Today’s condo market has seen a shift in the prices; many of the condos are priced where they were in 2004-2005. Many of the oceanfront condos that sold for $150,000 in 2005, are now selling for $150,000. The large increase in price from 2004-2006 has almost been wiped out with many oceanfront condos. What does this mean? Buyers can now make a smart investment and actually see some rental income comparable to the price.
Many buyers became priced out of the market for
The amount of people searching for oceanfront condos in
What can agents do to help these condos sell? I think many people are still listing condos at inflated prices, agents need to help there sellers realize that this is not helping the market and either withdraw theses listings or lower the prices. Also, I think agents need to use the resources they have more wisely. With so many condos listed, make sure you list the rental income, taxes, etc… These are all tools that are available, but so few people use them. With the large amount of inventory these resources are that much more important and may help attract buyers and agents.
When is the right time to buy? I think buyers should look at the affordability and the numbers to figure out if it is the right time to buy. If rental income is something that is important to you, then weigh the past few years of rental income and the expenses. It is not hard for your agent to do some research and find these numbers.
If owning an oceanfront condo in