Now House Prices Will Drop Another 20%

All I can say is I wish I had the cash reserves to snatch up some properties I've been watching. :(

I've got two Clients who have been buying beach front (and close to beach), Florida properties at prices that boggle my mind. What a once in a lifetime opportunity! Wow! I've seen them pick up properties that were $600,000 in 2006 for $130,000 today.

Anyone have some extra cash laying around I could borrow? :)
 
Quote from LEAPup:

All I can say is I wish I had the cash reserves to snatch up some properties I've been watching. :(

I've got two Clients who have been buying beach front (and close to beach), Florida properties at prices that boggle my mind. What a once in a lifetime opportunity! Wow! I've seen them pick up properties that were $600,000 in 2006 for $130,000 today.

Anyone have some extra cash laying around I could borrow? :)
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What area is that in? Or is that auctions or land only? Where I've been looking the home prices have been cut in half from bubble highs to about $150/sq ft, but not by 3/4.
 
Quote from thriftybob:

What area is that in? Or is that auctions or land only? Where I've been looking the home prices have been cut in half from bubble highs to about $150/sq ft, but not by 3/4.
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Auctions. And north of Tampa. I'm pretty shocked at what they've been able to buy. When you can get a nice house for half of what it was "valued" at pre-crash, that's amazing. When you can get into houses 75% less than they were going for, that's stunning!
 
Quote from LEAPup:

Auctions. And north of Tampa. I'm pretty shocked at what they've been able to buy. When you can get a nice house for half of what it was "valued" at pre-crash, that's amazing. When you can get into houses 75% less than they were going for, that's stunning!
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Well, pre crash they were at double what they were worth, at least. My sister had bought a pair of beachfront upscale condos (2 floors of the building) for about $500k each, and sold the one the next year for almost $1 mm. Now the owners walked and the lender is selling the same one trying to get $500k again.

What kind of auctions are these? Individual homes or tax sales or what? Where do you find them listed? I'm looking in other areas, but perhaps they do things such as where they advertise and how they auction them in a similar manner? The only place I really know to look is the MLS stuff, which is probably why what I'm seeing are not real super bargains.
 
A member has posted "Could you put just positivity in your mind and spread the good things of this world".

Moderators, if you find this post inappropriate please delete it.

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Quote from LEAPup:

Auctions. And north of Tampa. I'm pretty shocked at what they've been able to buy. When you can get a nice house for half of what it was "valued" at pre-crash, that's amazing. When you can get into houses 75% less than they were going for, that's stunning!
More...

It's not that remarkable to be honest. Go ahead and perform some due diligence and look at what those very same properties sold for in 2000 or 2002. Really, we are just filling in the air pocket that was 2003-07. Considering most of the middle class are in worse financial shape than a decade ago, it's just the first leg of the carnage.
 
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