How Did The Market Change in 2004 and Beyond? We saw a dramatic shift in how preconstruction condos were bought and sold. The condo boom was driven by overly-ambitious speculators, many of whom had been successful in flipping condos in the past. As condo inventories grew and prices rose many speculators realized that further purchasing was increasingly risky. So, buyers just stopped buying.
What Kinds of Results Did Condo Flip See? We saw thousands of sellers, and very few buyers. It didn't make sense for us to maintain a marketplace where there were few buyers
That is the supply of condos has now overwhelmed the demand. Much of the demand for condos in the Miami during the 2001 - 2005 period was speculators anyway. Despite, the meltdown in the Miami condo market. The site goes on and writes:
We have NOT seen prices drop, nor do we expect them to drop. The rapid appreciation, however, seems to have stabilized to about 5-7% per year.
No. Prices for individual condo units are down in the Miami area as speculators are trying to unload unwanted properties. Back on July 18th, 2006, I wondered how long this site would last "We will see how long this internet based condo flipping company lasts. This gives a whole new meaning to dot condo."