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This can make condos less valuable properties to own, particularly in oversaturated markets.
Even somewhat mundane improvements like new windows or fresh paint can help protect your property value.
In fact, oversupply can often be a trigger that pushes prices lower.
When the economy is booming and money is free-flowing, luxury home prices can reach stratospheric levels.
This can lead to inflated listing prices, with homes going for millions of dollars above their true value.
But the opposite is also true.
When money flows out of the market, top-end properties can see their values erode by seven figures.
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