Buyers on Florida's Gulf Coast are coming out of the woodwork to grab up condominiums left over from the Sunshine State's housing boom of years past. While prices have dropped year over year by 13 percent, pending sales have outpaced 2007's rate for two consecutive quarters. The latest jump was by 4 percent for condo sellers in the Tampa/Petersburg area.

Florida Association of Realtors president, Chuck Bonfiglio, told the Tampa Bay Business Journal that the upswing is "a trend that should eventually carry elsewhere in the state."

"Realtors are reporting heightened interest from buyers, more business activity and an increase in pending sales," he said. "Prices also appear to be reaching equilibrium in many areas, another encouraging sign that could boost the market's momentum."

Tampa's economy has remained flat in the last 12 months, but local forecasters are predicting a growing trend in 2009. One boost in the local economy will be next year's NFL Superbowl being hosted in the city.

Despite the downer economic news, Tampa Bay's millionaire population has grown over the last year. According to Merrill Lynch's 12th annual World Wealth Report, the number of millionaire households in the Tampa Bay area jumped 7.4 percent. The report states the area's millionaire households will grow quickly in the next five years by more than 25 percent.

Published: September 1, 2008

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