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Florida has a 5-year Condo Glut

Started by morganb · 1 year ago

A great article in Builder highlights Jack McCabe’s research report which calculates that the Florida condo market has a whopping 5 years worth of inventory with cranes still hovering over new developments.

5-years?!?!?! Talk about a buyer’s market - from now until whenever. Worried about missing the bottom? If you’re in Florida you’ll […] ... Continue reading »

2 comments

  • Landflip

    1 year ago

    You are right...it is definitely a buyers market. I think there are going to be more and more second homes and so called investments for sale over the next several months. However, it's hard to predict when these investments will show a return. You might have to sit on them for ten years.
    reply
  • ann

    1 year ago

    Morgan..the single family home area is not better..coming in at a 3.5 year level of inventory...Amazingly..I keep checking on homes in that area..price drops are scary..05 house sold for $1.2 now a foreclosure at $599K(and still no buyer!). And those kinds of stories are all over the Florida market..and lets not forget that surrounding those kinds of homes are tons and tons of HELCO that were done based on that comp of 05....and since it is still considered a "declining" market..I expect a even great surge in foreclosures and more borrowers choosing to "walk away."

    So many broker shops in the South Florida market have closed up..try to do a refi/loan in that market!
    reply

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