Condominiums Sell Faster Than Houses for 1st Time

An incontrovertible sign of the growing buyer acceptance of condominiums in Orange County is that new attached homes are now selling faster than new single-family homes--the first time that has happened in the county.

According to a recent survey by First American Title Co., buyers were closing an average of 2.1 sales a week at each of the 54 attached-housing developments that were selling new units in the county in mid-November.

That compares to average sales of 1.8 units a week at single-family developments in October and is the fastest sales pace ever recorded by the title company.

The just-released survey found that the average attached home in Orange County has 1,461 square feet of living space--up 17% from 1,247 square feet in May.

Fourteen of the developments offered units with 1,800 square feet or more, and two developments had floor plans in excess of 3,000 square feet.

While the median price was $209,500 and the average was $252,034, the range ran all the way from $108,900 to $2.1 million, with the bulk of the units clustered in the $170,000 to $240,000 range. The median price is the halfway point, meaning half the units were priced lower and half higher.

The average attached home now has two bedrooms and two bathrooms, an enclosed garage, a fireplace, and a patio or deck, the survey found. Just five years ago, the average condominium had two bedrooms and two baths, but the rooms were smaller. Carports rather than garages were the norm, fireplaces were rare and the average selling price was $131,094.

Cathedral ceilings and innovative floor plans utilizing second-floor lofts and more open interiors are common design features in today’s condos, while ceramic tile and top-of-the-line appliances have replaced the Formica countertops and budget fixtures of the 1970s condominiums.