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John Sabia

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Have We Reached the Real Estate Bottom?

12-07-08
John Sabia

I am often asked if we've reached the bottom of the Fort Lauderdale Real Estate Market and if it is time to buy? With so many pundits and so called experts reporting statistics and offering up their opinions often conflicting, there is no question as to the why there is so much confusion.

Fox News reported a few weeks ago a finding by RealtyTrac that "1/3 of all homes offered for sale by the end of 2008 will be sold by banks" through Foreclosures.

Many homes offeres for sale by Short Sales will end up going into foreclosure because lenders take too long in responding to potential buyers, often taking as long as 4 months or more to respond to a buyer's offer to purchase.

With home prices in Fort Lauderdale adjusting back for the most part to 2004 levels and on average prices have declined approximately 30% +/-, buyers have opportunities to buy homes and condos in Fort Lauderdale that were considered too expensive just a few years ago.

For example, one condo listing at Las Olas River House that I have listed for sale is under contract at less than 60% off the original listed price and 50% of what the seller has into it. This was not a short sale or a foreclosure, rather a seller who just wanted out.

So, is it the right time to buy? Have we reached the bottom? How do we know?

Visit my Fort Lauderdale Real Estate Blog, where I addressed these questions.

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