bubble than a crash, but definitely a change in the market. I've heard that the condo market is fairly stable and that, compared to some other cities, Madison is fairly stable. But I've noticed more places are for sale lately and those yard signs seem to be out there longer than they used to.

I thought I was a typical condo buyer when I purchased last year; single/divorced person who wants a place to call their own but doesn't want a whole lot of maintenance or a large mortgage. Since then I've met other condo owners who are also typical in this market. The young couple looking for a starter home is more apt to purchase a condo in this economy than they were years ago. When the housing bubble started several years ago these people were too young to have a home building equity and when they wanted to get in on the housing market the prices of nice starter homes had skyrocketed. The empty nesters are buying condos to ease the pain of a rambling home with only two occupants. They are also learning to enjoy all the freedoms they have once again. And finally the retired pied-a-terre market. Madison is chock full of theater, music, and incredible dining opportunities and for the suburbanites who no longer like to drive after dark a second, city home is perfect.

The thing I find most interesting is the freedom and options some of these condos offer. I love the fact that my condo is just a little different than my neighbors etc. But you can now purchase condos in the Madison area and have them built to your specifications. You're not even limited by the square footage (as long as you sign on pretty early in the process I'd assume).

Understandably the downtown area of Madison is experiencing a resurgence in popularity and a "rebirth" of sorts as the area appeals to an older crowd (I guess this means me). I do sort of wish I had bought a home in this area. I'd love to sit in a high rise and look out at the crowds as I write that oft-lamented novel. But I also know that college students annoy the heck out of me and no matter what you do to the downtown area, Madison is still a beer-guzzling college town chock full of parties.

I'll gladly report back on any decorating trends I see in the market, although I'm not sure homes will have that personal touch that I appreciate so much. I think these will all reflect the local builders so I'm expecting a lot of cold, hard aesthetics.