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georgeprogramatixltd · Joined: 24 Mar 2009 Posts: 2 1.90 Dollars($)

Hi all, I'm interested in buying or selling real estate and want to know what percentage dropped the prices of properties in the northern coast of Miami,FL?Thanks in advance.

Niicss · Posted: Tue Mar 24, 2009 3:37 am Post subject:

Hi georgeprogramatixltd

The sales of single-family homes rose 68% compared to a year ago in Miami-Dade and the condo sales were up 71%. On the other hand, the single-family home sales were up by 39% in Broward whereas the condo sales rose by 27%.

However, it should be noted that the median house price in Miami-Dade fell by 36% last month whereas the median condo price plunged by 50%. Apart from this, the statewide existing-home sales rose 20%. You can also check out "miamiherald.com/101/story/963599.html" to get further details.

Thanks

chrisburns · Posted: Tue Mar 24, 2009 6:56 am Post subject:

Miami is one of the harder hit areas of Florida. And FLorida is in the top five hardes hit states in the country!

gmakerley · Posted: Tue Mar 24, 2009 8:06 am Post subject:

and then there's the fraud.

chrisburns · Posted: Tue Mar 24, 2009 10:16 am Post subject:

What is this fraud you speak of?

gmakerley · Posted: Tue Mar 24, 2009 11:09 am Post subject:

well, i don't have specific first-hand knowledge, chris; and i know you know best what's happening in that area; but i remember reading that the miami area, among a few others (atlanta, for example) were hotbeds of fraud - not necessarily lenders but builders and so on.

also, i happened to do an audit (i used to be an underwriter) a couple of years ago of construction loans that had been closed around the nation by one of the major players in the construction lending field; and their portfolio was flooded with accounts that had never been begun. the credentials of the borrowers was shaky (at best) in many cases, and there was a pretty good set of circumstances in some (not all) of these loans that pointed to fraud. so - again i don't have first-hand knowledge, but it was eminently clear that many of those loans ought never to have seen the light of day.

Posted: Tue Mar 24, 2009 2:56 pm Post subject:

No your absolutely right. Miami used to be in the top five most fraudulent cities in America.

I know what is big down there is that people like to do illegal additions to their homes and then rent those spaces out. So they are basically turning their SFR into a 3 unit apartment but they never get permits or notify anyone so their taxes never go up and the lender don't know they have loans on multi unit properties.

chrisburns · Posted: Tue Mar 24, 2009 2:57 pm Post subject:

sorry that guest comment was me.

For some reason this website refuses to remember my login info Sad

gmakerley · Posted: Wed Mar 25, 2009 6:30 am Post subject:

and it's not short-term memory loss, either...it's long term. ditto for me, chris.

georgeprogramatixltd · Joined: 24 Mar 2009 Posts: 2 1.90 Dollars($)

thank you very much for the valuable advice, 2 days before consulting a financial expert, and he offered me to wait 5-6 months for prices to fall further, and I still hesitate.

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