Volusia/Flagler County Condo Sales on the Rise

Daytona Beach, FL, May 21, 2009 --(PR.com)-- For a current real estate market trend that is seeing record lows in property sales, the local condominium market in the Volusia and Flagler county markets are bucking the trend and are selling at an expeditious pace. Because of a flat property market, condominiums are selling for record low prices and are being quickly bought up by those who are recognizing that now is the time to pick up on condo ownership while the prices are a steal.

Many units in the area are being auctioned off at prices at or less than $200 per square foot, which according to a spokesperson for a major property management group is less than the condos would cost to even be built at today’s price. Condominiums that were built in the last couple of years and were introduced to the market at $700,000 are being sold at prices of $495,000 to less than $330,000, a whopping 35-55% off the original values.

In this year’s first quarter, 273 condos were sold in the local market, a nearly 10% increase in units sold over the first quarter sales of 2008. Local market experts believe buyers are recognizing that condo values are at their floor price and values will gradually increase from this point forward. Many are seeing it as a great investment opportunity for owning vacation home rentals and also an opportunity to own the beautiful beachfront condo they’ve envisioned for their retirement. It’s a win-win for buyers in the local condo market.

Local property management group, Waverly Property Management, likes the new trend in the increased market sales and has no complaints about how the 2009 condominium market is evolving. Ramara Garrett of Waverly Property Group said that Waverly has noticed a rise in cash buyers looking for good deals and that cash buyers seeking properties are the beginning of an upward trend in the market. Where cash buyers are lurking and picking up condominium homes, financed buyers are soon to follow.

With the demand rising for condominium homes at a persistent pace and selling projections looking at an increased rate over the next few quarters, now seems the time to buy when great deals can still be found. The key to any market is getting in on the market when it is at its floor and looks to rise by leaps and bounds. The local Volusia/Flagler county condo market appears to be in just that position making now, more than ever, the perfect time for condominium ownership.

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