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July 29, 2006
Destin Offers Sun, Beautiful Beaches, and Lots of Unsold Condos
Our friend Tracy Speake of Paradigm Realty Advisors responded to our post on south Florida real estate with the following comment on the situation in Destin:
I have a buddy working in the Destin area in brokerage/development. He stated about 320 condos sold last year, leaving a supply of over 3,000. He knew of one development where, of the 80 condos they had presold, over 25 contracts were cancelled, some with the loss of earnest money. At that rate of absorption with no new development, it is over a 9 year supply.
Those hamsters sure can multiple quickly.
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