This recent housing bust has made owning a home a lot more affordable to the average person. Currently, you can buy a condo in South Florida for less than a car. Just search our MLS to see how many you can find.
That’s right, there are numerous condos selling for under $50,000, even as low as $25,000. We are not talking about homes that are damaged or in terrible neighborhoods, most of these are homes that are ready to move in.
This recent housing bust has lowered the median home price by about 23%, but when it comes to condos in South Florida, many have seen depreciation in the 70% range and higher.
Much of these price drops can be attributed to over development during the boom. Now that there is less demand, many of these units have been foreclosed or remained vacant.
Of course, condo owners have other expenses, particularly maintaining the grounds and common areas, but these tend to be quite low. And the property taxes are also often modest.
Plus, if these housing markets ever rebound, there’s even likely to be some price appreciation for these homes. You can’t say that about a new car.
Are you ready to take advantage of these great time to buy Real Estate? Search our South Florida MLS to find you bargain, or complete our Buyer home finder form and we will email you great deals.
