After a year defined by rising unit sales, the Palm Beach County condo market is reversing course.
Condo and townhouse sales in the county declined 9 percent to 2,996 closings during the third quarter of 2013, according to a report released Wednesday by the Realtors Association of the Palm Beaches. Prices continued to surge, however, gaining 32 percent for a median of $115,000. Since the third quarter of 2011, Palm Beach County condo and townhouse prices have climbed 47 percent.
An attractive market for investors hungry for rental income, the county had an influx of all-cash buyers during the third quarter. About 75 percent of unit sales did not include financing.
Conventional buyers are struggling to obtain loans for Palm Beach condo purchases, according to the association. Lenders are discouraged by condo buildings in the county that have unpaid association fees or an abundance of renters. [My Palm Beach Post] – Eric Kalis