It seems that Florida real estate condos are making a comeback this
year. Ever since the housing crisis disaster, real estate in many
parts of the state is coming to life again. Fort Lauderdale. Boca
Raton, and even pricey South Beach are reporting healthy sales.
The Cycle
The real estate market is
a cycle. There are periods of growth accompanied by periods of
decline. It is a never-ending circle of events influenced by the
economy, immigration, and government policy among others. Back in
2006 when the real estate market reached its peak levels, the prices
of Florida real estate condos recorded their best value in 30 years.
Demand was high, fueled mostly by sub-prime borrowing. Many people
were actually waiting for their chance to purchase a condo of their
own. In some areas there was a waiting list. When 2010 came around,
most, if not all of those events, were a fable. Most of the people
that were lured by the promise of sub-prime loans lost their
properties when foreclosure after foreclosure hit the state.
Empty Units
All of a sudden there was
an abundance of empty condo units, as their value dwindled with each
passing year. By 2011, the market value was already half of what
they were during their peak in 2006. Many of the new units and
buildings that were recently finished after a year when the market
collapsed stood unoccupied. Lack of buyers led to an oversupply of
units, which led to more price cuts.
Market Comeback
As of today, many of the
prime waterfront properties and condominium units have been sold to
foreign buyers, mostly Canadians. Signs of the recovery were first
seen in the latter part of 2010, and picked up momentum in 2011 and
finally 2012. For people that are keen on looking to get in, there
are still a number of units left – mostly from foreclosures that
have just gone through. Many experts believe that the state is in the
very early stages of recovery. It is estimated that about 49,000
condo units are being constructed to keep up with the increasing
demand. The inventory of condos priced under a million dollars is
now down to a few units.
If you want to know how
you can cash in on the Florida real estate condos visit:
http://www.stevemartel.com/workshop
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