FL Real Estate Market

http://www.irs.gov/publications/p925/ar02.html#d0e252

 

I notice the Shiller Index had Miami at a 1% increase yoy. Isn't this thread suppose to be how bad it is? lol.

 

Median home prices in Miami -10.5% last 12 months according to this:

http://www.housingtracker.net/askingprices/Florida/Miami-FortLauderdale-MiamiBeach/

 

You're data includes condo's.

There's been a significant disconnect. Condo's are weak but SFH's are robust. IMO it's been a complete mis-price. For a while it was cheaper to buy a condo than an SFH in the same neighborhood. Snow-birds don't want he hassle of a house.

SFH prices here are stable and as I said earlier in this thread, not outrageously priced compared to much of the country. I saw a vacant lot in Pompano yesterday and it was $460k. Lots of money until you realize it was half a block from the ocean. 460k in Chicago buys a ranch house in Niles. 460k in NYC buys a studio or a really crappy 1bd. Now if that lot was 2mil I'd say bubble but less than a half mil? I'd say pretty freakin' cheap.

 

Go to ML or WaMu and float an OpARM for the $460k. You can rent it out to ETers during the Winter months!

 

I'd better pay down my WaMu Visa first......

 

Where is this ?

This is crazy.


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Mark Zilbert, a real estate agent, recently started CondoSuperCenter.com, a clearinghouse for people willing to resell preconstruction units at their original price. He said he expected thousands of listings.

“I ask if they’d be willing to sell at their 2003 price and walk away with their deposit back,” Mr. Zilbert said. “A lot of people are saying, ‘Yes, please, yes, please, yes, please.’ ”

 

Before it's over, we'll all be huddled in some survivalist compound in Idaho.