It’s Like The Boom, Only Backwards

[Crewleader]

December 12, 2008

The News Press reports from Florida. “Lee County’s housing market is overflowing with three-bedroom, two-bathroom homes and that’s led to bargains on what was a much pricier commodity during the housing boom. There were 1,603 of them in Cape Coral and 1,814 in Lehigh - everything from upscale, canal-side digs to basic starter homes - found last week on the local MLS. James Sommers, an agent in Fort Myers, said they dominate sales in the Cape, a community he specializes in. ‘I’m selling 2- and 3-year-old homes, neat as a pin, for less than I sold lots two or three years ago,’ he said.”

“One of his Cape Coral listings, a three-two with a den, built in 2006, sold in October for the short-sale price of $85,000. Cape Coral homes spanned a broad range on the MLS. At the low end of the scale was a short sale home on Northeast 13th Place, built in 2004, for $49,900. The priciest was also a short sale, a circa-2002, waterfront home on Southwest 33rd Avenue, with a dock, pool and spa and 2,090 square feet of living area for $699,900.”

“In Lehigh, there were 726 three-twos listed for less than $100,000, the least expensive being a bank-owned home with 1,233 square feet of living area available for $36,000. The high end is represented by an upgrade-laden home with a pool highlighted by a waterfall with an asking price of $487,000.”

“‘Buyers are savvy now and practically ignoring these short sales and focusing on foreclosures because they will get what’s on their wish list at a price that’s awesome,’ said Lynne Brantley, a Realtor-broker associate in Lehigh. She described bank-owned homes as ‘the meat. This is the reality, foreclosures. There are people calling daily from all over the country buying these houses, sight unseen. It’s like the boom, only backwards.’”

http://thehousingbubbleblog.com/?p=5139#comments

[Double T]

1. KABOOM!!!

Throw it into reverse; full speed behind. Only question left: When will 'we' hit bottom?

[Crewleader]

2. Hi Double T

Only question left indeed: When will 'we' hit bottom?

Gov. Crist, fiancee tie the knot tonight.

Just read: Crist, who has never owned his own home, earns $132,931.56 as governor. He has spent much of his life in public office, serving in the state Senate, as education commissioner and attorney general before being elected governor.

http://www.floridatoday.com/article/20081212/BREAKINGNEWS/81212008&referrer=FRONTPAGECAROUSEL