Blog topic #1 Real Estate Bubble

By
Real Estate Agent with Charles Rutenberg Realty
In the tiny town of, Hernando Beach, FL, our prices soared for the last 3 years as they did in most areas of the country.  We are a waterfront community with access to the Gulf of Mexico.  Our sales have slowed considerably.  There were several newspaper articles driving business up to us from the Tampa/St Pete area as we were so much cheaper than down south.  Lots of investors did a great deal of flipping of properties.   There was a buying frenzy for building lots and there are too many of them available.  I think the bubble has burst in relation to those lots and I see prices are definately falling.  The water front homes are still maintaining their value and hopefully, always will.  They can't dredge anymore canals here so eventually, we will recover our value.  I think it is a combination of high pricing and a "wait and see" attitude toward hurricanes and sink holes.  Our inventory is at least 3 times what it was 1 1/2 years ago, so homes are staying on the market considerably longer, but if the value is there the home does go under contract in 6-8 months.

Comments (3)

Mrs. Sheri Ann Johnson, GRI
Tropic Shores Realty - Spring Hill, FL
Stop selling waterfront & start marketing Eastward! : )
Aug 23, 2006 12:41 PM
Kathy Moore
Charles Rutenberg Realty - Hernando Beach, FL
Thanks for the advice, Grasshopper.
Aug 23, 2006 11:41 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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