Florida Condo Market In For Tough Times
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The speculation market in the Florida condo market is coming to an end, just as thousands of units are coming onto the market. South Florida is seeing the fastest turn around in the marketplace. Home owners should not fear this development, but do not expect a condo to increase in value in the short term.
“Everybody can’t be Donald Trump,” said Henry Fishkind, an Orlando economist who spoke at an Urban Land Institute seminar at the Seminole Hard Rock Hotel & Casino in Hollywood. “I’d be cautious right now.”
Fishkind and other analysts agree that the housing sector has peaked and predicted problems for the condominium markets in West Palm Beach and Miami, where thousands of units are expected in the next few years.
The condo market in Fort Lauderdale is in better shape, mostly because of restrictions on supply imposed by the city, analysts said. via South Florida Sun-Sentinel.
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