What $250K Buys You in Today's Condo Market

published 1 January 2012

Condo owners were hit hard when the housing bubble burst in 2006 (property values decreased an average of 41%). Now the housing market is starting to rebound, especially the condo market (see our story: The Condo Market Makes a Comeback).

In the second quarter of 2012, the national median existing condo price was $178,000, according to the National Association of Realtors. That's a 7.5% increase compared to the same time last year. Median condo prices in some cities, including New York ($635,000) and Pittsburgh ($138,400), are even exceeding their previous median highs.

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Boston

Square footage: 556

It's more affordable to buy than rent in Beantown, where apartment rental rates average nearly $1,800 for a one-bedroom. In this quaint space, there are oak hardwood floors and built-in shelving and storage units in the living room and bedroom. A small den is adjacent to the living room with French doors. The kitchen has been updated with stainless-steel appliances. In the bathroom, there's Italian marble tile, a pedestal sink and a jet tub.

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Madison, Wis.

Square footage: 1,177

Condos have traditionally attracted first-time buyers who are ready to own but don't want the upkeep a single-family home requires. Young adults will find more than just affordable condos in Madison, which ranked number one on our recent list of the Best Cities for Young Adults. The city lures and retains educated and tech-savvy residents thanks to a fertile field of start-up ventures such as PerBlue, Optimal Media Group and Alice.com, all started by local college grads.

This property is at Nichols Station Condominiums, a small community with only 45 units that's situated on the Lake Mendota waterfront. It comes with a wood-burning fireplace, hardwood floors and a breakfast bar in the kitchen area. There's underground parking, and the building is dog-friendly. The monthly condo fee includes parking, sewage services, management, trash removal, snow removal, and common area maintenance and insurance.

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Houston

Square footage: 1,442

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Bridgeport, Conn.

Square footage: 1,570

Brigdeport's close proximity to New York City (it's about an hour's drive) makes it a prime location for professionals who work in the Big Apple but don't want to pay Manhattan real estate prices. Empty-nesters and retirees may want to look elsewhere for the condo of their dreams, however. That's because Connecticut ranks as Kiplinger's least-tax-friendly state for retirees. Seniors who move to this area are subject to taxes on their out-of-state and civil-service retirement pensions.

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New Orleans

Square footage: 505

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Lakewood, Colo.

Square footage: 1,370

The property is part of the Belmar Square community. In addition to condo homes and apartments, there are more than 80 on-site retail shops and restaurants, including Nordstrom Rack, Target and P.F. Chang's. The monthly condo fee includes water and electricity and can vary each month because the utility bill is split between all units. There's an optional $40 fee to access the adjacent apartment community's pool, and fitness and business centers.

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Baltimore

Square footage: 1,545

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Honolulu

Square footage: 477

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Kansas City, Mo.

Square footage: 994

This two-bedroom condo has been remodeled and features travertine tile and cherry hardwood floors and a gourmet kitchen with an island and granite countertops. Built in 1960, it's part of the Regency House condominium community, which provides residents with an outdoor pool with a patio garden, a fitness center, a private theatre and a TV room with a pool table. There's also staff on-site 24 hours a day.

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Browne Taylor joined Kiplinger in 2011 and was a channel editor for Kiplinger.com covering living and family finance topics. She previously worked at the Washington Post as a Web producer in the Style section and prior to that covered the Jobs, Cars and Real Estate sections. She earned a BA in journalism from Howard University in Washington, D.C. She is Director of Member Services, at the National Association of Home Builders.