Florida Condo Market On The RisePosted by Karrie Rose on Thursday, January 13th, 2011 at 1:24pm.
With prices at an all-time low, the Florida condominium market is thriving. According to figures published by The National Association of Realtors, sales of condos in the state continue to rise, with 11% increase in November 2010. As one of the most hard-hit regions, due in part to large numbers of foreclosures and the negative impact of the Gulf oil spill, Florida has endured something of a bumpy ride during the recent economic crisis; but it seems that confidence in the market is returning.
While other depressed markets continue to struggle throughout the nation, Florida's future is looking increasingly sunnier - in more ways than one. Overseas buyers, particularly those from Britain and elsewhere in Europe, have been flocking back to the Florida condo market as a result of some attractively low prices. Perhaps the uncertainty surrounding the Euro, and the economic frailty of traditional European vacation destinations such as Spain and Portugal, will continue to draw overseas investors to Florida's golden beaches. And, of course, snowbirds from Canada are still very active in the Florida real estate market. With the Canadian dollar performing so well against the US dollar, it's easy to see why buyers from north of the border are taking full advantage and buying bargain condos by Florida's sun-kissed beaches.
Making The Right Choice
With so many attractive condos on the Destin real estate market, choosing the right one can be a minefield. Always make sure that you research the immediate area well, and ensure that the condominium offers all the amenities and facilities that you require. In a competitive market, those seeking a bargain may have to act quickly, in order to beat the many other potential condo buyers out there, but it pays not be too hasty.
With many foreclosures and bank owned condos available, it is easy to be lured into a false sense of security. Although these kinds of properties can often represent excellent value, care and experience is required when buying in this sector of the market. Professional assistance and a good deal of patience are both highly advisable, if you wish to grab a genuine foreclosure bargain. If you tread carefully, and use a local real estate expert you could make significant savings.
If you are looking for that low maintenance, convenient condo or vacation home on Florida's stunning Emerald Coast, please view the latest condo listings for Destin and surrounding area.
From the Karrie Rose writing team.
Pic from I'll Never Grow Up's Flickr photostream
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