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08-27-2007, 03:48 PM
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A Crazy for babes Dude!
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Join Date: Mar 2007
Location: Tampa
3,093 posts, read 2,285,617 times
Reputation: 544
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Prices about to drop?
Home prices seen falling further before rebound - Eye on the Economy - MSNBC.com
"We should be seeing, in some markets, 30 and 40 percent declines in prices," said Naroff. "We’re just not seeing it."
This would be great for those of us non-homeowners!
Think the prices will drop over the next 2 years? If so, how much?
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08-27-2007, 05:30 PM
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Junior Member
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Join Date: Aug 2007
Location: Gainesville
3 posts, read 2,958 times
Reputation: 10
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prices have leveled off I think and certain parts of florida are going to drop more than others. South florida will probably feel this the most but I doubt itll be more than 15%.
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08-27-2007, 05:38 PM
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Not a member
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Join Date: May 2006
Location: arrlando, flarida
2,236 posts, read 2,304,513 times
Reputation: 318
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s fla may drop more than central and northern fla. but i dont think there are gonna be any significant drops
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08-27-2007, 06:43 PM
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Temporarily good natured
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Join Date: Oct 2006
Location: Lots of sun and palm trees with occasional hurricane :)
7,628 posts, read 4,031,208 times
Reputation: 6434
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Quote:
Originally Posted by crystalblue
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Yep. I read that same article this afternoon. I bought my house almost 5 yrs ago and have put quite a bit into it remodeling (about 80K). I could end up with nothing if it drops that much. |
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08-27-2007, 06:51 PM
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Retired
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Join Date: Jun 2006
947 posts, read 1,137,471 times
Reputation: 414
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Does anyone have a link to that video of the auction (I think it was in Fort Myers)?
Those townhouses were discounted 50%. This being before massive ARM resets and the credit crunch; combined with taxes and insurance I don't think it's unrealistic to see 50% off in most areas.
Price range doesn't matter either. I was in Belleair the other morning and I saw quite a few FSBOs, abandoned houses, foreclosures, overgrown lots etc.
Wake me up in 2009... 2010? 2014? |
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08-27-2007, 08:13 PM
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Not a member
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Join Date: Jan 2007
458 posts
Reputation: 136
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This thing has not even started yet. It takes years for foreclosures, tighter lending, job losses and transfers, higher gas and utility costs, higher insurance and taxes....all the negative factors to build, feed off each other, and then start hitting prices.
It will be a slow but steady decline in prices over the next 5 years or so. Depending on the area of Florida, the decreases will range from 20%-70%.
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08-27-2007, 08:44 PM
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Not a member
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Join Date: May 2006
Location: arrlando, flarida
2,236 posts, read 2,304,513 times
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to think the prices will drop as much as 50 or 70%, in my opinion, is crazy. you think that a house in my waterford lakes neighborhood that is priced at $300k may drop down to $150k or even lower, is not going to happen. if that were the case, i'd be trying to sell my house this yr., and everyone else would be trying to sell asap too.
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08-27-2007, 08:46 PM
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Senior Member
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Join Date: Apr 2007
971 posts, read 999,649 times
Reputation: 205
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70%??? I thought that kind of thing only happens in a neighborhood that "goes bad", not because of a market correction.
Quote:
Originally Posted by JimKing
This thing has not even started yet. It takes years for foreclosures, tighter lending, job losses and transfers, higher gas and utility costs, higher insurance and taxes....all the negative factors to build, feed off each other, and then start hitting prices.
It will be a slow but steady decline in prices over the next 5 years or so. Depending on the area of Florida, the decreases will range from 20%-70%.
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08-27-2007, 08:53 PM
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Not a member
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Join Date: Feb 2006
2,317 posts
Reputation: 471
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Quote:
Originally Posted by JimKing
This thing has not even started yet. It takes years for foreclosures, tighter lending, job losses and transfers, higher gas and utility costs, higher insurance and taxes....all the negative factors to build, feed off each other, and then start hitting prices.
It will be a slow but steady decline in prices over the next 5 years or so. Depending on the area of Florida, the decreases will range from 20%-70%.
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Are you talking from todays already lower prices or from the all time highs? There is no way a house selling today for $200,000 is going to drop to $60,000. |
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08-27-2007, 09:17 PM
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Senior Member
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Join Date: Jan 2007
718 posts, read 714,344 times
Reputation: 250
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Quote:
Originally Posted by backtofla
to think the prices will drop as much as 50 or 70%, in my opinion, is crazy. you think that a house in my waterford lakes neighborhood that is priced at $300k may drop down to $150k or even lower, is not going to happen. if that were the case, i'd be trying to sell my house this yr., and everyone else would be trying to sell asap too.
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If price will drop 50%-70% from the current market value, I will buy!!! |
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