from the Florida Association of Realtors
Newspaper Articles(These are large images and may require a long download time):
Click here for Florida Today-Real Estate Section, June 16, 2002,
Florida Appraiser "...prices have gone berserk....Some beachfront units have increased by 30 percent over last year."
Click here for Florida Today-Aug, 2002..."Land For Oceanfront Condos Running Out."
The CENTRAL FLORIDA EAST COASTfrom Brevard County down to Indian River County and Vero Beach......
There has been above average Bull Market conditions in ocean front properties since early 2001. Special real estate conditions and opportunities now exist from Cape Canaveral down through Cocoa Beach, Satellite Beach and Melbourne Beach, all within approx. 70 minutes or less from Disney, Daytona, Universal Studios and Cocoa Beach (which is just minutes from the Space Center History Museum and Shuttle Launch) and South to Vero Beach. For example price per square foot (psf) values in this Central East Coast of Florida are still significantly below other coastal areas in the USA and other areas of Florida, even after higher than usual increases in condo prices (approx. 20-30% per year since early 2001) and this major demand surge continues fueling.
What is fueling this area's demand phenomenon?
Disney'srecent addition of it's Family Cruise Ships....
-Florida's Central and Central East Coast (Disney, Daytona and Cocoa Beach) have always been known as a vacation destination, and now Disney's recent addition of their Family Cruise Lines have fueled this phenomenon, bringing even more attention and reason to participate in the Central area's tourism, entertainment and investment opportunities.....
*Winter Retreat and
*Retirment Destination:Great year round weather, beachfront hotels, entertainment (Disney theme parks and their new cruise lines)- Daytona's famous stretches of beach and Auto Racing - The NASA Kennedy Space Center/History Museum - Cruise and Gaming Luxury Liners, and the beautiful beach, Cocoa Beach attractions, synonymous with the words "BEACH VACATION.....
The Three FLorida phenomenonprovide an ongoing demand for a limited but revolving supply for Florida Oceanfront real estate, much of the demand being oceanfront investment and/or retirement living.
Will the Bubble Burst in Brevard County Florida?Conditions that cause real estate to go down, i.e. an imbalance in Supply and Demand, namely an oversupply of oceanfront condos is not likely. The only reasonable conditions that would cause an oversupply of oceanfront condos for sale would be if the beachfront LOCATION goes bad. If that happens there could be an imbalance ocean or any investment of any kind. That is the risk you ask yourself when putting your money into an oceanfront investment. caused by an oversupply and prices could drop. The question is, will beachfront and oceanfront condos ever be "Out of Favor" to the point there is a herd of sellers trying to GET OUT of their oceanfront residence. That is the risk one takes when buying on the Dr. Dean Gatzlaff, professor of real estate and business law at Florida State University in a recent article (Florida Today, October 6, 2002) entitled "Do rising prices mean bubble," explains in the same way "Bubbles are caused by herding mentality, the result of which is a huge flow of cash pushing up prices....." and Wendy Murry, President of Melbourne Assoc. of Realtors says... "We were really underpriced for a long time, and we're just catching up with our neighbors." Their analysis of this BULL MARKET in Brevard County then begs the question, what would cause a herding mentality to sell your personal residence or second home on the ocean? Hypethically speaking, just because unit 102 sells lower than recent sales because the owner just lost their job and must sell immediately because they can't make the payments, doesn't mean unit 103 next door would likely sell lower than recent sales, or that prices are coming down. Each condo in a residential invironment is it's own market and doesn't move according to units in the same marketplace unless it is an upward panick to Buy.....NOT Sell! Remember, there is an emotional attachment when selling personal residences that isn't there in most other investments.
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