When my wife and I moved to Kauai in August 2015, we were looking at purchasing a condo in a large condo complex of about 200-300 units. A few foreclosures were selling for 180K to 200K. They are 2 bed/1.5 bath and about 750 sq. ft. Non-foreclosures were selling for 220K to 240K.
Now 3 years later they are selling for 325K to 350K, which is approximately a 50% increase. Single family homes in the same area have appreciated around 25% during the same time frame.
As a result, I think it's possible for condo appreciation to outpace single family home appreciation at the end of a housing recovery. However, in order for this to work you would need to sell before the next recession because they would be the first to go down.
Just and observation. Any thoughts?