I received an email out today regarding a very large price reduction on a condo in Port Royal, about 5 minutes from downtown Beaufort.
This 2 bedroom, 2 bathroom condo, originally, priced at $139,000, was reduced yesterday to $70,000. This condo home has almost 1200 square feet of living space. This condo has been smartly updated, including new flooring and new stainless steel appliances.
It's the sign of the times for condos. A few years ago, this kind of property would have sold in the $140,000 range.
Beaufort has never experienced the kind of condo mania which went a long way towards killing the Florida real estate market. There, buyers were trying to simultaneously buy and sell a condo, and make $100,000 or so in the process.
The Port Royal…