Investor condo crunch
The Tampa Tribune reports on the overwhelmingly investor domminated condo market in Downtown Tampa. In one case, a project is so heavily dominated by investors that ground floor retail space goes unrented.
Indeed, real estate investors....are finding that the days of selling units, or "flipping" contracts on pre-construction condos within hours or days, are over, especially downtown. It's taking months, or longer, to find buyers, and some sellers are having to lower their asking prices, according to sales data and real estate agents who specialize in new condo sales.I couldn't help but think that this article foreshadows the riverfront condo scene in Downtown Ft. Myers in a year or two. Too many projects, too many investors and a limited set of end-users.
Anybody Home? [Tampa Tribune]