“Real estate analysts say South Florida’s housing market peaked late in 2005, and would-be flippers stopped buying in 2006. People who bought condos before 2005 might still make money or at least break even if they sell soon, the analysts say, but those who bought at the height of the mania [the speculative craze of 2004 and 2005] stand to lose a bundle … some are figuring out how to profit from the downturn … people [are often] willing to resell preconstruction units at their original price.”
– A feature in today’s New York Times explores the speculative real estate market in South Florida, which is beginning to cool after a significant boom these last few years. In fact, investors who purchased homes and condos during preconstruction phases are looking for ways to get out of their contracts or are walking away from their deposits. To stay on top of the growing real estate listings and deals in South Florida click here.
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June 20, 2007 at 7:29 pm
Pingback from Realty News » Rapid Real Estate Report: Capitalize on South Florida flips that never flipped
June 13, 2007 at 10:41 am
Aaron
For all of you who are in South Florida, you should seriously look into this. I have a friend down in the Ft. Myers area who’s cleaning up by helping “ordinary” people get out of the properties that they bought during the height of all of this.
The best part about this market is that these aren’t people you have to convince or otherwise cajole a whole lot. They are not real estate investors by trade, but people who just got into RE investment because “the market was just too hot to ignore.” This means they are very eager to just be done with it and the deals are easy to close. The fundamentals of these markets are actually still pretty good, and we should be nearing the end of the supply glut, so the prospects for flipping are actually much better now than they were in 2005. Obviously, any given property and market will still require some due dilligence to make sure it’s a sound investment, but if you’re there, it should be well worth your time.