posted by Deeogee on Oct 7
Florida real estate has been crashing BIG time, like probably a once in a lifetime event.
When Catherine and I first moved here it was at the height of the real estate bubble, and being the dumb greedy yankees we are we got sucked into it.
Catherine bought a little condo in Homestead FL, it seemed nice in a brand new development etc. It was cheaper then renting . The whole thing appeared to make sense. It was 20 minutes to Key Largo such good fishing for me and close enough to Miami for Catherine to get a Real Job.
Catherine bought the condo for 134k, which seemed like a lot but the way prices where sky rocketing still seemed ok. See we didn’t know that Homestead is basically a toilet. I’m sure there are people who love it there, if you like stuff like suburbs and walmart and speak Spanish it’s probably ok. But honestly for us it totally sucked. This in itself is another subject.
Anyways we came to our senses and had to get out of there, the real estate bubble had peaked and prices had started to fall. I read online people talking about the impending crash, and it got into my head that we had to sell the place as fast as possible. My fear infected Catherine, and it was a good thing. She kept her place the lowest priced in the development, and finally we sold it after 6 months. I could write a whole novel on the dishonesty and incompetence of the real estate “professionals” we met in that time.
The condo sold for 154k and it was like a weight off our shoulders , we moved to Key West and pretty much deceided to never live on southern mainland Florida again.
Now today I checked the MLS for homestead to see how much the prices on similiar condos dropped
Thats right you can get the same condo Catherine sold for 154k now for $39,900. Holy Cow she would have lost pretty much everything if we had stayed there. And PRICES ARE STILL DROPPING.
Tags: key west blog | key west real estate
October 7th, 2008 at 2:29 pm
It’s crazy. We’re all going through it. Florida’s real estate market is filled with Foreclosures and Short sales. I live in Fort Lauderdale and we’re currently listing 211 foreclosures in that area alone. I’m glad that you guys sold that condo before you bottomed out!