Anybody Home (days of condo flipping is over in Tampa

[wakeme2008]

http://www.tampatrib.com/MGB089OZXIE.html

Anybody Home?
By SHANNON BEHNKEN
[email protected]

TAMPA - Lance Ponton Jr. was a condo developer's dream.

In September 2004, he put down 10 percent deposits on five Harbour Island condominiums before they were even built. Ponton, 27, hoped to sell them for a big profit as soon as the building was finished and his deals closed.

"But when it was done, we found that everyone else in the building was doing the same thing," Ponton said.

He ended up having to make thousands of dollars in mortgage payments for 10 months on all five condos in the ParkCrest Harbour Island. Eventually, he sold four units, pocketing $50,000 to $100,000 on each. With one more unit left to sell, Ponton hopes he can slip out of condo investing before he loses money.

"The market was really good, but it has changed, and it's time to move on to the next hot thing," Ponton said

..more at article..

The article points out a lot of the new condos have very few ppl living there. And because of that the retail space is also empty.

Can anybody say housing bubble is over :)

[FloridaPat]

1. 1/4 to 1/2 million dollars still looks like a good investment to me.

Nice profit for 10 months. Not sure if the housing bubble will be completely over for Florida. Wait until people take stock of their heating bills this winter.

They are building houses like crazy here in Lakeland and in Orlando. Will be interesting to see if people move in.

[DoYouEverWonder]

2. The real estate market here is why out of wack

Property values went from an $80,000 house going for $250-500,000 over night. That market is just not sustainable.

All the realtors knew that the Condo market would go bust first and it is.

[wakeme2008]

3. Yes but it sounds like

from what he said, if he has to pay many more mouths mortgage on the last one, he could have spent his profits.