Market Conditions in 34205>Question Details

Mike, Home Buyer in Bradenton, FL

The market prices for condos are at least 50% lower than 5 years ago. Is this true in Fla nearby communities? Is this an economy problem?

Asked by Mike, Bradenton, FL Tue Apr 24, 2012

Looking at 2br, 2 bath $52,000 cond0 - gated comm

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5
Hi Mike,

Couldn't agree more with Jim. The condo market has been slowed by tight money when it came these structures but this is finally changing a bit.

Keeping things real....regardless of condo prices taking nose dive during recent times, a $50,000 condo in a gated community may be "as scarce as hen's teeth." Try focusing on condos in your price range......

Good luck,

Bill
1 vote Thank Flag Link Tue Apr 24, 2012
Hello Mike,

I guess real estate is truly local.
In Miami-Dade county condo prices rose over 46% comparing to last year.
Many sellers are already flipping what they purchased last year...successfully too.
Our Miami market is different because of the international exposure and culture - buyers are coming from all over the world...

That said, the economic downturn we all witnessed makes it possible to find a great deal, still.
Before the prices shift upward, use this time as an opportunity to find your "match" through one of the Trulia.com real estate agents, specializing in your type of property.

Best of luck,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Tue Apr 24, 2012
Hi Mike,

Condos can be a great deal now because of the price drops, or a nightmare, depending on the financial stability of the association.

Some of the most attractive prices are in complexes that you cannot finance through a bank.

Talk to a knowledgeable Realtor for more details.

I work Manatee, Sarasota and Charlotte counties.

All the Best,

Jim Sweat, ABR, CRS, GRI, CDPE, e-PRO, ILHM
Realtor
Sandals Realty
http://www.ExplainShortSales.com
941-306-7384
Team@JimSweat.com
0 votes Thank Flag Link Tue Apr 24, 2012
Mike some areas condo price are 75% lower.

One needs to be VERY careful when buying a condo, there are many issues to contend with.
You can get burned.

Example, last weekend, I was showing a condo on the beach last week. Noticed they has some spalling work going on and I was told it was being covered by retained funds.

Then talked to some workers, to find out they were also to have tear the entire bottom floor off because of spalling. And they were not sure how much more may have to be torn out.

Another words, the entire building may go, OR at least huge assessments would be levied. I save client possible tons of money.
0 votes Thank Flag Link Tue Apr 24, 2012
Mike,

Prices in Florida have adjusted throughout the state over the last five years. They now seem to have stabilized and in many areas are actually starting to increase. I do not think it is an economy, it was just an adjustment that occurred as has in most of the country
0 votes Thank Flag Link Tue Apr 24, 2012
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