South Florida Rentals And Home Sales

Here is an example of what is happening in the South Florida real estate market. On Friday, I closed on a home for my clients. The house sold for $300,000 with 3% back. The VA appraisal came back at $375,000. One of the adjustments on the appraisal was a 5% deduction from the comps, because of declining home values. If not for this, the home would have appraised for $400,000.
We picked up the home for $75,000 under the appraised value. It is basically the same price that you would pay for a
3-2 here with 1800 Sq Ft. This home was a 4-3 with 2800 sq ft, under air with a pool.
Prices are still dropping. Too much inventory and not enough buyers. The buyers are at the low end. I do see a pick-up, but I think it will be awhile, before we see a stabilization. The South Florida homes market will pick up a bit this summer, when people move with school out.

Tags: south florida homes, south florida real estate

This entry was posted on Sunday, March 2nd, 2008 at 5:39 pm and is filed under Discussions, Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.