Whereas November figures showed that Miami realty took a 59% drop in that month, and Fort Lauderdale took a 29% beating, the Sarasota area was only down 16%.
Reports indicate that the market there seems to have bottomed out after a two-year decline. Buyers are still flocking into Florida, and the overflow of condos is expected to mean that buyers will get value for their money.
The Florida Association of REALTORS® has reported that the price of condos in Florida is very low right now, partly due to a large number of new condos coming onto the market at the same time.
These figures from the FAR are based on the latest set of sales stats to come out, which show that the median price of a Florida condo is down by about 9% from this time last year. Also, the number of units sold compared to this time last year is down by 29%.
Many snow birds and permanent residents are attracted to this area of Florida. The state brings in 300,000 new residents per year, second only to the state of Texas.
Florida is a prime retirement choice for many people, and this popularity keeps the condo price steady, in spite of small nationally-influenced fluctuations.
Now that the price has dipped, many shrewd buyers will be moving in on the condo market. The economy in Florida is still plugging along, although according to Florida's Institute of Economic Competitiveness, it's at a slowed pace for now. Once it picks up, real estate agents are expecting that condo prices will be right alongside it, so that must be soon, if predictions are right.
This will please the mortgage brokers, who are holding funds for loans that they cannot process - due to lack of demand! The general public has been scared away from taking out any loans except for traditional bank-backed loans. With both mortgage interest rates just beginning to creep up, buyers may be missing the boat on cheap loans!
Lakewood has seen its share of drastic price drops, but that simply means that now is a good time to buy there. With house prices dropping, real estate agents are expecting that locals may even sell up their inland homes and move to the coast.
The coast has always been a magnet to the retired community. Florida is famous for its canal systems, giving thousands access to recreational water sports. Many condos offer waterfront opportunities in varying degrees, including ocean front, river front and canal front. This recreational playground also has warm sunny weather - another reason why the area attracts so many retirees. If you have often dreamed of a small boat and a carefree lifestyle, now may be the time.
