South Florida home prices keep plunging

South Florida home prices keep plunging

There are 178 comments on the South Florida Sun-Sentinel story from Feb 25, 2009, titled South Florida home prices keep plunging. In it, South Florida Sun-Sentinel reports that:

Prices of existing homes and condominiums continue to plummet in South Florida as the weak housing market searches for a bottom.

Join the discussion below, or Read more at South Florida Sun-Sentinel.

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Go Canes

Dallas, TX

#1 Feb 25, 2009
We're gonna party like it's 1999 !! Median price will be $150K soon.
Its Our Own Fault

Miami, FL

#3 Feb 25, 2009
If the median is down to 2002 levels then we've technically reached the bottom. HOWEVER, now comes the over-correction.
Po Boy

Pompano Beach, FL

#4 Feb 25, 2009
When I get all my obama money,I'll buy ten of these dirt cheap houses.
ENOUGH

West Palm Beach, FL

#5 Feb 25, 2009
Its Our Own Fault wrote:
If the median is down to 2002 levels then we've technically reached the bottom. HOWEVER, now comes the over-correction.
Uhhhhh, I believe that this is overcorrection from the unsubstainable increases of the last 7 years.

This will bounce like a dead cat.
Baghdad Yan

Delray Beach, FL

#7 Feb 25, 2009
Medain price needs to equal 3X median income. Getting closer, but $150K median feels right

Remember,

Buy now or be priced out forever.

They ain't making anymore land.

Obamanomics will save us.

The media is to blame

Can I get my 6% commission.

1000 people a day are moving to Florida (even a couple that speak English and have jobs)

Fishkind and Yan say we've hit bottom (well they've said that since March '06)
Obama wil come

Summerland Key, FL

#8 Feb 25, 2009
Yeah but can't we get some money now because Obama said he was going to help. My mom said that she could hold off until we get the money from him. I hope he can come to our house ior send somebody.
Ray

United States

#9 Feb 25, 2009
"overcorrection from the unsubstainable increases of the last 7 years."

If its an overcorrection, then it was not unsubstainable.
mastershake

Pompano Beach, FL

#10 Feb 25, 2009
Median home prices are going to $150,000 in Broward and condo prices are going to $45,000 by December.
Ray

United States

#11 Feb 25, 2009
unsustainable. that's a problem with copy and paste.
Its Our Own Fault

Miami, FL

#12 Feb 25, 2009
ENOUGH wrote:
<quoted text>
Uhhhhh, I believe that this is overcorrection from the unsubstainable increases of the last 7 years.
This will bounce like a dead cat.
I agree with you, this is ENOUGH. I'm just saying that due to the freefall it's going to continue, which is too much, hence over-correction.

Due to the over-correction I'll be underwater on a sound loan that I took in 2000.
kearney

Key West, FL

#13 Feb 25, 2009
Yes but the ones dropping are the foreclosures, and the nasty looking properties. The ones you really wouldn't be afraid to buy are still up there. I've put offers on two short sales which went no where in December, no response from the lender...and two foreclosures which inspections revealed one townhouse needed a new roof (this it turns out the REO agent knew & never said anything), and the other the condo association president lied about the number of delinquencies in the building. Found out from a neighbor taking out the trash that the 300.00 maintenance will be going up to 500.

I am not looking at any foreclosures or short sales from this point on, I have wasted money on inspections, my time.
Its Our Own Fault

Miami, FL

#14 Feb 25, 2009
Baghdad Yan wrote:
Medain price needs to equal 3X median income. Getting closer, but $150K median feels right
3X income is not logical in South Florida. Nice weather plus low wages = nobody who actually works here can afford to own a home here. You're forgetting the "sun" penalty.
Energy MBA

Stuart, FL

#15 Feb 25, 2009
Baghdad Yan wrote:
Medain price needs to equal 3X median income. Getting closer, but $150K median feels right
Remember,
Buy now or be priced out forever.
They ain't making anymore land.
Obamanomics will save us.
The media is to blame
Can I get my 6% commission.
1000 people a day are moving to Florida (even a couple that speak English and have jobs)
Fishkind and Yan say we've hit bottom (well they've said that since March '06)
Except for the Obama Jab, I remember hearing most of this garbage
philly cheese

Broadview Heights, OH

#16 Feb 25, 2009
glad I bought in '98 ;o)
sorry for 300k condo buyers in '06 ;o(
jamest

Key West, FL

#17 Feb 25, 2009
My brother is a real estate broker out in Weston & and he told me to wait until fall of 09 to buy a 2 bedroom condominium because the prices out there are going to be cut in half. Those apartments selling for 150,000 will be down to 75,000, and those selling for 100,000 now you can pick up for 40 thousand.

I don't want to be kicking myself in the pants,I'm waiting a few more months.
Observer

United States

#18 Feb 25, 2009
A very simple rule of thumb on real estate is it is worth 100 times the montly rent it can generate. In Margate and Tamerac there are a lot of three bedroom homes for $1400 a month for rent. that makes them worth $140K for positive cash flow. The problem is most of them have 250-300K mortgages.

The mess will take over a decade to clean up.
Mr Potter

Kissimmee, FL

#19 Feb 25, 2009
(From It's a Wonderful Life)

Six more months, and I will buy up whole blocks of homes from these desperate folks. More money for me when I then flip them after the market recovers.
The Rich get richer! Yippee!

Since: Jun 08

Miami, FL

#20 Feb 25, 2009
What did people think was gonna happen-- that they were gonna rise, like Barron's Magazine, the NAR and their local realtors kept telling them? LOL. No surprise here.
rest of us

Coral Gables, FL

#21 Feb 25, 2009
I've given up calling my $60,000-underwater house "mine" but rather Citi's. They're the landlord, I pay them rent and I pay the taxes/insurance. A pool deal. At least I can paint the walls, right
GHOST RIDER

Boca Raton, FL

#22 Feb 25, 2009
The prices are comming down to what they should be, and the banks are actually doing their homework to give houses to those who work for them, not scam for them.

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