My son is looking at paying rent vs. buying a condo in Waikiki where he works & plays. The best value to rent would be 1500 for bare minimum - and no room for mom when I come to visit :-). We've seen listings within our budget - 500k for a 2/1 or - ideally a 2/2 & the rent-to-purchase value can be made to work. Problem: the uncertainty of HOA & other fees is my first & major concern. These fees could easily start out as the equivalent to my son just staying a renter. I know condos don't appreciate much. Does this sound like at least a break-even real estate purchase? He's been there 3 years & has no plans to leave - but...he's 30 ;-)
Obligatory - are you working with an agent?
Moving on... You are correct, condos have not seen the same appreciation that sfrs have seen, though they have seen some... Big questions would be - what is he doing with the money he's saving from renting vs buying? How long would he plan to hold to condo for?
DM me if you are interested in discussing further.