For the third quarter of 2006, sales of existing single family homes were down by 34% as compared to Q3 of 2005. Furthermore, the median price statewide remained about the same as it was for the third quarter of 2005.
However, the median price of a Florida condo did decline by 3% with sales down by 41% for Q3. With so many new construction condos as well as condo conversions, this property type was primed for a price correction and I think this is just the start for them. Many speculative investors bought condos that were recently converted from apartments with the intent to flip them to buyers as the market marched forward. Many of these are sitting empty or looking for rental tenants.
If you are in the market for a condo in Tampa, there are some good choices. When considering a condo ask yourself the following:
- Is there a large supply of this type of housing available?
- Are there many units in the building on the market?
- Are many of the units vacant?
- Why would I want to live here?
- Why would someone else want to live here?
- Is there anything special about the location or the building (project)?
- Are there any amenities available that I can’t get elsewhere?
- What’s the rate of turnover in the building?
The answers to these questions will go a long way in helping you to make a decision on what’s best for you now, and later, when it’s time to sell.
[...] But alas, the sucking has waned, and many condos sit vacant looking for a buyer, or at least a tenant to call them home. Statewide, Florida condos have experienced a decline in value. Inventory is very high and buyers are now staying away. Related post. [...]