Home Buying in Pinecrest>Question Details

Relocated, Home Buyer in Pinecrest, FL

Will the prices in 33156 hit a bottom any time during 2010?

Asked by Relocated, Pinecrest, FL Sat Feb 27, 2010

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Below is a house price predictor site.
http://www.housingpredictor.com/florida.html
The recovery process will be a long affair in Miami, which is
forecast to deflate average housing values 13.8% in 2010.

Florida is losing population for the first time in more than 25 years.

Housing Inventory Still Dramatically Oversupplied — Before You Add In The Foreclosures
http://newobservations.net/2009/12/27/housing-inventory-stil…
3 reasons home prices are heading lower
http://money.cnn.com/2009/12/31/real_estate/home_price_drop/…
Schiff is among the bigger bears. Though he gave no specific prediction, he thinks prices -- already down 29% from the peak -- are only halfway to the bottom.

a chart showing foreclosures in january
http://www.realtytrac.com/contentmanagement/pressrelease.asp…
Broken right now, but this should show a heat map of foreclosures.
http://www.foreclosurepulse.com/blogs/mainblog/archive/2010/…

I would say no way. Maybe by 2013 or 2014.
0 votes Thank Flag Link Sat Feb 27, 2010
If nothing else, the area has seen a huge rebound!
0 votes Thank Flag Link Tue May 19, 2015
It's interesting that an amatuer got a "best answer" on this one. Don't know what that says about the profession. IF ANYONE could answer that question, they would become RICH. Very Rich. I can certainly show you many communites in Florida that cost more today than they did last summer. I can show you other communities that are rife with flippers. If you are waiting for the bottom to buy, then you are probably already too late.
0 votes Thank Flag Link Sat Feb 27, 2010
Real Estate is Local.

In 2009 there were only 16 single family short sales and 25 single family foreclosed listed homes sold in ALL of Pinecrest. As of today, there is 1 foreclosed single family home listed and 21 short sale single family home listed for sale; this is in all of Pinecrest Florida.

In Pinecrest the inventory is shrinking; and I can show you the figures. My advice to you is, if you find a home you like, in the price range you are comfortable with; write an offer on it.

Marie Story
Broker Associate
Coldwell Baker Residential Real Estate
Pinecrest, FL
Web Reference: http://www.PinecrestFLA.com
0 votes Thank Flag Link Sat Feb 27, 2010
Welcome to Pinecrest!

I specialize in the Pinecrest Florida real estate market; it’s the only place where I list properties, and I track it very closely. I feel that we are very very close to “bottoming out”. The steep price adjustments of the past are just not happening now. With that being said, I wouldn’t pay too much attention to list price VS sales price ratios. Not all agents are properly pricing their listings and therefore skewing the figures. Price per square feet is another figure that needs to have other factors looked at to be interpreted correctly.

In my opinion there are 5 top items to consider when looking for a home in Pinecrest; location (yes, there are different areas within Pinecrest that will affect the price), size, condition, layout and garage (very important here since we don’t have basements or any attic space to speak of). I work with my Buyers to analyze these factors to find the best home to suit them. Then we work on the price; by performing a thorough property analysis to price the property.

I invite you to visit my website, http://www.PinecrestFLA.com there you will find all kinds of information about Pinecrest Florida; real estate, graphs, schools, community, Blog, etc.

If I can be of service, just give me a call 305-776-0010.

Thank you.

Marie Story
Broker Associate
Coldwell Banker Residential Real Estate
Pinecrest, Florida
Web Reference: http://www.PinecrestFLA.com
0 votes Thank Flag Link Sat Feb 27, 2010
No one can predict with absolute certainty when prices will "hit bottom" in any given market. What we can say with certainty is that inventory in zip code 33156 has been slowly but steadily shrinking since mid-2008. In July 2008, there were 684 available properties listed in the MLS. In January 2010 that number shrank to 475 with average of 178 days on the market. Compare this, however, to July of 2005 when there were only 177 and the average days on the market was only 73.

Another statistic that we can look at is the numer of months of inventory based on the current absorbtion rate - the rate at which properties are selling. We currently have approximately 16 months worth of inventory, compared to July 2005 when we had less than 5 months and home prices were rising. Keep in mind that actual sales prices will lag behind these indicators. July 2005 was the peak of the market, with the lowest inventory, highest closed & pended transactions, and lowest months of inventory in the last 7 years, yet prices continued to rise for another six months.

Analysts typically use 6 months worth of inventory as an indicator of a stable market. Once we've again reached approximately 6 months of inventory in zip code area 33156, we can feel confident that we have "hit the bottom" of this particular cycle and prices should stop dropping within the next few months.

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If you woud like to receive a quarterly "Facts & Trends" report so you can watch the inventory trend for your zip code, please email me at Melanie.Wood@FloridaMoves.com
Web Reference: http://www.MelanieDawn.net
0 votes Thank Flag Link Sat Feb 27, 2010
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