Investors were buying condos faster than batteries were selling during a hurricane watch here in South Florida. Before a building had even broken ground investors were saying, “Buy, Buy, Buy”! The Realtors were not much help either. Everything was a good deal and an opportunity to good to be true no matter where the project was or how much it cost. Everyone wanted to buy their Florida new condo. Investors were flipping their condo(s) faster than the developer could build it. The buyers were right behind the sellers to re-buy the condo that was just flipped to them. Yes, now the condominium has been bought twice before the project has even gotten off the ground.
A recipe for disaster –
Now the worm has turned! If you bought a condo in the last 2-3 years you are wondering where all the Florida condo buyers went. I’ll tell you where the buyers went, back to their day jobs. Everyone was an investor for 2-3 years and then once the going got rough, the investor got going. Now owners of all these condos are stuck. Many without a buyer. With more people going into foreclosure than every before it will be tough going the next few years.
What is an investor to do?
So, what are you to do if you bought a condo in Florida and your desperate for a buyer? Get a Real Estate Agent that cares more about you than the money they will make off your sale. Realtors are people too and you need to find one that is compassionate and will tell you the truth about your situation. Your condo can be sold. The question is how long can you hold it? If you have to sell as soon as possible than you need to price it right. Pretty much the only thing that is selling properties right now is how low can you go. You must price your unit lower than any competition. With as much as 40-50% of the condos for sale in your building you have to ask yourself , what makes yours a better deal than the others?
The good the bad and the ugly –
You saw or experienced what went right in the Florida condo frenzy and now you are seeing first hand what went wrong. Trust in a local professional who makes a difference and who can provide options when you have to sell. The condo market will pick up in the next couple of years again in Florida due to the beautiful weather and the simple fact it is one of the best places in the world to live.