Wednesday April 19, 2006

Broward home price medians still rising. (Allegedly,) after a dip post-Wilma, housing prices are back on the rise. Yeah, right; I’m thinking this is a slight uptick on the way down. Witness: (1) ”[t]he number of homes sold during March continued to decline, though, to 649 homes from 958 single-family homes sold for the same month the year before,” (2) the source is realtors who have much to gain from everyone thinking everything’s hunky-dory, and (3) no data given for Miami-Dade. I’m sticking with my predictions.

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  1. cohen    Wed Apr 19, 07:21 PM #  

    broward is not miami,,, critical miami



  2. abe hoffman    Thu Apr 20, 02:21 PM #  

    http://www.HomePriceMaps.com integrates how much homes SOLD for nationwide using the google mapping technology. Simply select city and state from the city menu and click search. If you don’t see data for your area simply email HomePriceMaps@gmail.com with your zipcode and or address and they’ll update the site with your info and email you within a few days.



  3. riley-o    Thu Apr 20, 02:50 PM #  

    Alesh:

    What you point out is not necessarily contradictory in economic terms. In fact, the decrease in unit sales can also be a fallout of a decrease in inventory. That relationship alone could force an uptick in prices.



  4. Robert    Sat Apr 22, 01:29 PM #  

    While condos may actually see a slight drop in prices, I find it hard to believe, actually impossible, that traditional single family homes will drop in price. They won’t appreciate at neck-breaking clips, but at a decent 5-10% a year just like in the good ol’ days.

    Simple reason…demand will always surpas supply as long as we don’t decide the pave over the Everglades and Biscayne Bay from Naples to Key Biscayne.



  5. Rick    Sun Apr 23, 09:12 AM #  

    “I’m sticking with my predictions.”

    As am I…

    “I agree with Jeff. Perhaps the proper terminology might be “market correction.” The boom days are gone, but as the article says, home values will continue to appreciate at a more reasonable rate under the current conditions.

    People are always going to be moving to Florida and since Miami-Dade and Broward have already been built out to the ‘Glades, there’s always going to be a limited supply for the demand.”

    **Oh, how I yearn for basic html formating here…the “textile help” isn’t cutting it.



  6. alesh    Sun Apr 23, 11:38 AM #  

    Time will tell, of course. Consider:

    gross over-development + increasing awareness of hurricanes + spiraling insurance costs + defaults on zero-interest loans (which will be shooting way up over the next few years) + lack of a reasonable public transportation system (w/ increasing gas prices) = just a little correction??

    I think we’re looking at a perfect storm: in maybe another year, as many of these condos get finished and the (80% spectators) folks who bought them just to sell try to sell them find themselves in a market where many existing homeowners are defaulting on their mortgages, which have just increased from interest-only to steep payments, fueled by some of the other developments. We shall see…

    (Help is coming on the formatting front!)



  7. Jonathan    Sun Apr 23, 12:20 PM #  

    Something is going to give but who knows when. The market was already overdone a year or two ago, but there’s been a lot of appreciation since then. The perfect-storm scenario seems plausible, especially if rates and the dollar rise significantly. It will be interesting when it happens.

    And don’t forget all those “free money” bonds the City has floated. If the local economy slows, as it will eventually, we can expect a lot of political pressure to raise taxes. That won’t help real-estate values.