How can you have a decrease of more than 100%??![]()
I was just doing that math in my head and decided I better come in here and correct - 70% depreciation off peak. oops.
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How can you have a decrease of more than 100%??![]()
Inventory for the same areas.
March, 2005- 854
March, 2006- 2089
March, 2007- 2433
March, 2008- 2505
March, 2009- 2245
One more quick comment that I will be interested in hearing what the realtors have to say...
During this downtime, if I was a realtor, I would do my best to make it more difficult to obtain a Florida real estate sales associate license. Specifically, I would lobby hard to do away with reciprocity agreements with other states (especially Georgia, Alabama and Mississippi) and perhaps advocate changing the passing score on the exam to 80% instead of 75%. This would shut out a large number of the carpetbaggers and scalawags who are just waiting for this market to boom again. You might even consider denying a broker's license to anyone who has more than two foreclosed properties on their credit report as that would be a red flag for a realtor who may not have much real estate common sense.
Just a thought.
The problem is that most of that overpriced inventory is held by folks that need to get out and they are hoping for a miracle sale so they don't have to bring any money to the closing table. Eventually, a good chunk of that inventory will hit the short sale/foreclosure list and the prices will drop drastically. There aren't enough buyers to absorb all of that inventory for many, many years. That's why what looked like a good deal several months ago, doesn't look like such a good deal anymore. A good example is those Sanc at Redfish condos that auctioned off around $400k last year (I believe the buyers premium took the actual prices to mid $400's to around $500k--but I am not certain). There are now two shorts listed below $400k and they aren't selling. There are similar examples in areas up and down 30A.
There's a situation maybe a bobby or other posters can comment on. In my situation i recently bought on 30'a and paid 20-30% less than recent comps in my neighborhood. my question is in reference to all o 30-a.There's obviously many people who bought from 2002-2007 who are under waterwater and throw in tons of people who bought in the 90's and got home equity loans and have no equity left. When they see tons of homes selling for 1/2 of what they owe will they walk? For instance a person who bought a home for $3.3 mil in watercolor or watersound and its worth $1.5 mil. Why
The high irony is that you and the person who sold you your property (assuming it wasn't foreclosed) will be viewed as 'the bad guys' by those around you who are stuck holding the investulation hot potato!
There's a situation maybe a bobby or other posters can comment on. In my situation i recently bought on 30'a and paid 20-30% less than recent comps in my neighborhood. my question is in reference to all o 30-a.There's obviously many people who bought from 2002-2007 who are under waterwater and throw in tons of people who bought in the 90's and got home equity loans and have no equity left. When they see tons of homes selling for 1/2 of what they owe will they walk? For instance a person who bought a home for $3.3 mil in watercolor or watersound and its worth $1.5 mil. Why