Has the Housing Market hit bottom yet???
In my opinion, based on my recent Thanksgiving visit to SoWal, Yes & No.
YES, for quality property's on the south side of 30-A.
All recent construction projects using the latest FL building codes and water front is at the low point. I believe these property's have taken a 20% to 30% drop from the high prices in 2005. There will be exceptions with desperate sellers having money problems & smart professional money people are buying these bargains if priced right. Quality always sells and this is the safe real estate value for appreciation $$.
NO, the market is not at the low point for marginal property seller's. So many of these sellers have not gotten the memo about marginal property down @ 40% to 50% from the high point in 2005. Only bargain amateur buyer's are in this market. I believe you want to stay away from this market unless you only have a limited $$$ to spend. Long term you will get little appreciation in $$ value.
Summary: I talked to a few trusted professional real estate people & they sort of agreed. I believe it will be about 1-2-years before the market stabilizes after the presidential election and 6-8-years before we see a really hot real estate market. I think I'll keep what I have & enjoy SoWal with all you wonderful people. I also believe the last standing real estate brokers are truly professional and your best friend during these troubling real estate times.
BTW: This is my man on the street, seat of the pants personal opinion.
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