Condos for Sale In Novi, MI
This page is your go to resource for the latest on condos for sale in Novi, Michigan. From Gateway Village to Island Lake stay up to date as any new condo is placed on the market. This page was created out of the need to have a dedicated site for the Novi condo home buyer but also as a resource for current Novi condo owners who would like to keep an eye on the newest listings in their neighborhood or the Novi area in general. We've also included some of the Pro's and Con's of condo living and, if you're interested in staying up to date on the latest changes in the Novi condo market, the ability to sign up for regular updates on all condos up for sale in Novi MI.
Novi Condos For Sale
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- All Listings
- Under $100,000
- $100,000 - $200,000
- $200,000 - $300,000
- $300,000 - $400,000
- $400,000 - $500,000
Additional Information on Condos for Sale In Novi MI
Novi Condos for sale are an excellent opportunity to own a property and gain equity while at the same time staying out the renting game, which is essentially paying someone else's mortgage without the tax benefit.
Pros & Cons of buying one of the Novi Condos for sale:
Pros to Condos for Sale in Novi MI
1) If you are renting an apartment, you should rather be building equity with a condo. See our Buy vs. Rent Blog Post Here for deeper details
Interest rates make buying more affordable then renting. The average apartment rents in Novi are now averaging $1460 per month. With Taxes and Association dues that's equivalent to a 245k condo purchase. At the same time, you'll be paying yourself back $250 per month through principal payments, and most owners who pay a mortgage at that level average $4250 back on their taxes per year. That's a combined total of $600 in incentives, bringing the real cost of condo ownership to $860 per month. If you're looking for condos for sale in Novi MI, it really can't get any cheaper than that.
2) No outdoor work
Perhaps the most compelling reason for looking for condos for sale in Novi MI vs. homes for sale is the maintenance free living. Unlike a traditional home, if you prefer not to mow the lawn, week the garden or make any exterior repairs condo's may be a great home alternative. When the snow falls, no shoveling. All of these things can be taken care of with a home as well, but because of the size of condo complexes, they can usually negotiate a bulk discount where home owners cannot. That said when shopping for Novi condos for sale be sure to check the association bylaws as each complex is different in what they maintain vs the condo owner.
3) Complex Amenities
Many condos for sale in Novi MI come with a ton of amenities including gyms, sauna's, pools, tennis courts and more. However, everything comes at a cost. When shopping for condos for sale in Novi MI a great self discovery question is am I going to use all the amenities many of the complexes offer, or should I look more toward a complex with fewer amenities (no pool/gym etc) but have lower monthly dues? Many condos for sale in Novi MI have association dues in the middle $200 range per month but lack the pool, clubhouse and more. Several are fully featured, but association dues here average $325 per month and can climb several hundred dollars higher than that.
4) Freedom to renovate
Homeowners are used to the ability to change kitchens and bathrooms as they'd like, however for buyers looking for Novi condos for sale coming from apartments, the freedom to renovate is new and exciting. If you prefer granite, change the counters. If you want to retile the bathroom, get your hammer and start removing the old tile. Renters of apartments don't have the ability to change these things, and nor would they want to. Why improve someone else's investment. With a condo, like a home, you're improving yours. Word of caution, be careful of over improvement. When putting money into a condo there are improvements that will provide a return on investment, and some things you may just want to do for yourself. If you're looking for a return on the improvements made contact a Realtor on The Perna Team and we'd be more than happy to help sort the value adding improvements from those that won't.
5) Social Advantages
Many of the Novi condo's for sale are in complexes that have social functions beyond the board meeting.
Cons to Novi Condo's for sale
1) Privacy
If you're coming from a house, Novi condos for sale may feel a little bit tight & take a little getting used to. Before if you had a large yard to walk or the privacy of the woods that may no longer be the case. Many of the condos for sale in Novi MI were built to maximize privacy, however even the best built duplex style condos are still attached to each other.
2) Rules
Though made to preserve the integrity of the aesthetics, it also means one can't paint the exterior Neon Green. The upside is how the condo complex looks now is likely to be how it will always look. No broken down cars on the lawn, crazy colors or deferred maintenance. Again the downside is some complexes go as far as to restrict pet size and count, leasing of units and more. Be sure to read and read again the bylaws of any condo complex before buying.
3) Parking
There are two potential issues with parking. Condos for sale in Novi MI with smaller units and no garages may have extremely limited parking with only one or two assigned spaces and only 10-15 visitor spaces per 24 units. Larger units with garages often have regulations against overnight parking in the street. This may pose a problem for families with more than two vehicles. If there's a live at home teen or several teens they may have to do the re-park shuffle every morning to maneuver cars in and out.
There are a wide range of condo's for sale in Novi MI with 2014 sales falling between $49,000 and $580,000. Below is a report of the 2014 condos for sale in Novi MI sold report. For a detailed analysis of any specific complex please don't hesitate to contact Michael Perna anytime, and as always there is no obligation to purchase or sell. In 2014 the average sales price for condos in Novi MI averaged $158,705 with the average time on market at 37 days. There's currently 3.4 months of inventory constituting a sellers market still, though that's higher today then in the middle of 2014's low of just 3 weeks. This means that if there are no new condos for sale in Novi MI that come to market at this moment it will take 3.4 months to sell each and every one that is currently on the market. Lastly, the sales price per square foot on condos for sale in Novi mi has risen from just over $100 per square foot (a 1500 square foot condo would sell for roughly $154,000) to $122 per square foot moving that same condo price up to $183,000. We do see that this increase happened in the first two quarters of 2014 and the appreciation of condos for sale in Novi MI has slowed considerably in quarters three and four.
New Condos for Sale in Novi MI Alerts!
Stay up to date on precisely the types of condos that you're looking for in Novi MI. In the comments section put in any specific complexes you'd like to keep an eye on, as well as any specific features (1st floor master, walk out basement etc)