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Condominiums are reshaping the development of
many areas in Seattle. There has been an increased demand for
condos due to the convenience, social atmosphere and affordability
of condominiums. Due to the lack of affordable housing in Seattle
condominiums have become a primary source of housing for
low-middle-class families and first time homebuyers who cannot
afford to purchase a home. Not only do condominiums provide
affordable housing, but they also provide people with a desirable
lifestyle.
 Elderly people may
choose to live in condominiums due to the many conveniences they
offer. All condominiums are different in one way or the other,
but some typical services provided by an association may include,
property management, landscaping, trash removal, and snow
plowing. Condominiums tend to be located near urban centers,
therefore providing residents close proximity and easy access to
local services. Many elderly people enjoy the social atmosphere
and security involved with living close to other people.
The “baby boomer”
generation has begun to show an increased interest in condo
ownership as opposed to home ownership. This interest is spurred
by the notion of an “empty nest” as their children move out of
their home. For this reason they often seek a smaller living
space and tend to move away from the suburbs and closer to the
city in search of more social activity.
Condos are often the
most affordable way to buy property in urban areas. Seeing as
condos have become more desirable for these different groups of
people, the value of condos has increased. According to the Wall
Street Journal, “on a national basis, condos have appreciated
about 33% since 2001, compared with 15 percent for single-family
homes.”
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