Real Estate Gurus Predicts Florida's Condos To Fall
Tuesday, January 31 2006 @ 08:44 PM UTC
Contributed by: jron
Real estate experts says that fast cash in real estate market is over, the single-family homes and condominiums that an individual purchased might come in handy for long term use.
Henry Fishkind a known Orlando based economist said that one has to be cautious right now and jokes "Everybody can't be Donald Trump," Fishkind who also spoke at the Urban Land Institute seminar at the famous Seminole Hard Rock Hotel & Casino, is predicting that the sales of real estate market could possibly drop.
In places like West Palm Beach, Fort Lauderdale and Miami-Dade are all facing predicted problems in their markets as the market is starting to have slow turns. It is said that its market's peak has been reached and further unit addition could cause problems.
Jack Winston a Miami based real estate consultant said that in the Miami-Dade area there has been approximately 71,500 units that are built or planned, compared to the units completed countrywide in the past 10 years, there are only about 9,100. Numbers for areas like Broward and Palm Beach weren't released.
Real estate speculators said that they will take the blame, if ever supply should rather continue to out box demands, that would really hit them and will tarnish their ability to resell or rent units. Reportedly they have already reduce price in some of the condo resales that are listed previously.
Winston said that "Miami is ground zero for the housing bubble," and also adds "It's going to be severe in Miami, and it's going to be problematic in West Palm. We've built too many units compared to the projections for real users." Predictions were made and numbers are apparently obvious.
If this continues, investors may have to think on where to put their investment on, considering the market is about to face a problem in the near future. Agents should think about strategies to continue the effectiveness of their market. Condo units present demands could reduce as time winds down.