Southern Florida Condo Market Set to Take a Dive
The condo marketplace in Southern Florida is coming to a screeching halt as the speculators have left and the developers are looking at an over supplied market. Speculators, or flippers, have been very active in the south Florida condo market driving up prices and demand at a record rate.
Many pundits attributed the velocity of the market to foreign demand and relocation. Now that interest rates have declined and the market slowed, many of the condos that have been recently built are just partially filled and those that bought to flip are try to sell desperately.
Today, though, the meteoric rise of condo development is on the verge of crashing down to earth. The seemingly unstoppable juggernaut has come face-to-face with economic realities making even the most maverick developers gun-shy. As supply outpaces demand, prices already are leveling off and values of newer condos could tumble by 30 percent or more by the time the market hits bottom, experts say.
“The condo market isn’t just breaking lightly,” Miami real estate consultant Lewis Goodkin said. “It’s screeching to a halt.” As a result of rampant overbuilding, lenders are leery of financing condo construction, forcing developers across the region to cancel, delay or revamp projects. via the South Florida Sun-Sentinel.
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