PROView - January 2009 - (Page 4) A Market to Watch: Condos at the Heart of a Struggling Marketplace By Mathias Bergendahl, CAE, Director of Marketing & Communications oin as we embark on a journey back in time. As we step out of our virtual time machine it is 2005 and the nation’s real estate industry is booming. Pinellas County is no exception. Consumer demand is higher than probably any of us have ever seen before. For sale signs come up and go down, often the same week if not even the same day. The condo market is a driving force behind the ever-growing sales figures for the area and one developer after the other announces the arrival of yet another condo tower. Fast forward to today. It’s escaped nobody: the landscape has changed. 4 PINELLAS REALTOR® ORGANIZATION J We woke up to a new reality in late 2005 and 2006, with words like glut, foreclosure, and short sales replacing the previously so cheerful headlines broadcast by media outlets. After an extended period of a declining market there are now signs of a slow improvement among single family homes. Unfortunately, the same cannot exactly be said about the condo market. Condos are at the heart of a struggling marketplace. Let’s take a closer look at what’s happening in that particular segment of the market through the eyes of local REALTORS® who specialize in serving condo buyers and sellers. January 2009
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