florida beach condo
value florida beach condo
Florida has always been condo crazy but a recent uproar in condo sales has attracted interest to the Florida condo market. Between 2003 to 2005 condo buildings in Florida had a massive boom and by the time the real estate market went bust every major Florida city skyline was pocked with cranes and unfinished condos. The condo developers for these goliath residential buildings were forced to make a tough decision: should they finish building these condos in a cold real estate market or scrap the project and cut their losses?
Most condo developers ended up finishing their condo projects, sending the real estate market into further decline because of the rapid influx of supply. These towering condos with hundreds of units remained largely unused with noticeable emptiness. This void of residents was even more evident at night when only ten percent of the lights in the brand new buildings were on. The prices for condos began falling at record pace as many buyers and real estate vulture companies began to take notice. Florida condo have always had a strong appeal, limited available waterfront space and resort-style services. The only catch was that the condos seemed too expensive for the average person, but recent price declines have put them well within reach.
So how dramatic is the decrease in condo values in Florida? Tampa saw a decrease in condo values of 22 percent last year alone and the average price of a Tamp condo is a little over $200,000. The other major Florida city with the most dramatic decreases is Miami which has seen a decrease in condo values over 50 percent the last two years with waterfront luxury communities like Brickell having an average sales price of $290,000 dollars. But probably the most impressive part about Miami's current condo craze is the fact that condo sales so far this year have gone up 70 percent, signifying a huge switch in consumer confidence.