Chris answered:
The Broker Mark Blaisi had the right comment....Offer less!
Its nice to see a broker living in reality.
Home prices in South Florida have literally melted down. The first to plummet was the lower on the food chain properties (less desireable). Now we have seen prices in the big builder mcMansion subdivisions halve in a short period of time. There are ocean and IC waterfron condos going for a tiny fraction of their highs.
Why are they not selling? The monthly expenditures such as condo (or homeowner assoc in the case of Sing Fam RE) fees, Taxes, Insurance ect, are higher than it would be to rent the same property. A losing situation.
In most cases, even if you were given the property, the monthly costs still outweigh the rent. This may not be a bad situation for you, but the market overall will move towards alignment with these fundamentals, in other words.....Down!
Nobody cared about the $1000 per month condo fee when during the Easy Credit boom, Beacuse you could sell for a huge (flipped) profit. This put all those condo fees and taxes back in your pocket.
I will stop now, but you really need to take a step back away from the trees to see the forest......
Best wishes to you and I will pray for you that you decide to rent
Its nice to see a broker living in reality.
Home prices in South Florida have literally melted down. The first to plummet was the lower on the food chain properties (less desireable). Now we have seen prices in the big builder mcMansion subdivisions halve in a short period of time. There are ocean and IC waterfron condos going for a tiny fraction of their highs.
Why are they not selling? The monthly expenditures such as condo (or homeowner assoc in the case of Sing Fam RE) fees, Taxes, Insurance ect, are higher than it would be to rent the same property. A losing situation.
In most cases, even if you were given the property, the monthly costs still outweigh the rent. This may not be a bad situation for you, but the market overall will move towards alignment with these fundamentals, in other words.....Down!
Nobody cared about the $1000 per month condo fee when during the Easy Credit boom, Beacuse you could sell for a huge (flipped) profit. This put all those condo fees and taxes back in your pocket.
I will stop now, but you really need to take a step back away from the trees to see the forest......
Best wishes to you and I will pray for you that you decide to rent
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