Luxury Florida Real Estate - Has Its Bubble Finally Burst Too?
Posted by Benjamin Dona on Monday, August 31st, 2009 at 9:31pm.
It looks like the last real estate market segment in Florida that has held out for higher prices has finally burst its bubble too. Luxury Florida real estate sellers appear to have finally come to the realization that they too are going to have to give in on price in order to sell their properties.
While many folks may have thought such a move was a given under today's housing market climate, the reality was another thing altogether. The reason for such an attitude was multi-faceted. Let's just suffice it to say that most luxury real estate in Florida is located on some of the most prized property available. You don't give away oceanfront estates, island getaways or high rise condominiums with views to die for just because the rest of the market hits hard times. In addition, folks who are wealthy enough to afford such properties in the first place are also wealthy enough to carry them as they weather the market downturn.
However, when you add in the fact that the rest of the economy has also taken a huge hit in recent times, even the wealthy can begin to feel the pinch. And, the fact that it has happened to the luxury market as well has led to some really good buys if you are in the market to buy such a property.
A perfect example of this trend in the luxury real estate market here in Southwest Florida is our oceanfront high rise condominiums. Just last year, many had hardly budged at all in terms of their asking price. Today however, we can find quite a few that have come down substantially in price. We guess that 300 plus days on the market with no offers and few showings will do that sort of thing to you - make you re-think your price. And, it's funny, because once they come down a little in price, the properties move just like the rest that are selling here in the land of sunshine.
Luxury Florida Real Estate
| Luxury Florida Real Estate for Sale |
| Barefoot Beach | Miromar Lakes | Tarpon Point |
| Mediterra | The Colony | Tiburon |
So, if you're looking for a special (and yet still expensive) Florida retreat, don't think that you can't possibly get a deal too. Just do a little research and you might find a gem in the midst of some of the most sought after real estate in the country.
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About the Author
Benjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.
Contact Benjamin Dona at 239-948-3955
Southwest Florida Real Estate Blog
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Share6 Responses to "Luxury Florida Real Estate - Has Its Bubble Finally Burst Too?"
[...][...] This post was Twitted by capecoralbroker [...][...]
Posted on Monday, August 31st, 2009 at 10:35pm.
Great article and I hope it all works out!
Posted on Tuesday, September 1st, 2009 at 11:04pm.
The luxury market here has taken a few on the chin as well. Homes that originally sold for over a million dollar a few years ago are now selling for 400 to 500k. Of course, its only bad news if your not looking to buy!
Posted on Wednesday, September 2nd, 2009 at 6:13pm.
Hey Charles,
I'm hearing the same thing from a lot of our fellow Realtors around the country.
We just need for some of our die hard luxury sellers to finally figure things out and reduce their prices to something a little more reasonable.
Posted on Thursday, September 3rd, 2009 at 11:26am.
It does looks like the last real estate market segment in Florida that has held out for higher prices has finally burst its bubble.
Posted on Thursday, September 10th, 2009 at 2:03am.
I buy and sell property according to market sentiments and I think it’s the best time to purchase properties in Florida in a long time. Thanks for the information.
Posted on Friday, September 11th, 2009 at 7:20am.