As a shareholder you are a mandatory member of the CID's homeowners association, the organization responsible for the upkeep and care of buildings and grounds. That means you don't have the hassle of upkeep, but you also don't have as much say about what you do with your condo property as you would if you owned a single-family detached home. But for most home buyers, the big difference between a condo and a single-family home is the price. Today's condo prices are just about what detached homes cost 10 years ago. The draw isn't just the sticker price.
Cheaper homes come with smaller down payments.
Before then, single-family homes sold faster. Since then, condos have been better sellers. By April this year, they were selling in an average of 20 days. In some markets, the condo sales pace is even more furious. Santa Clara's in 14 and Palo Alto's and Mountain View's in an average of 15 days, according to the Santa Clara County Association of Realtors.