Most South Florida Condos Are Selling For Less Than $250,000

GSIG LLC

According to a new report from CondoVultures.com, more than two-thirds of the 41,000 condos and townhouses available for resale in Miami-Dade, Broward, and Palm Beach counties have an asking price of less than $250,000.

In contrast, according to a report based on Florida Association of Realtors data, only 40% of the almost 27,000 single-family houses for resale in Miami-Dade, Broward and Palm Beach counties have an asking price of less than $250,000.

Overall, 56% of the residential properties for resale in South Florida are priced at less than $250,000.

The market is dramatically different from its peak. In 2005, the median sales price for a residence was $351,000 in Miami, $361,000 in Fort Lauderdale and $390,000 in Boca Raton.