Condos Prices Propped up by Investors
If the housing bubble was blown up, in part, by investors, then the condo market seems likely to fall earlier and harder than the single family market.
[Sunday, January 29, 2006
Condominium prices see-saw more than house prices because investors — those who buy expecting a profit — occupy a "significantly higher" chunk of the condo market than they do in the single-family home market, a real estate expert said this week in Palm Beach.
Investors — as opposed to buyers who intend to live in a unit — are what drives perceptions about a real estate "bubble," said Steven Kirkpatrick, senior vice president of U.S. Trust, who spoke to several dozen guests at the firm's island offices. He manages its Special Assets Group, which includes real estate, oil and natural gas, and closely held entities such as the Gardiner Island Trust.
"There is some froth in the market, but there is no bubble. The marketplace is very healthy, and it's working, but a slowdown is upon us, and we should look for modest corrections," Kirkpatrick said.]
More...
[Sunday, January 29, 2006
Condominium prices see-saw more than house prices because investors — those who buy expecting a profit — occupy a "significantly higher" chunk of the condo market than they do in the single-family home market, a real estate expert said this week in Palm Beach.
Investors — as opposed to buyers who intend to live in a unit — are what drives perceptions about a real estate "bubble," said Steven Kirkpatrick, senior vice president of U.S. Trust, who spoke to several dozen guests at the firm's island offices. He manages its Special Assets Group, which includes real estate, oil and natural gas, and closely held entities such as the Gardiner Island Trust.
"There is some froth in the market, but there is no bubble. The marketplace is very healthy, and it's working, but a slowdown is upon us, and we should look for modest corrections," Kirkpatrick said.]
More...
posted by Little_Silvered at 9:23 AM
3 Comments:
Give the condo market another 6 months. There is a very large number of condos and conversions comming to market. There should be a very large implosion.
Condo listings in Orlando according to realtor.com.
12/1/05 1043
1/28/06 1399
Thst's about 35% increase on my calculator!
You have a great website here, and I'm going to tell all my friends about it.
You have a great website here, and I'm going to tell all my friends about it.
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