We are in a total buyers market at present. Those with liquidity at the present time are able to dictate what they are willing to pay for properties. Our waterfront prices for condos have slid approximately to 2004 levels. New construction is flowing into the market place and making resale prices soft. However, many builders are holding off on projects and an equilibrium is in sight. Its always better to purchase near the bottom than at the bottom since when the bottom is reached, there are no choice properties remaining and all that's left is mediocre location, or average real estate at prices which rebound at 5-8% of the bottom.
As far as waterfront residential, the low end residential has pulled back 20% and in some cases; eg 50' lots are presently priced at 65% of highs (900k-1.3 m range). High end residential waterfront has bottomed out and is holding steady which means that in a depressed environment; when prices hold, during a rebound, the prices will go up quite nicely. Volusia County Waterfront have some of the best values in the entire country.
This page was updated on August 3rd, 2007
Recent news: Ponce Inlet beach was named a top 10 beach in America just a month ago.