[stevehawk]

Home, condo sales improve as Fla. home prices dive


The Associated Press


Published: Tuesday, June 23, 2009 at 11:57 a.m.
Last Modified: Tuesday, June 23, 2009 at 11:57 a.m.
TALLAHASSEE, Fla. - Home sales are picking up in Florida, but at prices well below what they were a year ago.

The Florida Association of Realtors reported Tuesday that home and condo sales were up by 16 percent in May over the same month in 2008. But the average price had fallen nearly a third from almost $204,000 a year ago to a little more than $144,000 this year.
Condos have become particularly attractive for buyers, with the average price down by 38 percent from May 2008. The average sales price of a condo sold in Florida last month was $113,400 compared to the national average of $173,900 in April.
Florida's housing price declines exceed those of the national average, which was 14.9 percent.

[Scientifical Madness]

My house was $330k in 2006 before the fallout. It was appraised the other day (trying to get a lower interest rate), and it appraised for 165k. And we live in one of the "nicer, gated communities" in Orlando. Talk about depressing. I watch neighbors from all over the subdivision scooting out of here, moving back to NJ because they came down here hoping to make 100k off of their flip. Now that it didnt happen, they are foreclosing, and me and other neighbors who bought our houses TO LIVE IN, watch our values plummet. It's very frustrating.

[Retiredcoach]

It is good to hear that the condo segment of the Florida housing real estate market is moving, but will that be a sign of better things to come? There is such a glut in the inventory of condos for sale, however, with significantly reduced prices statewide, is this more a sign of bargain hunters thinking that this aspect of the market has bottomed out? It almost seems to be an oxymoron when there is such an excessive inventory of condos for sale (with potential tax liens and/or unbalanced HOA budgets). I still believe that Florida condo prices will need to drop further to become affordable for those wishing to purchase.

[TriMT7]

I feel sorry for anyone who bought a condo during the boom. There was soooo much speculation, and those speculators are now losing their shirts, walking away and causing prices to crash. Newer home developments and "cookie cutter" developments are also being hit hard.

On the upside, a work colleage of mine is thinking about jumping on a condo right now that she would not have been able to touch just a few years ago. It is listed for just 125k. Last sale was 220k.

[mango23]

Originally Posted by stevehawk

Home, condo sales improve as Fla. home prices dive


The Associated Press


Published: Tuesday, June 23, 2009 at 11:57 a.m.
Last Modified: Tuesday, June 23, 2009 at 11:57 a.m.
TALLAHASSEE, Fla. - Home sales are picking up in Florida, but at prices well below what they were a year ago.

The Florida Association of Realtors reported Tuesday that home and condo sales were up by 16 percent in May over the same month in 2008. But the average price had fallen nearly a third from almost $204,000 a year ago to a little more than $144,000 this year.
Condos have become particularly attractive for buyers, with the average price down by 38 percent from May 2008. The average sales price of a condo sold in Florida last month was $113,400 compared to the national average of $173,900 in April.
Florida's housing price declines exceed those of the national average, which was 14.9 percent.

Home sales: May home sales up in Broward, Palm Beach counties -- South Florida Sun-Sentinel.com

[SoFLGal]

Mixed report on home sales | HeraldTribune.com | Sarasota Florida | Southwest Florida's Information Leader

[OrlandoRE_Miracle]

I've met several people recently who are on the verge of of foreclosure -- and this wasn't at work, just people I met. If I met several casually, how many more must there be out there? So I think there's another wave of foreclosures coming, especially with the unemployment rate here. But I don't think the condos can drop that much further, they've already gone down so much.

[Retiredcoach]

Originally Posted by OrlandoRE_Miracle

I've met several people recently who are on the verge of of foreclosure -- and this wasn't at work, just people I met. If I met several casually, how many more must there be out there? So I think there's another wave of foreclosures coming, especially with the unemployment rate here. But I don't think the condos can drop that much further, they've already gone down so much.

There are so many cards stacked against anyone attempting to sell a Florida condo today at any price. Even with the prices dropping, it is still cost prohibitive for most potential buyers to bear all of the associated costs with owning a condo (especially as a vacation home, or a pre-retirement home). Out of state buyers are dealing with the diminished equity in their current homes, loss of retirement income, and needing sustained time in the workplace. My question would be, Who can the seller target as the potential population of buyers?

An excellent source of the costs associated with buying a condo and renting to offset these costs is:

Larry's Take on the Cocoa Beach Florida Real Estate Market

[tallrick]

Price home no more than 3 times income and they sell. Why is this so hard for many people to understand? Lower priced homes will sell, overpriced ones do not unless a complete idiot flush with funny money is buying.

[OrlandoRE_Miracle]

Originally Posted by tallrick

Price home no more than 3 times income and they sell. Why is this so hard for many people to understand? Lower priced homes will sell, overpriced ones do not unless a complete idiot flush with funny money is buying.

I'm not arguing, but isn't that kind of an ideal situation? I could be wrong, but in New York, Boston, DC, San Franicisco, I don't think your ratio is the norm, but the houses still sell.