The three myths of condo investing

[3 myths condo investing]

The three myths of condo investing

If you're just getting started investing in condos, don't be sucked in by these whoppers.

NEW YORK (MONEY Magazine) - The growth in condo-investing mythology may be more worrisome than the risk of overbuilding. Here are three whoppers that need reality checks.

MYTH: Get in early and you'll be guaranteed a profit.

Remember the lust for Internet IPOs? Ordinary investors bid up the stocks of hot little companies that hadn't even registered their first sale yet. Today's version is a preconstruction condo, where investors jockey to get into a project not yet built, certain the units will jump in value when completed.

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Fastest growing counties
The top 10 by percentage growth, from July 2003 to July 2004.

County, State (Population Growth)

1. Flagler County, FL (69,005 10.1%)

2. Kendall County, IL (72,548 8.3%)

3. Loudoun County, VA (239,156 8.1%)

4. Hanson County, SD (3,786 7.9%)

5. Lincoln County, SD (31,437 7.5%)

6. Lampasas County, TX (20,718 7.3%)

7. Lyon County, NV (43,230 7.2%)

8. Camden County, NC (8,437 7.2%)

9. St. Johns County, FL (152,473 6.7%)

10. Dallas County, IA (49,591 6.6%)


Source: U.S. Census Bureau