Fiasco in Florida
Here is a great article about the state of the real estate market in Florida. It looks like the market is turning very ugly down there.
"Inventory - Our current levels are all time highs. We’ve never seen anything like this. If you want to believe the NAR numbers, so be it. In the previously hot markets, inventory levels are well beyond a year, and in some markets 2-4 years. You have hundreds of thousands of homes in the hands of flippers, not to mention all of the unsold inventory the builders are sitting on, and you still have the normal market of people selling for reasons like death, new job, etc.."
Full article...
"Inventory - Our current levels are all time highs. We’ve never seen anything like this. If you want to believe the NAR numbers, so be it. In the previously hot markets, inventory levels are well beyond a year, and in some markets 2-4 years. You have hundreds of thousands of homes in the hands of flippers, not to mention all of the unsold inventory the builders are sitting on, and you still have the normal market of people selling for reasons like death, new job, etc.."
Full article...
posted by Little_Silvered at 8:09 PM
4 Comments:
We've been in Jupiter for thirty years. There is no basis in what has happened to the real estate market here. Aside from the millionaires who can pay any price for a desirable property, the rest of the market reached unsustainable levels two years ago. Condos that were selling for $150,000 are now at $450,000, and are not moving. Inventory in this area is huge and stagnant. Sure the babyboomers want to come here, but even they won't sell their four bedroom houses in Illinois and trade it for a two bedroom condo. This has been brewing for a long time, and a lot of people are going to get hurt.
I wonder how all the oceanfront developments will do in miami beach, we have a place in bal harbour. I think prices will fall but, not plummet. However the preconstructions are probably in trouble.
does anybody have any info on the re market in the northeast ,cape code ,rockport mass. area...??
bob c - see if someone over at http://nnjbubble.blogspot.com/ can help you with that info. The group there seems to be closer to that area. Good luck.
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