Florida Real Estate Bottom Signaled by Sale of Distressed Condo (Miami: sales, real estate market)

[tobusy4]

The latest top news from Bloomberg.....


By Bob Ivry
Sept. 4 (Bloomberg) -- Sales of distressed Miami properties have begun, signaling a bottom for south Florida's real estate market and the end of waiting for vulture funds armed with about $30 billion to spend.
http://www.bloomberg.com/apps/news?p...d=afUCiNEO.5yo

[heydade]

maybe the condo market...but single family home market is nowhere near bottom yet. Expect single family homes in Dade, Broward and Palm Beach to decrease at least another 18% by this time next year.

Again, DON'T BUY......we have a long way to go before homes become affordable again.

[AJ1972]

I honestly feel condo's in my area, at least, have bottomed. They are at where they were in 2002 when We bought (130-140k). We were lucky tho, and bought ours for 114k then because the owner needed to get out.
Singles family homes tho still need to come down...prices are still ridiculous and a waste of time!

[Wild Style]

this article is silly. Investment companies wll not determine when condos, homes or any other such dwelling has hit bottom in this econmic mess. It will be the average joe, shmoe buyer who will do that. Until prices have come in line with incomes this will continue on.

[Lost in Translation]

Obviously posted by someone with an agenda. Probably another realtor...

[fauve]

Originally Posted by Lost in Translation

Obviously posted by someone with an agenda. Probably another realtor...

Oh please, that would be like saying all of you naysayers are obviously renters who can't afford to buy until prices drop some more, and so are doing their part to help make that happen.

[Broward resident]

Originally Posted by Wild Style

this article is silly. Investment companies wll not determine when condos, homes or any other such dwelling has hit bottom in this econmic mess. It will be the average joe, shmoe buyer who will do that. Until prices have come in line with incomes this will continue on.

Actually, your average "Joe Shmoe" will begin buying after the market has recovered. Bulk acquisitions by investment companies (aka smart money) may not signal a bottom, but it shows we are probably getting close to a bottom.

[Wild Style]

Originally Posted by Broward resident

Actually, your average "Joe Shmoe" will begin buying after the market has recovered. Bulk acquisitions by investment companies (aka smart money) may not signal a bottom, but it shows we are probably getting close to a bottom.

nope,

again, not until prices have come down to traditional prices which is 3 times to 3.5 times annual income in a given area. We are no where near that level yet.

Originally Posted by fauve

Oh please, that would be like saying all of you naysayers are obviously renters who can't afford to buy until prices drop some more, and so are doing their part to help make that happen.

this is sort of comical. People can not afford to buy on a whole which is why homes are selling and prices are falling. They will continue to do so until historical price to income ratio has been reached

[fauve]

this is sort of comical. People can not afford to buy on a whole which is why homes are selling and prices are falling. They will continue to do so until historical price to income ratio has been reached

I was responding to LIT's assertion that anyone who reports news that indicates that prices are bottoming must be realtors.

I find it comical that you believe that you know better than the people investing 30 billion dollars. That'll buy a lot of real estate. Expect those condos to become expensive rentals for all of the people who can no longer buy homes.

3x the average income in most every country on the planet is nowhere near enough to buy a house. I would agree with you if I thought the American Dream were still a country-wide reality. I do not at present. I hope I am wrong.

Obama/Biden '08

[Wild Style]

Originally Posted by fauve

I was responding to LIT's assertion that anyone who reports news that indicates that prices are bottoming must be realtors.

I find it comical that you believe that you know better than the people investing 30 billion dollars. That'll buy a lot of real estate. Expect those condos to become expensive rentals for all of the people who can no longer buy homes.

3x the average income in most every country on the planet is nowhere near enough to buy a house. I would agree with you if I thought the American Dream were still a country-wide reality. I do not at present. I hope I am wrong.

Obama/Biden '08

Historically, in America 3 to 3.5 times annual income is what home prices have been in a given area, thats a fact. It was when those price to income ratios were in effect that homes actually sold.

Some investors buying up property means absolutly nothing. That could be a number of things. It could be one arm of company which already owned the property passing it off to another arm of the company for a number of reasons. One could be to try and keep prices artificially high (which wont work). This news doesn't indicate a darn thing.

The problem i see is, people get data and with out any true understanding take the information on face value. What are the under lying factors behind those numbers. Again, this news means nothing. until people can afford to buy homes again, they wont, period.