Florida Condo Sales are UP and people are Cash Flowing

F.A.R. reports Condo Sales are up over 11% last month in Florida
FAR reported that the number of condo sales in November totaled 5411 compared to the 4,860 condos sold in November 2009.
Many of Florida cities posted higher sales in November on existing condos. The existing median sales price last month for condos was $88,200; and in November 2009 it was $104,500 that's a 16 % decrease. However, November's Florida condo median price is 7 % higher than the median of $82,400 in October for condos. The National Association of Realtors reports that the national median existing condo price was $166,000 in October.

Then we have the year-to-year comparison for existing home sales. There were a total of 11,900 single-family homes sold in Florida last month that is compared to 13,961 SFH homes sold in November 2009. That's a decrease of 15 %. Florida's median home sales price in November was $132,700; in 2009, it was $139,300 for a decrease of 5 %.
"The housing market is experiencing an uneven recovery," said NAR Chief Economist Lawrence Yun. "Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels. Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year."
I can say from experience that condos are selling and selling very fast here in Central Florida. Condo units that sold for as much as $298,000 4 years ago are now selling for under $50K (way under). Even though many condo sales have to be cash only they are still selling and investors are scooping them up and cash flowing from the start.
So here is a thought for you across the country. You have a child going to college and you will need housing for them. Buy a condo, get your student to get some roomies and rent it to them. When the schooling is done, 3-5 years, sell it or keep it and get some new students to rent to. Build your own equity and rental empire. Have a great holiday.
Paul Antonelli
www.ThatShortSaleGuy.com
www.CentralFloridaRealEstateShow.com