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Market Report - October 2010 - Condos
PALM BEACH GARDENS CONDO PRICES ARE 65% LOWER THAN PEAK PRICING: THIS IS A STEAL!
The median price of a condo in Palm Beach Gardens and throughout Palm Beach County today is just 35 percent of what it was at the height of the market in 2006. In October 2010 the median price of a condo in Palm Beach County was $79,600, a whopping 65 percent below the top of the market reached in March 2006 when the median price was $224,600 according to the Florida Realtors Association. Buyers, if you have been waiting for that great deal, this could be your time! Short sales, foreclosures and distress sales have fed the housing market decline which has hit the condo market hard. Many new condo projects were built and sold in the mid-2000's with buyers competing for pre-construction pricing. Projects were often sold out within days of hitting the market. Financing was easy to obtain and investors often bought the majority of available units. But with the housing bust, prices took a hard fall and are today about the lowest on record for condo pricing. Sales today are brisk in many condo complexes, but almost all of them are short sales or foreclosures priced at pennies on the original dollar invested. There are some very good deals available to savvy buyers. The Weiss-Clawson Team researches housing market trends in communities throughout Palm Beach Gardens and Palm Beach County to bring the most up to date information to our clients. If you are interested in buying or selling a home in Palm Beach Gardens, we would like to help you. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you and to helping you with all of your real estate interests.
