Downtown Asheville Condo - Cash Flow Gateway to Retirement

Despite new low mortgage interest costs and declining home values, housing costs have risen over the past twelve months in Buncombe County North Carolina. Is it because America's Happiest City is experiencing a shortage of downtown Asheville condos for rent? We believe it it is and because of excessive condo foreclosure filings.

When the Asheville real estate bubble burst in late 2007, the luxury home and condominium markets were hardest hit as bank's black listed condominium buildings with high foreclosure filings. Banks chose to avoid the risk of funding monthly condominium association dues and assessments by refusing to loan new money on Asheville condos. Because of the overwhelming volume of foreclosures clogging the system, some banks have gone as far as to strategically delay foreclosure proceedings on condominium units in default so they are not financially responsible for monthly condominium association dues and assessments adding to their losses.

The wave of foreclosures in condominium buildings sparked an inflationary domino effect beginning with condominium association’s not receiving monthly association dues and assessments from all condominium owners. As the association ran into a cash flow shortfall, unexpected assessments were demanded from existing condominium owners. To make matters worse, until 100% of condominium owners pay monthly condominium dues each month for a particular building, higher monthly dues are necessary from unit owners.

Naturally, some condominium owners desired to sell their units to get away from these unexpected assessments and higher monthly association dues. Without bank financing in the market place, many downtown Asheville condo owners were unable to sell their condominium units and chose to rent the units out instead of leaving them vacant, until the real estate market improves. In our opinion, these increased monthly costs were thus passed on new tenants resulting in inflation to the Buncombe County rental market. From a contrarian point of view, some may argue property owners who lost their single family homes in Western North Carolina due to foreclosure gobbled up all the downtown Asheville condo rentals resulting in higher housing costs in the city.

In either scenario, condos for sale in Asheville NC downtown are in demand, especially if they're near the Blue Ridge Parkway. If you study the number of closed sales of downtown Asheville condos during the past 24 months, you will find most buyers paid cash resulting in positive cash flow as savvy buyers snapped up the deeply discounted short sales of downtown Asheville condos. Golden opportunities continue to present themselves as the Asheville real estate market shakes itself out, especially in this best college town in North Carolina. 

Asheville NC is an exciting urban city where it is safe and easy to walk from your downtown Asheville condo to a long list of award winning restaurants, well known art galleries, eclectic boutiques and find live entertainment every day of the week. For those retirees and investors who are able to pay cash, the downtown Asheville condo rental market can be a safe investment providing positive cash flow as I believe the worst is over with well managed condominium associations.

Buyers of downtown Asheville condos tell us they plan to live in their condominium when the time is right, so they can learn about where to retire first and then build their mountain home in Asheville North Carolina. Six of the nine downtown Asheville condos featured on our website have bargain priced condos from the $100k’s to $300k’s and many have fantastic views and quick access to the Blue Ridge Parkway:

• 12 South Lexington Avenue
• 21 Battery Park
• 60 North Market
• Biltmore Village Condos
• Kress Building
• Lexington Station
• Longchamps
• Pioneer Building
• The Fitzgerald

We can easily include you on our ‘watch list’ so you can be quickly informed condos for sale in Asheville NC downtown as soon as they become available. 

Write us at lisa@communityfinder.com to be added to our watch list.