PBC home sales post biggest drop in state - Palm Beach Post

[Jeanette in FL]

PBC home sales post biggest drop in state
By Linda Rawls

Palm Beach Post Staff Writer
Tuesday, August 15, 2006

Sales of existing single-family homes in Palm Beach County posted the biggest second-quarter decline in the state as one of the hottest real estate markets in the nation continued to cool down, a Florida Association of Realtors report released today shows.

Indeed, home sales dropped in all 20 markets in Florida, with all but two posting double-digit slides compared with the same quarter a year ago.

In Palm Beach County, buyers closed on 2,733 single-family homes in the second quarter, a 36 percent drop from the same period last year, when buyers bought 4,293 single-family homes in 2005's flourishing real estate market.

In the Treasure Coast, sales fell 28 percent in the second quarter of this year, to 1,523 from 2,110 in the same period last year, the report shows.

snip

http://www.palmbeachpost.com/business/content/business/epaper/2006/08/15/0815homes.html

Bush was just in Florida on July 31st telling everyone how great the economy is doing. I guess Jeb didn't tell him about these statistics.

[Champion Jack]

1. He told him

but herr chimpster didn't understand what it meant.
Karl says, "stay on message and you get your pills,...good boy"

[Warpy]

2. I know I sold at the right time and in the right way

last spring. It was north of PBC on a barrier island where people went around with their noses in the air and talked about "living on the ISLAND." I laughed at the comps, dropped the price 10% and went down another 10% during the bargaining process and sold in a week. Now houses are down 30%-40% and just sitting there forever in that area.

I was LUCKY, in other words, if losing my only close relative could be considered lucky. I also counted five houses on the market within a few blocks and realized top dollar was not gonna happen.

It's still OK to buy real estate if you need shelter. You'll be getting physical shelter as well as a tax shelter. It's just not the time to buy thinking you're going to make money on it in a short time.

[NMDemDist2]

3. right Warpy

I was lucky too, PHX is down 30% too in the quarter I sold too

I didn't discount so much as I worked my arse off to having it showing it's best, but then discounted anyway

edit to add, you staying dry up there? :hug:

[demnan]

4. Things are similiar in Northern Virginia

Sales on condos my size in my area dropped from $225K to $219K, and that's just the condos, the more affordable homes. The single family homes are just sitting there. Recently a couple in my neighborhood bought a new car, a Honda and put it in the front yard of their home for sale, it was included as part of the deal. The home had been on the market for 6 months. It finally sold.

[FlaGranny]

5. Yeah, and the builders are still

going full speed adhead. There is a HUGE complex going up near me of townhouses and condos, my wild estimate is 4-5000 units.

[DoYouEverWonder]

7. Actually, that's starting to change too

There are a bunch of projects that are on the table that the developers are walking away from.

I'm glad this is happening. No 1 because we don't need more 'new' development and No 2 because prices will probably go back down to a reasonable level again. The prices is the last 3 years were beyond ridiculous. A half mil, for a 3 bed 2 bath on a postage stamp. Give me a break.

[KayLaw]

8. Thank goodness

There's been so much unneeded development here, we've developed a coyote problem in the suburbs of St. Petersburg!

[hatrack]

6. Bush was too busy reciting his favorite phrase in Florida (re. SS)

"Yer gonna gitcher CHECK!!"

:eyes: