Condo Recovery Unlikely In 2008
David Seiders, chief economist for the National Association of Home Builders, has predicted something of a recovery for new home construction in most states during 2008, but that recovery does not include Florida, California and Nevada. He described those as being "overheated" housing markets.
Seiders was highly critical of Florida's condominium markets. In fact, he said that the glut of condominiums in the Tampa Bay market was so bad it would take close to three years to clear away the current inventory given the present sales rate.
During November, only 250 condos were sold in all of Pinellas County according to the Pinellas Multiple Listing Service with a median price of only $150,000. Over 8,300 condos were on the market.
For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
Seiders was highly critical of Florida's condominium markets. In fact, he said that the glut of condominiums in the Tampa Bay market was so bad it would take close to three years to clear away the current inventory given the present sales rate.
During November, only 250 condos were sold in all of Pinellas County according to the Pinellas Multiple Listing Service with a median price of only $150,000. Over 8,300 condos were on the market.
For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
-30-
posted by Terry Ward at 4:21 AM
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