New trend for first-time home buyers [Contra Costa]
In the hypercompetitive world of Bay Area real estate, a trend has emerged that brightens the prospects for first-time home buyers but tightens the options for the most cash-strapped among us.
The trend — developers converting rented apartments to owner-occupied condominiums — has been gaining speed in the past few years. As interest rates stayed low and mortgages were easily accessible, more first-time buyers were able to get into condominiums in the $200,000-to-$500,000 range while being priced out of more traditional — and expensive — homes in this hot real estate market.