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Old 08-30-2007, 06:51 AM   #61
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Geeze, good to know. DW and I are toying with buying a new house next spring. Now I know that I'm not in the market for anything over $418,000 + the equity in my current home, which I hope is still north of 200k.

Rates will come back down, probably sooner than later. The prime jumbo first mortgage space is the first non-conforming part of the market to start coming back, so prices will start dropping soon. Just be patient.
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Old 08-30-2007, 09:30 AM   #62
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Here's a good read for all the FL readers:

http://www.sptimes.com/2007/08/26/ne..._out___I.shtml

Our local market (north of Boston) seems to be holding around 15-20% off the 2005 highs. Will test this with my next vacancy ... stay tuned.
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Old 08-30-2007, 10:10 AM   #63
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Interesting article .It seems here in Sarasota the high end market is dead but lots of sales in the 300 range .
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Old 08-30-2007, 11:11 AM   #64
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Yeah, seems the high end condo market is pretty saturated ... what's shocking is that MORE is being built. What are these builders SMOKING?
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Old 08-30-2007, 01:43 PM   #65
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I can't help but feel these official numbers on prices (down only 2%?) are deceptive, at least locally. A security guard at work just bought his first home, a condo. When I asked how he could afford it ( in a round about way) he mentioned he got it for just over 200k with a ton of incentives thrown in. His flooring, cabinets, counters, etc. are all better than mine! And just a year ago there were condos for sale in a much worse neighborhood (borderline dangerous) starting at 300k - and these were refurbished apartments. At least here in San Diego, things have crashed pretty hard.
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Old 08-30-2007, 07:09 PM   #66
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At least here in San Diego, things have crashed pretty hard.
Based on the few sales in my neighborhood here in the San Diego area, I estimate my house is down roughly 8 to 10% from its peak. My guess is it'll head down another 5% or 10% of its peak value as it hits bottom. Of course, if the economy tanks all bets are off.
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Old 08-30-2007, 10:24 PM   #67
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as to as how far an area has dropped you can't go at all by medium price. my house was appraised above medium which peaked at about $425k but now while the medium is supposedly $380 but i'd be lucky to get $325 or $350k. hell, with all of no one buying i'd be lucky to get $225k.

same thing with are of the inherited house. if you just look at medium price then the area only lost maybe 15%. but try to sell a house today and you'll find the bottom twice as far down.
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Old 08-31-2007, 07:42 AM   #68
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More on the FL blood shed ... WOW!

Boom of condo crash loudest in Miami -- OrlandoSentinel.com
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Old 08-31-2007, 10:44 AM   #69
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how about googling the often quoted goodkin and see how many pages you find on this self-promoter.

then check out Workout group capitalizes on downturn - South Florida Business Journal: for this quote:

"They join a select group of local big-money players - such as Lewis Goodkin of Lewis Goodkin Consulting in Miami, and Jack McCabe of McCabe Research & Consulting in Deerfield Beach - who not only monitor and advise the real estate market for developers and lenders, but also participate as vulture fund advisors."

ok, it's not all roses, life rarely is. but ya think maybe guy is just wee bit of a self-serving doomsdayist?
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Old 08-31-2007, 12:47 PM   #70
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What get's me is that the $585,000 ONE bedroom condo is 'only' worth $439,000 (75%)....

I just can't see 'only' as the word I would use for such a high price, even at the low value....

When they get down to say $125,000.... maybe I would think about buying.. (but, for a one bedroom.... not),,
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