Ft Lauderdale Condo Bargain Hunters
June 7, 2008
The glut of condos on the market today is attracting bargain hunters from all over the world to the Ft Lauderdale condo market. At the end of April our databases for Broward and Palm Beach counties showed over 41,000 available units for sale.
Issues driving Sellers in this market are foreclosures, short sales, personal financial problems and relocations. Buyers from South America and Europe are finding this the most attractive buyer’s market they have ever seen. Condo sales prices are running 25% to 60% lower than they had been during the boon period of a couple of years ago.
The best deals available to individuals are in seeking deals with short sales or highly motivated sellers that must sell now. I have seen the best buying opportunities for individuals with the sellers that must sell right now—whatever the price. The problem with Short Sales is that many times you will run into multiple buyers bidding up the price for the same property and by the time the bidding is over you really don’t have a great bargain.
For buyers wanting to buy many units, block sale transactions can get you huge buyer discounts in this market. This would be for the buyers with ready access to cash and who want to buy several units at the same time.
The last point, don’t try to time the market to only buy at the very bottom. If you find a great deal you should go ahead and buy it now. Everybody is watching the same statistics, so by the time the numbers tell you the bottom was hit every buyer waiting on the fence will then start buying and that will quickly drive the market prices back up once again. Also, before you start your search be sure that you have financing preapproved or the cash available that you want to use.
Best of luck in your new home search!
