Is the condo HOA well funded? Do they have any litigation against them? Do they have enough money to pay for a new roof or will they send you a special assessment (you pay more than expected to repair the roof) If new construction is the building (and all facilities) actually finished? Florida is likely to have even more foreclosures. That might mean lower prices to come.
Does it make more sense to rent or to buy economically? Use your numbers and find out below.
Why paying more renting compared to buying at a lower monthly payment could be the right decision for you.
10 valid reasons to wait to buy a house (or condo)
Do low interest rates really make it a good time to buy? Read and see what you think.
A basic overview of the house buying process (condos included)
Now for more details to see about foreclosures in that area. Look at a foreclosure heat map and see how foreclosures are very high in that area.
http://www.realtytrac.com/trendcenter/ (whole country)
http://www.realtytrac.com/trendcenter/fl/broward+county-trend.html (broward county Fl.)
It looks like maybe waiting might be a good idea. But the choice is yours to make.
It's a great time to buy. Prices are low and mortgage rates are low. If you're planning to live in the unit, is it a home you like. If you're buying for investment purposes, will the rent cover the expenses?
It is a wonderful time to purchase with mortgage rates very low and condo prices very low. Good luck! Most condos are conventional financing usually needing 25% for the down payment.
Susan Penn, PA
2000 Main Street
Weston, Florida 33326
Renting or buying depends so much on your situation. What's right for you at this time. Prices are low and interest rates are low. Why do you need to either buy or rent? What is your motivation? Is it investment or to move or to downsize. So many things to consider. Need more information for a better answer.
Punta Gorda Realty