Although it’s been a tough housing market for the entire state of Florida over the past year or so, one sector that seems to be benefiting from the low prices are the sales of condominiums.
With prices that have dropped almost 50% from what they had been going for a year ago, buyers are grabbing great deals on luxury condos worth way more than what they’re paying. At one complex known as The Caribbean, which was featured last year in a New York Times article because it only had one tenant who could afford to be there, prices went from $1,100 a square foot to around $600 once new owners took over, and suddenly out of 103 units only 15 are left, and all have bids on them.
While it’s been hard to sell homes in the Miami area, more than 1,000 condos were sold between May and December of 2009. That’s probably because the average price of condo’s has come down to around $300 per square feet, and the median price of a condominium in the area has gone from $275,000 to around $135,000.
This means that there are great deals to be had, even with new high rise complexes being built. It’s a good time to look at condominiums in this area as your new home.
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Mitch writes on real estate, finance, and many other things.