http://miamibeachrealestatenewsblog.com/2009/06/24/is-the-worst-over-for-south-florida-housing-market/ Miami Beach Luxury Real Estate Thu, 22 Dec 2011 03:34:32 +0000 hourly 1 http://wordpress.org/?v=3.2 http://miamibeachrealestatenewsblog.com/2009/06/24/is-the-worst-over-for-south-florida-housing-market/comment-page-1/#comment-332 Nelson Gonzalez Tue, 21 Jul 2009 20:58:30 +0000 http://miamibeachrealestatenewsblog.com/?p=654#comment-332 I may agree with you on certain levels. On the lower end markets, the inventory must be absorbed before the market returns to normal, banks have to start lending which they have started a bit but, I feel the real problem is that the appraisers are running scared and have changed their parameters on how they appraise. Deals are coming together and the buyers are asking for loans but, the homes are not appraising so the deal falls through and at the end, the deal never happens. The only deals that are happening are the cash deals. I work on Miami Beach and specialize in the waterfront homes. I am seeing a formation of a bottom as those cash deals are actually starting to close and forming new comparables for the market to move forward from here. It will take a while for the market to recover but, it certainly is a good sign that there is a bottom starting to form. I may agree with you on certain levels. On the lower
end markets, the inventory must be absorbed before the market returns to
normal, banks have to start lending which they have started a bit but, I
feel the real problem is that the appraisers are running scared and have
changed their parameters on how they appraise. Deals are coming
together and the buyers are asking for loans but, the homes are not
appraising so the deal falls through and at the end, the deal never
happens. The only deals that are happening are the cash deals. I work
on Miami Beach and specialize in the waterfront homes. I am seeing a
formation of a bottom as those cash deals are actually starting to close
and forming new comparables for the market to move forward from here.
It will take a while for the market to recover but, it certainly is a
good sign that there is a bottom starting to form.

]]> http://miamibeachrealestatenewsblog.com/2009/06/24/is-the-worst-over-for-south-florida-housing-market/comment-page-1/#comment-314 Charles Fri, 17 Jul 2009 16:33:30 +0000 http://miamibeachrealestatenewsblog.com/?p=654#comment-314 I know of course it is in your best interest to say a bottom in SoFla RE is here but my friend, it is in fact quite a ways away. Until you get organic transactions at the lower to mid entry levels homes, a self-sustaining trade-up environment cannot exist.In other words, as long as the bulk (40% by most recent numbers) of transactions occur between buyers and banks selling REO properties, there will be no sellers moving up the home-buying food chain. Sorry but thats the reality we all live in today (and likely till 2011). I know of course it is in your best interest to say a bottom in SoFla RE is here but my friend, it is in fact quite a ways away. Until you get organic transactions at the lower to mid entry levels homes, a self-sustaining trade-up environment cannot exist.In other words, as long as the bulk (40% by most recent numbers) of transactions occur between buyers and banks selling REO properties, there will be no sellers moving up the home-buying food chain. Sorry but thats the reality we all live in today (and likely till 2011).

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