Are Florida Condos The Right Investment?
Question: I\’m a retired teacher and interested in buying a place in central Florida to escape Ohio winters. If I buy one what do you think the chances are that they will be selling for more money a few years down the road? Real estate brokers tell of people coming and buying half a dozen condos at a time.
Answer: It would be useful for you to review condo sales during the past six months. What has been selling, what are the prices, how long have homes been on the market, etc. Is there a price difference between walk-up condos and condos with elevator access? How much?
It may well be true that some buyers are purchasing six units at a time — it is equally true that people bought large numbers of Enron shares. Such things are not a test of value and not a guarantee that prices will rise in the future. No less important, those investors may have more money than you so that if prices go down they won\’t be in the poor house.
Try this: Find a unit you like that meets your immediate and prospective needs. If it appreciates, great. If not, you’ll still have a nice place in the Florida warmth.
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Syndicated originally by Content That Works and posted with permission.
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