CONDO FL FLORIDA Is Now the Time to Buy a CONDO IN FLORIDA, MIAMI CONDOS FL, DADE COUNTY, FLORIDA MLS LISTINGS FORECLOSURE Sale CONDO FORECLOSURE
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miami REAL ESTATE - Is Now the Time to Buy a CONDO IN FLORIDA
How to sell my home without an agent
condo must sell fast - must sell quick
bank foreclosures in Miami Forida
Florida properties - Forida condo
MIAMI CONDO MARKET - Is Now the Time to Buy a CONDO IN FLORIDAFL Bal Harbour FL Bay Harbor Islands real estate reduced foreclosure FL Biscayne Park real estate reduced foreclosure FL Boca Raton real estate reduced foreclosure FL Boynton Beach real estate reduced foreclosure FL Coconut Creek real estate reduced foreclosure FL Coconut Grove real estate reduced foreclosure FL Cooper City real estate reduced foreclosure FL Coral Gables real estate reduced foreclosure FL Coral+Springs real estate reduced foreclosure FL Cutler+Bay estate reduced foreclosure FL Deerfield+Beach real estate reduced foreclosure FL Delray Beach real estate reduced foreclosure FL Doral real estate reduced foreclosure FL Florida City real estate reduced foreclosure FL Fort+Lauderdale real estate reduced foreclosure FL South Miam real estate reduced foreclosure FL West Miami real estate reduced foreclosure FL West+Palm+Beach real estate reduced foreclosure Stouffville real estate reduced foreclosure miami real estate MIAMI CONDO MARKET - Is Now the Time to Buy a CONDO IN FLORIDACONDO Miami Florida condo FL Is Now the Time to Buy a CONDO IN FLORIDA Miami condo sale SELL QUICKLY Sell NOW FAST CONDO SALE Time to Buy a CONDO IN FLORIDA ??? The same factors impacting single-family-home sales have hurt the condo market, including rising unemployment, stock portfolio losses and tightening credit. The condo market faces additional challenges. For one, single-family-home prices in some markets have dropped so much they're attracting what would have been condo buyers. Condo loans are also tougher to get now than single-family-home loans. There is currently about a five-year supply of condo and townhouse units on the market in Dade County, which represents an inventory of more than 20,000 units. Naqturally, prices have dropped accordingly. Median sales prices for existing condo units in Ft. Lauderdale, Miami, and West Palm Beach/Boca Raton fell about 10 percent to in some cases as much as 60%. The situation will only get worse in 2009 and 2010. More than 25,000 condos are scheduled for completion or have been completed in Miami-Dade County. "There are over 15,000 more condos under construction in Miami-Dade right now than were built and sold into the market in 1995-2004," during which approximate sales were at 1,000 units to 2,000 units per year. Despite the overwhelmed market and weakening values, the sales prices for units in these new properties reached new highs. Thousands of these units are priced at $1 million and above. "They are in much higher price ranges than the existing stock for-sale on the MLS." For developers, the situation is turning into a nightmare. There will be cancellations, buyers who litigate to get refunds on their deposits, and people who will want to close, but can't get a mortgage." To lessen the impact from this, developers that are near term to delivering finished units will now have to negotiate with thier buyers and REDUCE the contacted pricing or lose the deal. Some of these developers will renegotiate, if there is still equity in the project, otherwise it will be a foreclosure senario. For oportunistic buyers, this may be the best time to buy or make an offer. Be vary of litigation...or are these oportunities...??? More suits seeking refunds under a federal law regulating condo sales have been filed in South Florida than in the rest of the country combined, according to a some sources. The litigation is the result of a price crash that makes buyers unwilling to pour more money into bad investments -- even if they can get financing. Condos on which they made deposits of up to $1,000 a square foot in 2006 are now selling for $125 to $350 a foot. The Florida condo market will take some time to recover (some estimate in the neigbourhood of between one to four years), but like the stock market, the long term investor will reap the benefits, as the recovery takes hold. Don't be left out.... |