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Old 04-12-2007, 10:03 AM
 
Location: The best country in the world: the USA
1,499 posts, read 4,831,896 times
Reputation: 737

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Seller beware: Home prices plunge
The median fell $15,000 from February to March -- to $240,000.

Jerry W. Jackson | Sentinel Staff Writer
Posted April 11, 2007

RELATED STORIES
Tax uncertainty deals new blow to housing sales
Apr 4, 2007

New-home sales fall 3.9% -- raising fears
Mar 27, 2007


Median home prices in the Orlando area tumbled sharply in March, just at the start of the critical spring buying-and-selling season...

http://www.orlandosentinel.com/business/orl-homesales1107apr11,0,5418846.story?coll=orl-business-headlines (broken link)

Last edited by Marka; 12-07-2007 at 01:22 PM..
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Old 04-12-2007, 10:06 AM
 
Location: PA
669 posts, read 3,193,619 times
Reputation: 288
This was definetly coming. The prices should be more realistic now. It won't be like 1999, but it will be more realistic. It's good news.
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Old 04-12-2007, 10:48 AM
 
Location: The best country in the world: the USA
1,499 posts, read 4,831,896 times
Reputation: 737
It is good news, but in 6 - 9 months, the foreclosures will begin rolling in hard, as many "teaser rates" will adjust and prices are due to come down even more!

People who are patient now will reap big rewards. A hurricane or two should deflate prices even more.
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Old 04-12-2007, 12:18 PM
 
107 posts, read 387,896 times
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nirvana why are you so negative about fl , orlando . if you are so unhappy leave. by the way a few hurricanes will put the prices right back up check out the prices from 03 04 05 06 and see how they all went up affter hurricanes
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Old 04-12-2007, 02:03 PM
 
47 posts, read 285,569 times
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Quote:
Originally Posted by Nirvana-Guy View Post
A hurricane or two should deflate prices even more.
Hurricane damage might actually inflate prices if a few houses on the market get affected since it will decrease supply. Wasn't it after the 2004 hurricanes that house prices in Orlando rose sharply due to a decrease in supply combined with an increase in population due to migration?
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Old 04-12-2007, 02:25 PM
 
Location: PA
669 posts, read 3,193,619 times
Reputation: 288
Hurricanes will drive prices up. It happened in 04/05.
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Old 04-12-2007, 02:53 PM
 
91 posts, read 496,100 times
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This thread is coming from somebody who's house is in foreclosure.
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Old 04-12-2007, 03:27 PM
 
Location: PA
669 posts, read 3,193,619 times
Reputation: 288
Because of the heat, they're letting their house into foreclosure. What the heck?
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Old 04-13-2007, 07:56 AM
 
Location: The best country in the world: the USA
1,499 posts, read 4,831,896 times
Reputation: 737
No, we are letting the condo foreclose because I have a good job in NC and cannot sell my place in Orlando. The local real estate market sucks for sellers.

Plus I refuse to pay almost $400/mo in HOA fees. That is a waste of my money. That is why I tell people NOT to get condos, as the HOA fees always get increased, even if they start out low to attract buyers at first.

There is a time that you have to lose some to gain some more. It is an intelligent choice. Selling a house in Orlando is a hassle these days. Home prices are going to go down even more and I rather be out before they do.
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Old 04-14-2007, 04:37 PM
 
Location: downtown Orlando
22 posts, read 151,038 times
Reputation: 25
Wink foreclosure - an "intelligent choice"

Interesting topic of conversation. I cannot say that I have ever heard foreclosure and intelligent choice in the same sentence. If you are willing to lose some, to gain some, why don't you drop your price? There is a buyer for every property, someone is willing to buy your condo for a price, I’m sure it's not ideal, but nothing could be worse than foreclosing. Unless of course you are completely satisfied with renting for the rest of your life. North Carolina is a booming market, and you'll be sitting the sidelines. There has been a lot of hype about 2008 being the year of the largest amount of foreclosures in history. Why people don't realize is how powerful and creative the banking industry is. They are not in the business of foreclosing on properties - that is not how they make money, and not a positive direction for the business. You will see more and more over the next year how banks are coming out with creative means for owners to refinance to avoid foreclosure. I believe 2008 will still be a huge year for foreclosures, but it's not going to be as detrimental as some are speculating. Pricing being slashed in Orlando is an excellent opportunity to get this city back on track for consistent appreciation. The market has been a little too risky over the last year and has discouraged investing. We need consistency and a realistic market. As an investor myself I think this is an excellent time to buy. New construction is at an all time low, if you wait 6 months you will be paying higher prices. If you’re looking for a resale home, you can wait it out 6 months and may get a better deal. That's my two cents.
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