Condo Prices in Florida Still Falling
July 23, 2007
In West Palm Beach and Boca Raton condo sales rose 11% in May, according to USA Today. That was a signal to some that the recession in South Florida real estate might be over. I don't think so. Prices in those cities were down only one percent compared to last May. They will have to drop a lot more than that to reach become affordable to ordinary income earners. Across Florida there has been a more healthy deflation. Condo prices statewide are down 28%. That's good but it's not good enough for me to get back into the condo market. I'm waiting till prices hit my best guess at a bottom - which I pegged three years ago as fifty cents on the dollar.
posted by M. Masterson @ 1:21 PM,
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