Here are July 07 sales data. On AVERAGE condo units sold for an average 6.02% discount from the asking price. Not to bad. In fact 14.8% sold HIGHER than the asking price. http://www.buybeach.com/recent_sales/data/con0707.htm
9 sold at or above their asking price....some sold as much as 20% discount from asking price ( which we dont know how many times that may have been reduced )..considering these houses sold in july of 07 id say they sold at 30-40% what they could have gotten back in 7/05....
flood and homeowners insurance rates are skyrocketing and fixed incomers cant handle it......... btw Pabst, 229 people move to Fla. every day, but how many die each day????
I read a few months ago that a major moving company in Fl moved more people out of the state than into it.
condo builings must be completed before the first tenant is permitted to move in. builders are then made to rent out the units if they don,t sell within a a perscribed time. this does not apply to single housing units. john
I read somewhere that FL expects 100K new residents per year! That is quite a number of incoming people looking for living somewhere.... The stupid facts: Florida population estimates: Florida's Population (2003) - 17,019,068 Florida's Population (2002) - 16,713,149 Florida's Population (2001) - 16,396,515 Florida's Population (2000) - 15,982,378 Population (1990) - 12,937,926 Population (1980) - 9,746,961 Population Growth Rate (1990-2000) - 23.5% Looks like FL is growing by 300+K per year...
here are the negatives.... leveraged flippers in the market....who only had to put 5 or 10 percent down to own .......now that the buildings are completed those owners have to pay the sky high maintinces and taxes on those apts.......some investors bought 5 or more apts huge overbuilding.....look at the buildings at night ....their are almost no lights on.......their vacant empty white elephants higher mortgage rates.........6 7 8 9 10 percent ...the shutdown of subprime loans...alt a loans ....skyrocketing jumbo loans lenders demanding more and more money down to purchase anything high real estate taxes in florida...2 percent of purchase price huge increases in insurance rates 30 to 40 percent in 06 very high matinence rates ...increasing with inflation 2 trillion dollars in resets.....over the next 5 years.....witch will raise existing mortgage payments massivly no one is buying now.......no sales......huge amounts of negative media the income to home cost ratio......is 40 percent above its 30 year norm.....thats very important huge inventory levels not seen in 19 years ....an almost 10 month supply of homes home prices predicted to fall nationally for the first time ever the fact that miami a boom bust market ....has undergone over the last seven years the largest rise in prices over the last hundred years catagory 5 hurricane risk.....miami direct hit would equal 125 billion dollars in damage......price of cat bonds increasing ...after katrina global warming ...sea level rising.....steadly...inch by inch...if al gores right its really bad news foreclosures rising at the highest rate in the country...of any metro area.......an oceanfront building in miami beach is now in foreclosure prudential has the listing the emergance of buyers brokers .....thorought the mkt ...............etc etc etc............MIAMI IS A BLACK HOLE AND WILL CONTINUE TO BE FOR APPX 5.5 YEARS...............FACT
Same as the late 1920's boom and bust in Florida. History has the opportunity to repeat or rhyme when everyone has forgotten the lessons learned.