An L.A. Times business article reports young and first-time home buyers across Southern California are opting for condos and town homes to fulfill their dream of home ownership. A condo or town home is a great choice for first-time buyers because it is generally more affordable than a single-family home and a great way to start earning equity.
Research firm DataQuick reported a 3.3% increase in previously owned condos from October 2012 to October 2013 and a decrease in single-family home sales which fell 7.2%. In the first 10 months of this year, existing condo sales accounted for 22% of all Southern California home sales, the highest percentage in more than a decade.
Condos and town homes are popular with younger home buyers because they are found in the most desirable locations – close to downtown urban lifestyle areas.
Not only are condos and town homes better situated near amenities and entertainment, they’re more affordable.
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