Condo crunch in S. Florida good news for bargain hunters

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.

At the end of April, almost 41,000 condos were listed for sale in Palm Beach and Broward counties, according to data from Coldwell Banker Residential Real Estate. Based on the current monthly sales pace, it would take roughly five years to sell all those condos if no new units came onto the market.