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Condos can be a risky scenario, especially in today's market. Lenders have gotten pretty tight on condos as well. A lot of people thought the way your friends obviously do, but the condo market has really taken a beating. That being said the Wichita market has been fairly steady throughout the recent fallout. Real estate is a very localized industry and you can't listen to the national news to find out what's occurring in your area. The best thing to do would be to check w/ a couple of agents in Wichita. Definitely look into how many condos are available in an individual complex, the fees, if they allow renting, etc. These are all things to know amongst other info.
Disclosure: I'm a commercial real estate agent, but have dealt in residential as well as I'm currently representing myself in the purchase of my home and also have knowledge of the Wichita market as I'm from there and my parents recently purchased a new home there.
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