ARE SOUTH FLORIDA PRICES HITTING BOTTOM?
Posted Apr 6, 2008 @ 7:34 pm, Viewed by 257 Visitors, Read 273 Times.
There is a change of pace going on in Miami. It is harder and harder to get a price approved by the banks on a short sales. Several realtors friends of mine, who regularly attend the auctions, have noted that the banks are starting to keep the properties they foreclose on. This is a complete change in policy from recent times. What's going on?
The general feeling is that they are trying to stop further depreciation. The buyers have resurfaced the last two weeks and there are more contracts being written. General consensus is that Buyers think this is a good time to invest, the interest is low before everything stabilizes and starts going up again.
If you are interested in South Florida properties and have any questions, I can be reached by my e-mail liroche@crestviewrealtygroup.com.
Lilliane Roche, Broker
Crestview Realty LLC
Miami, Florida USA
E-Mial: liroche@crestviewrealtygroup.com
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I agree! Buyers will be losing in some great opportunities if they don't jump in soon! Thanks for your comments.
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Lilliane Roche first became a Real Estate Broker in 1981. She acquired an extensive knowledge of the commercial and luxury homes market working with a select group of wealthy South American clients acquiring properties in South Florida. Read More
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Inventories are definitely going down in my area (Tampa). Sellers are finally getting the message that they can't win in this market and is not the time to sell. The only sellers selling are the ones who absolutely have to sell and know that they will be bringing in money at closing. Builders can't compete either with market price. Bank owned are the best deals and investors have been snapping the really good ones. This weekend alone we have 12 investors who will be taking 12 of these off the market. Buyers are still low-balling these bank owned properties and are missing out badly. If this market hasn't bottomed yet, it's very close to. Can't go down that much more.