The sales for existing condominiums in Florida rose 15 percent in the third quarter for 2010 compared to the previous year. A total of 16,938 existing condos sold statewide this year for the 3rd quarter. Last year’s total for the 3rd quarter was 14,793 units sold.
Timothy Becker, director of The University of Florida’s Bergstrom Center for Real Estate Studies, noted that investment in real estate continues to flow into Florida, though investors are wary about the economy. “The apartment sector is the stellar performer,” he said, adding that conditions continue to improve in the commercial sector. “We’re starting to see stabilization across property types in occupancy, with respondents saying they feel better about what rents are going to look like in the near future.”
Low mortgage rates continued to be available during the third quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.45 percent in 3Q 2010; it averaged 5.16 percent for the previous year.