Condos Going for Same Price as Cars?
A CNNMoney.com report says that a number of U.S. condo markets, including Florida, are experiencing units priced “lower than a Toyota Corolla”, selling at or even below $25,000.
And while median home prices have fallen over 20 percent nationwide in the past four years, condo prices have fallen even more. According to the National Association of Realtors (NAR), condominium prices have declined almost 25 percent since 2007.
NAR reports that in Miami, condo prices have plummeted by 65% from where they stood in 2007. And, the article notes, prices for individual units are down even lower, like for a Deerfield Beach, Florida, unit that was recently listed for $25,000, a drop of almost 80 percent from its purchase price five years ago of $115,000.
Investors are beginning to snap up these bargains, and many of them are coming from outside the United States.
A recent Jacksonville Business Journal article noted a new flurry of purchase activity in Northeast Florida by international buyers, attracted by coastal property that is selling for sometimes as much as half of that in South Florida.
NAR says that buyers from Canada, Mexico, the United Kingdom, Hong Kong and China are the most active groups buying residential real estate in the U.S. According to their latest statistics, foreign investment in U.S. residential real estate the last year was around $907 billion.
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Greg Gilbert
Keith Maynard
