The widely held belief is beachfront homes across South Florida in areas like Palm Beach are reserved exclusively for the wealthy.  For the most part, the belief is actually a fact.  Even the most basic of homes with none of the extra bells and whistles can still cost a princely sum that the average working family or individual cannot afford, as much as they may have wanted to.  That was indeed the situation about three years ago but times have changed quite drastically then.

In sharp contrast to the days when waterfront property values showed no signs of stopping, prices are now dropping due to the tough state Palm Beach real estate and the overall housing and condo market is in.  While tumbling prices aren’t the best of news, they aren’t necessarily all that bad either.  In fact, beachfront condos have gone down in price to the point that they’ve become believe it or not, affordable.  That same two bedroom luxury Palm Beach condo that was once asking $600,000 has now been reduced to less than $450,000.

Most people would say it’s common sense but always remember that buying waterfront property requires lots of money up front for taxes and insurance which is required in Florida.  If you’re concerned with possibly losing money in the short term, now is not the time to be buying a condo no matter how alluring the low prices may seem.  However, prospects look much better for the long term per analysts so that money you may lose now could be recouped as soon as next year.

Beachfront properties are a near guaranteed investment, especially in Palm Beach and South Florida where tourists and vacationers come year round.  While there’s still no telling how low beach condo prices will go, for the time being the prices are a lot more reasonable and worth taking at least a look at if living on the beach has always been one of those things you’d like to accomplish someday.