Saw a highrise condo bldg coming up in a MCOL small town, just the 2nd such bldg in the area.

Financially, it’s a super expensive deal $/sqft compared to SFH, even w/o factoring in the sky-high HOA. However, it’s like 80% sold a year before it’s scheduled to open (so not even a model unit to check out). Amenities include gym, outdoor pool, coworking space, solid but nothing unexpected….

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… From an investment POV, I assume it’ll fall way behind SFH going forward. So got me curious, who jumps on such things? Rich folks working nearby as a commuter home, or who don’t care about investment value?

I don’t get your question. I live in a luxury building. I didn’t buy it for an investment. It’s where I live.

Lots of millennials love the idea of a condo - all the amenities of an apartment, the ownership and equity of a SFH, but without the obligation of maintaining a yard, roof, foundation, etc… While condos often lag SFH in appreciation, they still tend to do well over longer periods of time compared to renting.

If this is a sunshine state, a lot of snowbirds love the idea of having a condo they can fly into and it looks like when they last left it. No need to maintain utilities, the exterior, or common areas as that is someone else’s problem.

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