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New Heyday for Condos

Douglas Elliman Florida prez Vanessa Grout tells us “all of the fundamentals are strong,” and she expects them to remain that way for the foreseeable future. One fast moving sector: the top 10% of the market, still fueled by all-cash and other eager buyers (for a five-bedroom condo in SoFla these days, expect to pony up nearly $2.7M). Distressed condo sales have also been moving in quick-step, Vanessa says, so much so that the inventory of distressed properties is dropping rapidly, and the impact of distressed properties on overall prices is fading (and good riddance to that).

Douglas Elliman’s Q4 ’12 report on the markets, released today, reveals that the average sale price for a condo is just north of $362k, up 9.5% since the Q3, and 26% since a year ago. The number of sales is up for the quarter and the year, and the average number of days a condo is on the market is down. Single-family homes likewise saw quarterly and annual appreciation and a quickening of the pace of sales.

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