* What Don Lee's article on "Condo Glut" (Valley Business, May 4) failed to reveal was that buying a low-price condo in today's market is really a legal steal. And many people are buying low-priced condos instead of high-priced townhouses. For example, on Newcastle Avenue in Encino, 12 condos were sold during the last 360 days. Prices varied from $79,000 to a high of $135,000. These 12 new owners could not afford a $200,000 single-family residence but they were very happy to buy condos at bargain rates.
Your readers should be informed that good, affordable, low-cost housing is available in the Encino condo area and the best time to buy is now. Market prices have dropped but there is no glut on the market in Encino.
R. R. Gable