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Is the Real Estate
Bubble about to BUST at PCB?
That seems to be the question
these days. Below is more information for you to draw your own conclusion.
Fact:
* Gulf front condo inventory
available for sale is up 400% from Sept 15th to Jul. 15th 2005.
* There are going to be an
additional 9,578 new units added to the beach by 2006
(based on a report from Bay Cty. building dept.)
*Condo Prices are up to $400-$600
per square foot. (double the prices in
2002)
* Based on previous rental
histories a buyer will have to put 40 to 50% down in cash to break even.
(Unless rental income increases dramatically
there is nothing that will break even at the beach with 20% down anymore. If
appreciation slows down and interest rates go up, investors are likely to pull
their money from this market and reinvest elsewhere.)
* Rumor has it that about 50% of
the current preconstruction presales intend on selling their reservation prior
to closing.
* If that happens there will be
another 4,000 plus condo units for sale in the next 2-years.
(this could flood the market. There have been
1,313 condo units sold in mls in the 12 months Nov.15th 2003 - Nov 15th 2004)
* As of 07-15-2005 there were 1021
condo units for sale in MLS in the beach area.
* These figures do not reflect
the 100's of unit's being sold by individuals and developers etc.
* The condo market has reached an
all time high and the question is. Is it time to cash out?
Only you can answer that one.
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Bank Foreclosures /
