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Old 10-22-2007, 07:37 AM
 
Location: Houston, Tx
3,644 posts, read 6,305,063 times
Reputation: 1633

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Quote:
Originally Posted by oldtimer2 View Post
Expect prices to drop to around 1990-93 prices or so...
I would not consider any home that is not reduced by 50-70% of last yrs price. And, even that offer would make me nervous. To get a feel for real values, best we look to the affordability of a given area's homes. 3 x Income = Mkt. Value is still as true today as it was pre-boom.
I doubt we'll ever see 1990 prices, even after adjusting for inflation. Miami has a much more glamorous image now than it did then (not that I think it deserves it). There will always be someone willing to pay top dollar to buy a piece of (perceived) paradise.

I've never heard the 3 x income measure before. I bought my house last December for about 6.7 x my income. Strangely, the prices for houses in my area have actually gone up slightly, not that any of them are selling though.
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Old 10-26-2007, 10:16 AM
 
70 posts, read 219,537 times
Reputation: 44
Buy NOW...the deals are amazing.
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Old 10-28-2007, 02:47 PM
 
1,233 posts, read 1,218,406 times
Reputation: 452
Default Wait another 18-24 months minimum

Big time S. Fl. RE. crash coming down. I am seeing rapid and substantial price drops via foreclosure short sales. (50%). What does that say? A foreclosure sale is not even much of a deal right now. Lenders are taking losses with short sales and it is just starting. Wait it out and get much better choices and much lower prices. People are stuck for awhile. Greed caught up with them. Don't pay for their greed. They were all too happy to price people out of the market. Payback is a glitch. Probably a good time to be in the deodorant biz. Lots of folks sweating now.
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Old 04-28-2009, 04:21 PM
 
1 posts, read 1,386 times
Reputation: 10
Looks like Oldtimer2 was right...
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