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......
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,
Beachfront Realty, Inc.
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
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.
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