Rumor has it....
Rumor has it.....
So I am here enjoying the freezing cold summer in Toronto..I think the high today is going to be 17 degrees! Have no idea what that is in Fahrenheit. I was speaking with some people we met in the lobby and they asked where I was from, I said Florida the Naples area, and their first response was, “ I heard you can by a 2 million dollar place for like 400 grand!” WHAT!!!!! Then I start listening to the news and what the Canadian spin is on the real estate market as a whole in the States....All the low ball offers of .50 on the dollar are making sense. Please Please take note for all the buyers out there, let’s clear some rumors up!
Yes you can get properties at $.50 on the dollar...But not everywhere and not $.50 on the list price today! They are talking about the purchase price in 2005 and 2006!
If someone paid 4 million for a property in 2005 and they are selling in todays market it is probably listed for 2.5 million today to be competitive, and they may settle for 2.25 million. That does not mean 1.5 million!!!!!
Not all properties are created equal..The news is generalizing the market to cover all areas..Not exactly, Cape Coral Florida had an increase of 40-60% in the height of the market. It had the farthest to fall.....Land values in Cape Coral compared to Naples and Sanibel are comparing apples to oranges! The properties in Naples are never going to be $50,000 for a 3 bedroom single family home!
The best advise I can give everyone is find an agent that knows the market where you want to live and they can give you an accurate assessment on the current market conditions!
You can contact me for further information at Ingawilson@me.com
This entry was posted on July 19th, 2009
| Posted in Ramblings
