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There's a fascinating phenomenon in Ft Lauderdale these days; inventory
is growing, yet asking prices continue to rise as if demand was greater
than the supply. Mostly investors selling new construction, so I guess
they do not need the cash that badly. Any parallels in other areas that
might add some insight as to how long it might last before prices come
crashing down? Or will investors hold out for years waiting for demand
to catch up? Is there some mindset in SoFL that prices rise 15% every
year even if nothing is selling at the old price? Its very strange
indeed.
For example there are 9 units exactly alike for sale in the same
building for months, one sells, and then everyone else raises their
asking price. Its pretty nutty.
Steve
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Lauderdale Insights?
