We are seeing price reductions in Hernando County that we never thought we would see. The builders are practically giving away homes to get rid of inventory. We are seeing 3,000 sq ft homes going for around $200,000 in nice neighborhoods. It is an investor's paradise.
We have a beautiful 2/2/2 with an oversized paver driveway just reduced to $199,000. They just want to get rid of it and pay their mortgage and expenses with selling. It is in Glen Lakes which is in Weeki Wachee, Florida and this gated community is very gated! It takes almost an act of God to get inside. They have a beautiful club house with a fabulous chef. There are golf courses, tennis courts, and a community pool. There are activities for those who are retired and want the socialization. The just market value on this home is over $220,000.
This is just one of the many reductions we are seeing on homes that a couple of years ago could have fetched a far higher price. It is the market and this is one seller who understands what is happening and is adjusting his price accordingly. There was an auction in Sarasota this past week where they were auctioning multi-million dollar homes for $0.50 on the dollar! There were some amazing deals done for folks who had that kind of cash.
We keep hearing all kinds of thoughts on when the market will turn around. There are still people buying homes in Florida. Prices are not dropping through the floor as some thought would happen. There are reductions but it depends on the seller and what they are needing.
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