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Old 03-25-2007, 04:31 PM
 
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I think there is a lot of spin going on. My in-laws were down visiting and they (like a lot of older folks) like to stay on the beach in Bradenton. We were driving around town and couldn't believe the number of for sale signs. I think the market has a long way to go to correct - there are homes here bought by flippers and investors hoping for a quick large profit who are now sitting on these places which are still way overpriced. Smart buyers will wait a while before buying here.
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Old 03-26-2007, 02:54 PM
 
Location: Living in Paradise
5,702 posts, read 22,239,470 times
Reputation: 2987
Quote:
Originally Posted by gypsychic View Post
I think there is a lot of spin going on. My in-laws were down visiting and they (like a lot of older folks) like to stay on the beach in Bradenton. We were driving around town and couldn't believe the number of for sale signs. I think the market has a long way to go to correct - there are homes here bought by flippers and investors hoping for a quick large profit who are now sitting on these places which are still way overpriced. Smart buyers will wait a while before buying here.

Money does bad things to people.....in this case insane....
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Old 03-28-2007, 03:23 PM
 
Location: Living in Paradise
5,702 posts, read 22,239,470 times
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Lightbulb Miami #1 worst housing market in the U.S.

Miami was selected as the #1 worst housing market in the U.S., mainly due to a market that had seen high-flying double digit appreciation pushed by new and condo conversions, causing Miami to spiral downward, resulting in a slower market with increasing unemployment.

Not all of the Miami market will see double digit depreciation in 2007, particularly not lower priced single family homes under $250,000.

Nonetheless, the average loss in values is forecast by Housing Predictor to hit 13.9 percent by the end of 2007.

Low Florida mortgage rates won’t spur demand in Miami, experts believe, as the glut of inventory will continue to depress sales.
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Old 03-29-2007, 09:56 AM
 
93 posts, read 337,848 times
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Overall prices took about a 20% hit from the 2005 peak to today and currently seem to be leveling out. There is a huge backlog of unsold homes/condos that will continue to keep the prices this low for about another year. You probaly will not see 2005 values for another 2-3 years. However there are a few variables that could start an upward trend again. New construction impact fees are rising rapidly which raises the price of a new house which raises the price of existing houses. Home ins rates are being reduced and there is a big ? as to what property taxes will be next year. A 20% drop in value is also a 20% drop in assessment which = a potential 20% drop in taxes which does not take into account what the legislature will do this June. There are alot of variables floating around. Don't forget, the boom started overnight and dropped just as quick. I do not forsee another boom yet but this whole market could turn on a dime. I hate to agree with the realtors but I doubt you will see prices this low again for many years to come.
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