In July of 2005, Daytona Beach area pre-construction condo sales hit a record high, according to the Florida Association of Realtors. And one year ago, 2 dozen condominium complexes were under construction in Volusia and Flagler counties, while at the present time, 16 of them are in various stages of completion.
According to Daytona Beach city planners and developers, only a handful of new condos projects will be launched in 2008, as investors are reluctant to risk further millions of dollars, while new sales lag, and growing numbers of condo buyers are forfeiting their existing contracts.
The good news is, condo buyers now have the opportunity to purchase these units for much lower prices, if the developer has retained the deposit of a pre-construction buyer who has chosen to walk away, instead of signing the final loan documents.
As real estate has done through decade after decade, the pendulum is still swinging. As always, it's only a matter of time before the market rebounds; Especially when that market is real estate in Daytona Beach, Florida. We will always have our share of northerners who want to get out of the cold. And now, with the Florida property tax situation looking brighter, and real estate prices no longer shooting through the roof, our snow birds will once again be able to buy a house or condo in Daytona Beach and enjoy the warmer climate and friendly people.
For more information on how you can buy your condo in Daytona Beach, visit my web site today.
Make a Smart Choice and contact Lisa Hill for all your real estate needs.
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