All right, so this video is all about condos. We're gonna talk about condos here in the city of Temecula. Are they a good idea? Should you buy a condo or is it a waste of your money? Let's go ahead and get into it.

Hey guys. Hey again. My name is Justin Short. I'm a realtor and team leader with the short real estate team here at Keller Williams in Temecula. And this video is about the City of Temecula and all about condos. So we're gonna talk all about 'em, you know, are they popular here? Should you buy one? You know, what, what is a condo?

There are some, uh, some different definitions, and it's kind of a vague term, at least in this area. So hopefully it'll be good information for you guys. But before I get to all the information, if you are liking real estate videos like this, please do me a favor. Please sit like please sit, subscribe.

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Uh, so again, we're gonna talk about condos here in Temecula and really just gonna talk about are they, are they a good idea? So we do have a good amount of condos here in the city of Temecula, and I would say they are, you know, relatively popular. Uh, we do not really have town homes, so condos, we have a good amount of.

Really no town homes, but because of that, it's the, the term condo is kind of vague and we're gonna talk about that a little bit more. But condos can mean a few different types of things. So it's not like all condos are not created equal, at least here in Temecula. So I know not all cities and areas are like that, but that is kind of unique here.

But town homes, we, I don't really know of any, like real deeded town homes in, in the city. I guess maybe there's one community, but they're super, super, super, super, super rare. Um. What makes condos popular is the price point, right? So they are less expensive than your traditional single family home.

Um. The downside to 'em is you are typically gonna have a much bigger HOA. So that's something you're gonna have to prepare and think about. And then, and also because of kind of where we're at, you know, this is, this is the suburbs, right? People that live here in Temecula and Marietta, most people, you know, they move up from San Diego, move out from Orange County or la and they come out here to have something that's more affordable, right?

Uh, which the city is. Uh, but when they come out this way, they really prefer to have a little bit more space, right? A lot of people have lived in the big cities and they've been in more, you know, condos and town homes and real tight quarter living areas. And, and so one of the benefits to coming out here to the suburbs is, is to get some space, right?

Um, so. Uh, there, there is not as huge of a market for condos here as there is in some of those bigger, those bigger cities. So single family homes are definitely much more popular and because of that, single family homes will definitely appreciate a lot more than a condo will. So let's say if you buy a condo for, you know, 500,000 and a single family home, like a small one for six 50, you know that single family home is definitely gonna gain more equity over time than that condo will.

Um. So that's just something that to keep in mind, it's kind, it's kinda something I always cautious people on is that just condos are not gonna appreciate as much as the single family homes because they are not as desirable, at least, at least in this area. All right. And then to circle back to what I was talking about earlier, so.

The term condo here in Temecula is kind of a vague term. Uh, we really see condos in three different fashions, and I, and I think this is kind of unique to this area, at least, you know, it's at least unique over the last 10, 15 years. And I, I don't, I think a lot of cities don't necessarily have this, uh, but we see two forms of attached condos and then we also see a form of a detached condo as well.

So as we kind of go down, you know, these three runs. Each level gets more and more expensive. Right. So, um, the, the first level that we'll talk about is your traditional attached condo, which I say, which I would say most people kind of equate to like an apartment style living. Um, and actually there's a few buildings in the city that were like converted apartments.

Um, one of them, there's like a. Mirror image of the community right across the street. Those are apartments and these ones are condos, so it really does feel like, like an apartment. But basically, you know, they are, they're attached units. So you have a big, um, a big building. You have a, a. Condo building with several units in it.

There might be, you know, 15 units in the building and it's multi-level. So this, like, I'm thinking of one right now that's, uh, has three levels in it, or I, I guess we'll say two levels in it. So there's a downstairs and upstairs you have units downstairs and you have separate units upstairs. And also you have units that share walls.

So, um, it might be. Four units downstairs, let's call it six units downstairs and six units upstairs. So each unit's gonna have its own little balcony space. Um, you kinda, you know, it might be a one bedroom, a two bedroom, or a three bedroom. Um, but you're gonna have shared walls on the sides of your unit and also.

Above, above you. So you're gonna have a unit up top or or a unit below. So this is like I mentioned, this is kind of most similar to apartment style living. Of course, what is different is you can, you purchase it, you're gonna purchase a condo and um, it is the least expensive way to buy a living space here in the city of Temecula.

So, for example, there's a condo community that I'm actually selling a unit in right now. Uh, we see one bedrooms that are selling. We're somewhere in the mid $300,000, so $330 to $370,000 right around that range. And then you have two and three bedrooms that are going up to like the mid $400,000 range.

And that's a huge savings compared to your standard single family home that's probably gonna start like in the mid 600. So it, it's a, i I would definitely say it's a good value. Um, but probably not like the living situation that most people would prefer, but it's a way to get into, to ownership, condo and, and home ownership.

Um, so it could be a good option. Uh, so option number two would be a more of a traditional attached condo with a, which typically is gonna have a yard space. So this is usually where you're gonna have like a condo building, uh, that will have several units. It might have 2, 3, 4 units, uh, that are all part of this, uh, you know, this one singular building.

Um, you. Well, you will have shared walls. So typically your unit will share one or two walls with neighboring units. Um, but you also typically have your own attached garage as well, uh, which the other ones won't, won't have. Um, and then you typically will not have anyone that lives on top of you. Um, so you will have one or two shared walls, but you don't have to worry about, you know, people stomping around on top of you or bothering you.

Somebody else by, by stomping around. Uh, so the quality of life is usually quite a bit better in these. Um, also a lot of these different communities will have a little bit of a yard space, so it's not gonna be huge. Um, but you might go out, you might have a little backyard, uh, as, as opposed to the other ones really just like a patio.

So a backyard might be, you know, 15 feet long by 10 feet deep, that type of thing. Maybe a little bit bigger, maybe a little bit smaller, you know, they're all just, just a little bit different. Uh, but your. Again, I think quality of life on these types of attached condos with a little yard space is quite a bit better than your kinda that first option we talked about.

Which is more of that kind of apartment style, uh, price point's gonna be a little bit more expensive. So in Temecula, we see these selling anywhere from, I mean, each community is gonna be a little bit different, but probably, you know, $500,000 to $600, $650,000. So somewhere in that range. Okay. Um, and then your third option, which is also the most expensive, is a detached condo.

And a lot of people get confused about this one because it's, it's not like a really, it's not a very common term, you know, throughout the nation. But we do see it a lot here. Um, typically. If you drive by a community like this, you would not think that it's a condo. Uh, most people think they would consider them to be town homes or small single family homes.

Um, but they are actually deeds. A lot of them, most all are actually deeded as detached condos. So what this means, usually they're smaller homes that are a little bit close together. Um, a lot of times they'll have some type of, like a shared driveway, um, so like a community driveway, um, and then. Off that shared driveway, you might have four or six units, uh, that each access their own individual garages from that shared driveway.

Uh, but your, your home. And your garage are not attached to anybody else's. So you have your own little, it looks like a small little house. Um, they could be anywhere from like 1200 square feet to 1800 square feet. So not really super small. Um, but you know, they're not, they're not massive by any means. But you have your own space.

Uh, you'll typically also have your own backyard area. Again, kind of similar to what we talked about. Maybe, you know, 10 to You know, 10 feet deep, 15 to 20 feet wide, that type of thing. Um, and really it doesn't really feel like condo living at all, other than you're just, you're kind of close to your neighbor, you know, um, the shared driveway.

I think most people don't really complain about too much, you know, depending on your car situation, et cetera. Um, but it's just, they're just kind of closer together. Houses are really how it feels. Uh, but because it is a condo, uh, the. The condo association actually will take care of the maintenance on the exterior of the building.

And usually there's some like shared, like common common grounds, like, you know, little tot lots or, you know, area grassy areas that they're watering, et cetera. Um, but that is actually the benefit of a detached condo is the HOA is gonna take care of the maintenance on the exterior of the building. So, uh, those are.

Good things to know. So you kind of see those, those three different options. And then the price point for those detached condos, again, they are the most expensive, but you might see them anywhere from like, I would say $550 to $650,000, maybe slightly more, maybe closer to $700,000. So kind of somewhere in that range.

Um, so definitely a little bit more expensive, but still less expensive than a single family home. And there's some benefits you, you know, take care of, you know, some of that maintenance and things, things like that. So, um, hopefully that's good information for you guys. I guess in summary, um, I do think condos can be a good option.

They are a less expensive way to get into. Ownership of a property here in Temecula. Uh, but they will just not appreciate as much as what a single family home will. So as long as that's something you're aware of and you're, you're okay with that, I think condos can be a really good option for you. Um, if you guys have questions, feel free to reach out.

You can call, you can text, you can email me, hopefully. Talk to you soon. Thanks.