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Condo market is seeing a return in Southwest Florida

The condominium market is said to be on the rebound in Southwest Florida. One real estate agent spoke of his selling the last condominium of a 13-floor yacht club in Fort Myers. This club was said to have been bank-owned.

While sales have been good for condos, construction costs are still making it impossible to have new ones built. Therefore real estate developers appear to have focused in greater detail on smaller scale building projects which have done better than the larger ones. Many of the buyers appear to be "snowbirds" that are drawn to such condos because of these being relatively maintenance free.

However, some projects appear to have appealed more to younger buyers. Young families have been looking at condos around the downtown area of Fort Myers closer to jobs, restaurants and the nightlife. Again, there is the appeal of not having to perform a great deal of maintenance as owners might need to perform on a family home.

The high-rise condo market still appears to have been hard hit. However, even in these circumstances buyers are willing to look at the condos because existing condos can be purchased more cheaply than proposed buildings that still need to be constructed.

As in any purchase, investment in commercial real estate has its risks and loans can go bad. It's often best for all parties, however, that alternate arrangements are made rather than to see a lender default upon a loan. Experienced attorneys can provide loan modification alternatives on both a residential and commercial level.

Source: News-Press.com, "Condo market in SW Florida on the rebound," Dick Hogan, April 27, 2014

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