Still A Case To Be Made For Buying Condos!
February 19th, 2009I just came across and interesting post on a Florida site called condovultures.com
Seems that all the doom and gloom may come around after all. In Florida there has been a recent surge in condo sales, although by recent I mean 7 days so not sure how useful this is for long term trending, but an interesting shift none the less.
I think you are seeing similar activity here in the lower mainland, that does not mean the market all Rosy and has hit bottom, but what is does mean is people still see value in owning real estate as a solid investment.
Some of the reasons sited in the Florida example are the fact that people are seeing prices now that make sense from an investment standpoint, as well some are taking money out of a volatile stock market and putting in real estate which they see as a more solid bricks and mortar investment.
If you step back and look at this it makes sense, and I think it is only a matter if time until we see the same thing here, in fact there are some signs of it already. Again, I am not saying that the market has bottomed out and we are in a recovery, but what I am saying is that all the news out there that says the world is basically coming to an end is a little much, we need to put things in perspective.
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