After showing a prospect some downtown St Petersburg condos this afternoon, we sat down to sort through what we'd seen. He asked me, "What's going to happen with prices? Are condos going down more than houses?"
Other than not having a crystal ball, I can say that in both condos and houses some are going to do well and some are not. The average price change isn't going to help you. Let's talk about which building (or which neighborhoods) are likely to show more price drops than others. Despite the newspaper statistics you read, there are still some building and some neighborhoods where prices are not declining, and where they're actually going up.
Then we started to discuss the downtown St Pete condo buildings, one by one. They say Real Estate is Local - and it really is. Dig deeper to separate the mini-markets.