As the prices of condos have dropped, I've seen a big spike in the desire for beach front condos. Many people have wanted to sit on their patios and listen to the waves come in and watch the sunset. Unfortunately, as prices were skyrocketing, the average cost for a 2 bedroom/2 bathroom condo was closing in on $700,000. But now there prices are dropping below $500,000 (can even find a few 3 bedroom units) and more and more out of town buyers are interested. From Canada to France, I have buyers calling and flying down to get thier piece of the beach. I think the most surprising part of the new trend, is that while many of the lower priced units need lots of upgrading, you can also find some really nice deals. On Friday I was looking at a 4th floor, corner unit that had been purchased for $625,000 in 2006...the list price is now $499,000 and the unit has already been upgraded and is very move in ready.
Even though the newspapers are continually writing about the doom and gloom of our industry...it you want a condo on the beaches in Tampa Bay, this is a great time to be a buyer.
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