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Originally Posted by unlawflcombatnt
The Housing Bubble is definitely deflating, and appears to be deflating even faster than many predicted.
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Finally! Everything was beyond "batshit insane" down here, price-wise. A lot of the condo conversions, here, are actually throwing it in reverse and eating their losses to switch back to apartments as the area is flooded with developments. I noticed my complex tore down all their "CONDOS CONDOS CONDOS!!" signs last week, removed all the banners, and there isn't a trace of "New condos -- immediate openings!" anywhere on the property. It isn't because they sold out, either, as we didn't see a single new move in from December until now and most of the buildings are empty, except for those of us that grabbed apartment leases when they were signing them.
Hey, at $175,000 for a single bedroom in a market where
everyone decided to convert to condos, we didn't think they'd be going like hotcakes, or anything. I'll be very curious to see how the Trump tower in dead downtown Tampa fairs with the sixteen other towers being thrown together a breakneck pace around the area.
Anyone care for a $600,000-$4,000,000 condo in a downtown area where no shops or restaurants are open byond 4pm, Friday?