Condo Sales In Florida Hit High Numbers in 2010

Condo Sales In Florida Hit High Numbers in 2010

Sales figures for Florida condominiums hit at an all time high 2010, leaving many people in the real estate industry asking - Why? Or at least, how can we keep this going?The real estate industry has taken some hits in the past few years, but there are signs that customers are finally starting to regain their confidence in Florida's real estate market. Beachfront condos have always been an attractive sale. Usually having direct access to beaches, luxury condos in Florida have been a safe bet for everyone from single, first-time home buyers to "empty nesters" to parents buying a place for college students to live. Searching for new condos in Florida is usually a fun task, taking the prospected buyer from one dreamy location to the other. And 2010 seemed to re-enforce the notion that the Florida condos are back in business. One report stated that more homes in South Florida resold in 2010 than in 2006 during the last real estate boom. An astounding 75,000 single-family homes, condos, and townhouses were sold in 2010. That's about 6,250 homes per month. Just in comparison, in 2006, roughly 67,600 homes were sold. This is great news for the buyers and not so much for some of the sellers. The reasons for this sharp increase in sales of beachfront condos in Florida may be explained by a combination of the low interest rates and the perception that prices may be stabilizing very soon. Some buyers are taking advantage of a Federal Housing Administration loan program, also called "Kiddie Loan." This loan is meant for first time buyers that can buy a condo as a co-signer using their parents credit history. This loan program offers interests rates like a traditional FHA loan, and the main requirement is the the owner and co-owner are blood relatives. But this is only a small example of the methods buyers are using to gobble up real estate like Florida's luxury beachfront condos.Florida offers a wide range of condos for a broad spectrum of buyers. Seniors want to move to places where other seniors are and many happen to be in Florida. There is a growing number of Florida luxury condos dedicated to senior citizens. These communities allow them to be with people their own age and offer activities for them to engage in. And now with condo and home prices so low, Florida is becoming more and more desirable each day.

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