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02-10-2010, 01:52 AM #1
Condominium
- Join Date
- Nov 2008
- Posts
- 181
Florida Goes Condo Crazy
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 condos 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.
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02-10-2010, 02:59 PM #2
Condominium
- Join Date
- May 2007
- Location
- Minneapolis, MN
- Posts
- 138
Insurance and Association Dues
I've read that a big reason for condo price drops in Florida is the difficulty of obtaining property insurance. Has it gotten any easier or is it still really difficult?
Also, I would think it would be tough convinving a new buyer to cough up all the extra money to cover the association dues as a result of the high vacancy rates. Many of the costs for a condo are fixed regardless of the how many units are occupied; split that cost between fewer owners and it get's real expensive, real fast.
How are buyers reacting to these issues?Looking for a realtor in Minnesota? How about a Missouri realtor in St. Louis or Kansas City? Agents Ranking researches the performance of thousands of real estate agents every year and hand selects the best realtors. You can also find information on Minneapolis Realtors at Minneapolisrealestates.com.
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