Looking Back At The Market For Florida Condos And How Things Have Changed Today
Today, we are going to look at how the market for Florida condos has behaved over the last couple of years and see how things have changed in recent times.
Ups and Downs
Six years ago, the price for Florida condos was at a record-high as people were extremely eager to purchase that they would go as far as waiting in line for the opportunity to get pre-construction deals. After four years, many of those buyers decided to turn their backs from those deals which had cost thousands of dollars.
Soon enough, condos within the state had been left empty and prices eventually dropped by as much as 50 percent by 2011. Even development projects that had reached completion in 2007 and 2008 remained empty because buyers were not interested in making any purchases within the region.
But things have changed a lot since the Florida real estate recovery jump-started around 2010 all the way through until 2012. There are many Florida condos that provide people with great bargain deals but most of the condos have already been purchased.
Prime Locations
Many areas within the state of Florida have been showing signs of improvement. Nevertheless, the largest increase in sales have been noted in areas such as Gold Coast, Boca Raton, and South Beach.
According to real estate figures, nearly 95 percent of the 49,000 new development projects within the South Florida region’s seven largest coastal markets during the real estate boom have already been sold. There are only a few waterfront Florida condos valued at less than $1 million remaining on the market which closely resembles the market situation during the market’s peak years of 2005 and 2006.
Advice for Buyers
While there are a plenty online resources where potential buyers can browse through their available options, being able to contact a professional agent remains to be one of the most useful steps that you can do if you happen to be looking into the possibility of purchasing one of the Florida condos that are available within the region today.
Aside from being able to find out more information about each of the different areas, you will also be able to gain details on the most outstanding real estate deals that can be found within region, especially since there are not so many bargain opportunities left on the market, so make that phone call today so that you can be sure to get fresh updates on your available options within Florida.
Yaz Morgan
Florida Condos
