What do they say - adding fuel to the fire? Think of all those condos in Miami (and Phoenix, and San Diego, and DC, and Boston, and ...) that were started a couple years ago, all "purchased" by speculators, that are going to be hitting this poisoned market in just the next few months.
Oh, man, it's gonna get ugly(ier). I hope many of you went to higher ground. It's too late really to do anything - those days were last year. Now it's time to grin and bear it. It's hitting the fan right now.
Homes hit the market in record numbers
When Taffie Prince placed her Apopka home on the market last fall, she figured it would be snapped up within weeks. Four months later, she's still waiting. And the asking price has been lowered by $5,000 in the past 90 days to $154,900.
"I was told the quarter-acre of land would sell the house. But it's still for sale. I don't know what else to do," Prince, 32, said Monday. Part of the problem: The inventory of Orlando-area homes for sale has ballooned again. Suddenly, for-sale signs are everywhere.
The Orlando Regional Realtor Association reported Monday that the record 12,015 existing homes for sale in January in the core Orlando market was nearly four times the number available a year earlier.
And most of those homes hit the market in January, when members entered 6,172 homes with the Mid-Florida Regional Multiple Listing Service, compared with 2,970 in January 2005.
"It's getting a little scary," said Franco Ferrari, co-owner of Ample Realty in Orlando, the agency listing Prince's three-bedroom home.
February 24, 2006
Posted by blogger at 2/24/2006