2 replies to this topic

[Chilidawgz]

I read the headlines and they say real estate is down around 2 to 3% where I live. I go to zillow.com and it shows my house is off 12% from last year I have been watching the listing prices drop the last six months...I think it has a long ways to go out here in Califexico way.

[OEXCHAOS]

Yanno, this is a pretty interesting and unique situation. For the first time in history (as far as I can figure) we've got a real estate market down turn and a means for folks at large to check property values in a near realtime manner. While I question the accuracy of Zillow, it's way more than folks had in the past, and there are other sites too tracking sales. This never existed before. I have no confident idea what effect it will have, if any. I might guess that it'll allow the decline to feed on itself, speed up and finish faster, but I don't know.

[...]

Hard to tell. Here on the north side of Miami, the SFR dump I paid 60K for peaked at about 440 last yeat. Comparables are listed for 400 to 440, actual sales seem to be taking place at 405-410, but you never know what was thrown into any given deal on the side. I regularly peruse the local RE agent promos, which all (dozens) get tossed on my doorstep once a month in a packet along with the CoC blurb and the local community rag. I see a lot of thinner booklets and brochures and a lot of unsold stuff which I also saw 6 months or more ago. I see lots of for-sale signs in the area which weren't there 6 months ago. A guy across the street tried to sell his house himself and took it off the market after he got no action. The house next door just went on the market, results remain to be seen. A couple of guys bought the house across the intersection about 18 months ago at a very rich price. One of them is a mortgage broker, as is about half the population of Florida. He still seems to be employed, but if a for-sale sign popped up I wouldn't be surprised. Poor Dan Marino couldn't dump his joint for 16 mill, so he cut it to 14.5. Sounds about right. About a 10% haircut across-the-board. Probably more to come. I don't owe a dime to anyone and I'm not going anywhere. so I'm agnostic on the matter