The Tampa Bay Condo Market is Hot!
The Tampa Bay condominium market continues to be red-hot as the number of units for sale falls. Over a year ago, you would find several units, on the market, in one complex. Now you will be lucky to find one or two units for sale in a complex. When the units hit the market, they get multiple offers and go under contract quickly. At times, there are bidding wars and units are sold for over list price. This is especially true for the lower priced units. The lower priced units, particularly those priced under $50,000, are moving extremely quickly and are cash purchases. Investors are enticed by rental profits and the stability of the rental market. Some first-time home buyers are finding that it is cheaper to own than to rent. Prices have stabilized and in some complexes, prices have increased. In Florida's year-to-year comparison for condos, 5590 units sold statewide in November which is a 2 percent gain over the 5464 units sold in November 2010. The statewide existing condo median sales price was $86,700. A year earlier, it was $83,000 for a 4 percent increase. The national median existing condo sales price in October was $160,300. © 2011 Florida Realtors® The record-low interest rates and cheap condo prices have really enticed buyers. However, it should be known that due to the market and owners being delinquent on HOA dues, many condominium complexes will not qualify for certain types of financing such as FHA. Most Tampa Bay condos will only qualify for cash or conventional financing. If you are able to purchase a condo with cash, you have a strong advantage and will be able to find a great deal. About Author Tampa Bay area Realtor. I provide comprehensive real estate service to home buyers and sellers. Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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