Is it a good time to buy a condo in Florida?????

I agree to wait. I would give it another year or so. The prices will fall much more because of foreclosures.

Honestly, I dont think it is.

Many people think the market will continue to fall until 2010.

It depends WHERE in Florida you are looking to buy. Anywhere south of Daytona, particularly the entire SE and SW coasts have a long way to go down.

I am ready to buy a house in Florida... but I am holding back a little because all the signs are still saying the market will continue to get worse. If you can get a really good deal... with a price about 60-70% of the price in 2005, it might be an OK deal.

Nobody can really predict the bottom... but with the exception of Real Estate Agents and Mortgage Brokers, most people agree that we have not seen the bottom yet.

I would wait... especially before buying a condo, as they are even more likely to lose significant value.

Nope, Florida has the 3rd largest foreclosure ratio in the nation. Market values are declining and/o distressed, you could buy it for one price and tommorrow it may be worth less than you paid for it. Lenders are also aware of this depreciation in Florida, so financing is being limited, requiring larger down payments and increased requirements for post closing reserves that must be documented in that and other similar markets in the United States.

Below is a website that will give you some additional information on all states, and where the values are still on the rise. Hope it helps!

It's so funny to read all of the doom and gloom on these sites... I guarantee you the same people that are saying this will be on the downward spiral for another 2 or 3 years are the same people that didn't believe in a 'bubble'... it's so nice to have a wait and see attitude about things as though every single home in every single neighborhood is overpriced.... that's just not the case.

It's a great time to buy right now, but one of the best indicators as to whether or not it's worth buying is comparing the property to the equivalent of renting it.

If something in miami costs $3000 a month to rent, just add 33% to it... in this case a total of $4000. If your mortgage, taxes and insurance cost 30 to 40% more than renting on a monthly basis, then you are just fine. The tax benefit will actually make it so it's the same as renting.

Just keep your eyes open and keep looking.

It is a good time to buy any residential real estate right now. It is a buyer's market. Therefore, there is plenty of inventory to choose from and seller's are more apt to reasonably negotiate with potential buyers.