Quote:
Originally Posted by Ghost of Econgrad
Condos are entry level purchases for housing, everyone knows that.
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"Everyone knows that" is a convenient label for things that generally aren't true. Condos certainly don't have to be entry level purchases for housing--they are a choice for people who want the advantages of ownership housing in a multi-unit setting, such as close to a city center.
One example that comes to mind is a professor I know who teaches at the USC satellite campus in Midtown. He is single and in his 80s--he has no desire for a house and yard, nor a thousand square feet of extra space, nor a car. He lives in the condos above the Marriott at 15th and L, and walks the three blocks between his residence and USC. He travels a lot, and takes advantage of the concierge service the condo/hotel offers.
Now, there are certainly entry-level condos: if $500,000 is a little steep for your blood, you can get a $100,000-200,000 condo these days. The expensive ones offer better views, more amenities, more prestigious locations and more modern features. Some are located in industrial buildings converted to residential use, and people enjoy the aesthetic enough to pay more for the privilege, just as some people are willing to pay more for a historic home for its aesthetic value and rarity. To use a car analogy, a Hyundai will get you to and from work just as well as a Jaguar or a restored antique Mercedes-Benz sedan, but the latter two cost a lot more because of qualities other than the mere ability to get to and from work. This does not imply that everyone should drive a Jaguar or a classic Mercedes, merely that there is more than one possible consumer choice (including, of course, the option of not owning a car at all.)
Econgrad assumes that nobody in their right mind would not want to live in the suburbs, and therein lies his fundamental error--he assumes that everyone should want the same thing, and anyone who doesn't want what he (and, one assumes, his friends) likes best (a single-family home in the suburbs) must obviously be insane.
There is a whole bunch of other wrong stuff in econgrad's most recent couple of posts, but I already refuted it all a couple of years ago so I won't bother boring everyone by reposting it all.