Condos are subject to huge booms and busts. But these cities are more special than others, so to speak.
After the price explosion during the pandemic QE era and before, condo prices have been experiencing severe downdrafts in many markets. At the steep end, drops from their peaks are approaching 30% in some cities, such as in Oakland, CA (-29%), and St. Petersburg, FL (-28%) or exceeding 30%, such as Cape Coral, FL (-31%).
But there are some markets that are special: Condo prices either plunged enough in this iteration of the Condo Bust — or never rose enough — to where current condo prices are below where they’d been at their respective peaks in 2005-2007 during Housing Bubble 1…