Florida Condos a Tale of Two Markets
According to the Florida company Condo Vultures, the average resale asking price for Florida condos or townhouses near the coast in South Florida is almost four times more than the listing price of similar units in the suburbs of the tricounty region.
A typical unit on the coast is going for $523,800 on average, while just miles away, west of I-95, the same unit can sell for a list price of $118,200. This is clearly a tale of two markets, and South Florida's double-digit unemployment rate that hovers above the national average is the root of the price differential. Basically, the coastal market has received an infusion of all-cash investors and second-home buyers who are less vulnerable to the economic downturn, while condo owners in suburbia are the middle class who continue to struggle just o hold onto their homes and jobs.