SOUND OFF!!!
I want to hear your comments concerning the current 'bubble' in South Florida. Does one exist? Are prices going to stabilize? Will we have a "soft landing", or a "crash'?
Feel free to post your observations and stories.
Also, take a second and participate in the poll to the right.
Thanks!
posted by BigDaddy63 @ 10:03 AM
2 comments
2 Comments:
Bubble. That is exactly what it is. A feeding frenzy which I believe started just after 9/11. I purchased (I use that term loosely, I really just signed a piece of paper to buy, err rent a home from a bank) a new home in Feb of 2002, 5 months after 9/11. Soon thereafter, articles began appearing in the WP Post regarding the scarcity of land and the huge influx of boomers (their ongoing series on R.E. In hindsght, a warning flag). Well, lo and behold, the price of my "new" unbuilt home began running, $3000 one month, $8000 the next. The builder was raising prices at $10,000 clips at times. The frennzy really began to snowball. Articles in the Post every other Sunday, prices increases once a month, sometimes twice. It fed itself. "Buy now before the next price increase", sales men told me when I stopped by the office (unkown to them that I already signed). Here I am 3 years later, all I see are "For Sale" signs or lockboxes around my unfinished community. My monthly payments are kinda hi, I cant imagine what the monthly nut would be on my same house now selling for $580,000. Scripps has nothing to do with this run up, it was greed and incompetent realtors ( I mean soccer moms and just out of school waiters turned "professional").
I'm in Northwest Broward. Even in my exclusive area, there were "open house" signs this weekend! And the most for sale signs I have seen since moving here two years ago. There may be one once in a while but this weekend they were competing for space.
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