A Tale of 2 Florida Markets - Part 1 - The Condo Market
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The condo market in Florida is about to hit a major speed bump as inventory and demand are not lining up. The over building of the condo market has created an inventory glut, just as higher interest rates and housing bubble pricing have pushed up the cost of condo ownership to unrealistic levels.
This skyrocketing ride of a real estate market may be about to take a dip downward.
2006 will bring thousands of new condominiums to the market and with them, the possibility of a market correction.
Meanwhile, tens of thousands more proposed condo units are marching through permitting in South Florida. Developers will be in search of financing, while lenders are pulling back from residential projects.
Money should still be available, longtime Miami analyst Michael Cannon said, but at increased rates.
“Fewer announced condo developments will obtain financing as pre-sale requirements will be tougher,” he added. “The adage ‘location, location, location’ may prevail if coupled with proper timing, timing and timing.” via bizjournals.com.
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Comment by Harold Riley on 12 January 2006:
I agree…
However, my colleague at Miamiboomorbust.com is the true optimist and has posted several dozen articles pointing as to why Miami (the magical city) may indeed hit a speed bump… but in the long run Miami will be the next New York City.