Front page of the South Florida paper today. You know this only gets 1) more homes on the market and 2) less buyers
From lines at pre-construction condos last summer to lines at realtor offices. It all happened so quick, didn't it?
South Florida's five-year housing boom is over.
Prospective home buyers are finding prices falling to more affordable levels. Sellers are waiting impatiently as their houses sit on the market for weeks and months, only to receive tepid interest before reducing their asking prices.
This is a dramatic shift from the sizzling market that had yielded sellers quick buyers willing to pony up top dollar for homes."We're entering a new part of the cycle," said Brad Hunter, a West Palm Beach housing analyst. "We're in the process of returning to reality."
In many cities and towns across South Florida, homes are taking longer to sell, and many for-sale signs are sprouting on front lawns daily. Some used houses are staying on the market for months, forcing sellers to reduce their asking prices.Francoise Laine, an agent for Campbell & Rosemurgy in Deerfield Beach, handles the luxury home market and said sales are slow in that price range, too.One of her waterfront listings along Hillsboro Beach recently dropped to $9.5 million from $10.8 million. And prices in the much lower $300,000 to $400,000 range also are coming down."We have definitely shifted to a buyer's market," Laine said.
March 01, 2006
The boom is gone: Home sales fall 36% in Broward
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6 comments:
Thank goodness.
This slowdown started last summer. Here's the excuses I heard from the raltors group. In August it was the heat, Sept. was "Katrina", October & November was "Wilma", December and Jan were winter. Now it's March and the comps are still going down.
Aren't the realtors out of excuses yet?
Denial is NOT just a river in Egypt. Realtors and sellers are steadfast in the belief that this is a refreshing "pause" in a bull market.
Sellers are unwilling to drop prices, realtors are 're-listing' properties on MLS as new after they expire, they are fudging the sales prices on MLS to make the sales prices on sold homes appear higher than they actually sold for.
This place is a den of inequity. Scum rule and buyer beware. I have never seen a place as greedy and unethical as South Florida.
I can't wait until the resets start and they all run to the exits at the same time. Then the realtors and greedy sellers will force a downward spiral.
That map data is excellent. I wish there was a good aggregator of RE data that tracks investments, creative financing, and affordability rates. It's all spread out, and I know the individual reports themselves take a lot of effort.
All they NEED Now is another Good HURRICANE Season !
January '06 YoY gains of 19% in Broward and 26% in Dade represent undeniable evidence that all those bloated bong huffing boomers will soon be homeless porn shop jizz moppers and we will own their cribs.
Hellllllllllloooooooooo
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