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Old 02-23-2011, 01:30 PM
 
172 posts, read 471,673 times
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Home sales spike in January; prices fall | HeraldTribune.com
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Old 02-24-2011, 05:04 AM
 
Location: englewood
1,580 posts, read 3,135,118 times
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time will bring the area out of distress.

i thought i got a good deal 3 years ago, surprise!

i think as baby boomers retire the supply and demand ratio will change. because of the economy it appears that many have delayed retiring. also the house prices and difficulty selling where they live now have slowed their movments.

another factor might be the high tax rates up north on people and business. if it continues we might see more business locate here due to lower taxes and cheaper labor.

i might be wrong, what do i know, i bought 3 years ago.
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Old 02-24-2011, 09:57 AM
 
93 posts, read 149,932 times
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and also solt a year ago, which is well timed i thing
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Old 02-24-2011, 02:04 PM
 
37,315 posts, read 59,697,706 times
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"If the non-distressed sales are removed I think you will see that regular sales dropped or stayed the same," said Adam Robinson, a broker with SarasotaForeclosures.com Inc. on St. Armands Circle. "The only increases were in short sales and bank-owned properties, which is why the prices are going to keep coming down in 2011."

There are buyers out there who are buying to flip (yes after they hold for a while) and for long term rental property--they are trying NOT to drive up price on distressed houses...
I think you are seeing two different types of markets--
foreclosed homes and those that are on the market for other reasons--
the article says that banks have been passing their foreclosed properties on the marker pretty heavily--they still have a lot to go--
until THOSE homes clear the market there is no incentive to see rising prices
and something I read the other day said that housing across the nation is STILL too highly valued--
and that to be fairly valued it should drop another 20-30%--
which just scared me ...
what needs to happen is that business needs to start growing and spending money on SALARIES and giving people jobs--
we have to regrow our middle class so we can stop buying goods mfg out of the country and losing money on balance of payment exchange
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Old 02-25-2011, 04:36 PM
 
66 posts, read 203,730 times
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It scares me because we are relocating to the area and have no idea how much below asking to offer on most of the properties we see, we know they are going to keep loosing value, but the question is, how much and for how long?!
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Old 02-25-2011, 04:40 PM
 
37,315 posts, read 59,697,706 times
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that is why you need a local agent with good skills/knowledge--
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Old 02-25-2011, 05:21 PM
 
17,504 posts, read 38,989,711 times
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Quote:
Originally Posted by cchamberland View Post
It scares me because we are relocating to the area and have no idea how much below asking to offer on most of the properties we see, we know they are going to keep loosing value, but the question is, how much and for how long?!
Some areas are losing value and will lose more, others have kind of bottomed out. Depending on your price range, keep in mind the lower priced homes have a lot of competition - it's the mid range and high end that are languishing here.

You will definitely need a good realtor with realistic comps.
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Old 02-26-2011, 06:04 AM
 
808 posts, read 1,176,154 times
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May I ask what is considered mid range? Thanks.
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Old 02-26-2011, 06:30 AM
 
Location: Palm Island and North Port
7,511 posts, read 22,873,694 times
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Quote:
Originally Posted by saralvr View Post
May I ask what is considered mid range? Thanks.
I'm not sure what Gypsy has in mind for mid range. But in the city of Sarasota for the last three months the mid range selling price was $150k. High end is usually anything over $700K-$800K.

Right now anything that's a "good value/under price" is selling.
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Old 02-26-2011, 06:33 AM
 
Location: Sarasota, FL
1,642 posts, read 3,336,492 times
Reputation: 814
Wow, this is possibly the least surprising story I have seen in a long time. In other news, Charlie Sheen is coo-coo.

This will be the case for awhile I imagine, higher numbers of sales at a lower average price. Did anyone really think all of these foreclosures were going to sit around for as long as the standard inventory? Hmmm...let's see, which property should I buy? The one on which I might save an additional 40%, or the one being sold traditionally?

Oh wait, I am an investor.

This entire matter has one conclusion for the foreseeable future, and I think we all know what it is: Hold on for now.
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