Tuesday, March 29, 2011
"The South Florida condo resale environment is increasingly becoming a tale of two markets," said Peter Zalewski (top right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"The average asking price for a condo resale near the coast is nearly $406,000 more expensive than the cost of a unit in suburbia. South Florida's double-digit unemployment rate - which is higher than the national average - is at the root of the price differential.
"Contributing to the price discrepancy is the fact that condo owners in suburbia are struggling to hold on to their homes while the coastal market has received an infusion of all-cash investors and second-home buyers who are somewhat less vulnerable to the economic downturn."
South Florida is a tricounty region with a population of nearly 5.5 million people living from south to north in Miami-Dade, Broward, and Palm Beach counties. Interstate 95 bisects each county with the coast to the east and the suburbs to the west.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at email@example.com