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.
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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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