If you're looking for a piece of Florida at the lowest price you'll see in years, then 2008 may be that year to buy into the Sunshine State. Condominium inventory has soared over the last 20 months and about 35,000 units were recently completed or about to be completed this year, according to Florida Trend Magazine.
The median price of a condo in Florida stands at about $187,000 according the Florida Association of Realtors, down 9 percent from last year at the same reporting period. Meanwhile, the number of units sold compared to the same time last year is down 29 percent.
Nevertheless, investors are moving in to grab good deals while they can in this buyers market. The demand for condos should continue upward as the state brings in more than 300,000 new residents per year, second only to the state of Texas.
Keeping mind that all the bad news for sellers means a land of opportunity for savvy buyers, real estate speculators are counting on softening prices and plenty of seller and builder contributions to sweeten the deals to be had in Florida's condo market.
The economy continues to plug along, albeit at a slower pace, according to the University of Central Florida's Institute for Economic Competitiveness. All in all, the economy is taking a breather and that means opportunity for buyers.
Source : http://www.homes101.net/
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