Multifamily Is Looking Good in 2004

WASHINGTON, DC-This year will be a banner year for the condominium market, according to the National Association of Home Builders. The industry trade organization has reported that the demand for condominiums is expected to outpace what was a period of great interest in the properties in 2003.

“Last year was the best year in history for home sales in general,” says NAHB chief economist David Seiders, “and condos have great appeal to those who want ownership as well as all the benefits of apartment living.” According to NAHB’s numbers, just over one-fourth of all multifamily projects begun in 2003 were condominium properties. And the National Association of Realtors concurs on the demand for condominiums, reporting that the pace of condominium sales activity last quarter was the second highest on record.