What is going on with the condo market?

Hello Caton Team Blog Readers,

Thank you for tuning in. Today I want to touch on the condo market in the Bay Area. The California condo market is experiencing a noticeable cooling trend, driven significantly by state-mandated balcony inspections and maintenance. Under laws like Senate Bill 326, Homeowners Associations (HOAs) must regularly inspect exterior elevated elements for structural safety.

These mandatory evaluations are uncovering hidden dry rot and water damage, resulting in steep repair estimates. To fund these necessary fixes, HOAs are forced to levy heavy special assessments on unit owners or drastically increase monthly dues. High HOA fees, coupled with buyer fears of unexpected future repairs and strict mortgage lender scrutiny regarding structural integrity, have caused demand for condos to dip and properties to sit longer on the market.

Some banks are still lending on condo HOAs under repair. Though the loans are non-conforming and have a slightly higher rate. The condos that have completed their repairs are available to buyers using conventional financing and are seeing a healthy turnaround.

No matter the condo, the journey home takes many steps. The Caton Team is here to guide you home. Please reach out and let us help you sort this out and come up with a buying strategy that turns your goals into Real Estate.

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