Real Estate Market

IT CONTINUES TO BECOME QUITE EVIDENT THAT THE SOUTH FLORIDA REAL ESTATE MARKETI CONDOS MARKET IS HEADED FOR MORE PROBLEMATIC TIMES AHEAD! A RECENT ARTICLE IN THE DAILY BUSINESS REVIEW PROVIDED STATISTICS AS TO JUST HOW DIRE THE SITUATION HAS BECOME
ACORDING TO RECENT SALES ACTIVIVTY(THE PAST 3 MONTHS) SALE PRICES HAVE DECLINED AS MUCH AS 40% ACCORDING THE THE ARTICLE, AT THE CURRENT SALES PACE, IT WILL TAKE PALM BEACH COUNTY MORE THAN 10 YEARS FOR SALES TO RETURN TO A HEALTHY SUPPLY/DEMAND ENVIRONMENT. BROWARD IS NOT FAR BEHIND WITH A 9 YEAR TIMEFRAME TO RETURN TO A HEALTHY SALES RATIO AND MIAMI DADE WOULD TAKE ABOUT 6 YEARS.
WHILE SINGLE FAMILY HOMES FAIR SLIGHTLY BETTER, WE STILL HAVE AN ENORMOUS SUPPLY ISSUE TO CONTEND WITH, THAT WILL TAKE MANY YEARS AND PERHAPS FUNDAMENTAL CHANGES FOR INVENTORY TOBE ABSORBED.
FOR THOSE WHO EITHER CANNOT OR SIMPLY NOT WILLING TO HOLD ON TO PROPERTIES(QUITE OFTEN AT A LOSS), AUCTIONS HAVE BECOME A PREFERRED METHOD OF CHOICE TO MOVE A PROPERTY SWIFTLY AND OFFER THE SELLER A HIGHLY INTENSIVE MARKETING PLAN THAT WIL SPOTLIGHT THERE PROPERTY, THAT OFTEN RESULTS IN MULTIPLE BIDS AND A DEFINITE SALE. iT IS TRUE THAT MANY TIMES THE SALE PRICE MAY NOT EQUAL THAT OF A "TRADITIONAL SALE", BUT WHEN YOU FACTOR IN THE CARRYING COST, EMOTIONAL STRESS, RENTAL CHALLENGES ETC., AUCTIONS CAN PROVE TO BE THE MOST DESIREABLE ALTERNATIVE TO GETTING YOUR PROPERTY SOLD!