Concierge

Luxury Oceanfront Condo Prices and Sales are on the Rise

August 8, 2012

There are many factors that go into this increase such as the historically low interest rates, shrinking inventory and foreign buyers purchasing luxury oceanfront condominiums.

 

“The place has been cleaned out of excess inventory, the prices have been going up, and I think they will continue to go up moderately, not gang busters, but the direction is clearly upward,” said William Stronge, a senior fellow at the Economic Development Research Institute in West Palm Beach.

 

Foreclosures have fallen to levels seen in 2007, which is another good sign for the housing market in Palm Beach and Miami. Florida had the second highest number of completed foreclosures this year, according to the Santa Ana-based company CoreLogic, a financial, property and consumer information company.

 

“I think going forward the real question is whether the rebound can be maintained,” said Mike Larson, a real estate analyst at Weiss Research in Jupiter. “All in all, pricing is stabilizing, and I think that’s what we’ll see for the next year or two.”

 

Full Story: The Palm Beach Post

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