Aug

7

Housing Bust May Have Silver Lining For Empty Nesters

Posted by cameron

August 7, 2007 |

I saw an interesting segment on the news about the Condo situation in Florida this past week. As everyone knows the housing situation is not very good right now and in some areas of the country it is a down right “bust”. Of course the hardest hit areas are those that had a big run-up in prices during the bubble years. It seems there has been, or was, a tremendous amount of condo building occurring in certain places but now prices are falling dramatically. There are many people watching as prices plummet on their new condos even as they are under construction. They are locked into contracts at the higher price and there is now a flourishing business for lawyers trying to extricate their clients from contracts on those new condos they signed for. It seems that in every situation someone finds a way to make money.

There are many empty nesters and retirees considering the easier lifestyle of condo living. Condo prices are the first to fall and also seem to fall the hardest. So, depending where you live and where you may want to retire, it is possible that this could be a great time to buy that condo, especially if you want to live in one of those hot spots like Florida.


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1 Comment so far

  1. Network Notables for August 9 : Content Quake on August 9, 2007 9:38 am

    […] Empty Nest has a great report on the current housing bust and how it could affect Empty […]

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