Why Are So Many Condos For Sale in One Building?

I was holding an open house yesterday at my listing in Courthouse at 1800 Wilson. Currently, there 5 units there for sale (either active or pending), most within the last 2 weeks. A gentleman came in and asked me a great question, he said “Why Are So Many Condos For Sale in One Building?”

My response: “Nothing is wrong with the building. ‘Tis the season.” With a caveat.

The general rule of thumb is that people tend to move every 5-7 years, I would say that might be sooner in a condo (people outgrow space, want more pets than the condo allows, want outdoor space, whatever the reason). So for this example, 1800 Wilson was built in 2007 – we’re just at that 5 mark now, so you can expect to see people start turning over. You’ll also notice that the bigger buildings generally have something for sale at any given time. For example, Clarendon 1021 has nearly 500 units in the condo, so it’s no surprise that you’ll see at least a few on the market year round. In smaller building, like the Hartford in Clarendon, the building only has 70 units, so available condos in that building are rare.

Here’s the caveat: you’ve all heard that Spring is the busy season for real estate. So don’t be surprised when you see a few at a time pop up during February – June. Some people wait for this exact time frame to put their condo on the market, knowing they’ll have the biggest pool of buyers. ‘Tis the season!

If there’s a sudden influx that makes you raise a red flag, here’s what I would look into:

1. Nearby construction. What’s being built? What’s being proposed?

2. Special Assessments. This is a one-time fee (or sometimes they break it up into 2 times, but it’s 1 project) paid by each condo unit owner, in addition to your regular condo fees. This is usually for a project such as window replacement, elevator damage, etc. It’s voted on by the unit owners.

So before you ask “Why Are So Many Condos For Sale in One Building” consider the size and age of the building.