South Florida Condo Bust A Boon To Investors, Out-Of-Town Buyers

The South Florida Sun Sentinel reports:

• The glut of condominiums for sale in South Florida is attracting a legion of bargain hunters. Out-of-state and international buyers are descending on the area in search of deep discounts as prices continue to crater. They want to get in now and wait out the housing slump because they think the region remains a powerful long-term draw. With the lingering real estate downturn, now in its third year, some condos are selling at 25 to 60 percent less than during the boom times, when investors hoping to "flip" units bid up prices.

For more, see Condo crunch in S. Florida good news for bargain hunters (Real estate bust is big boon for foreign buyers).