Comments welcome
Have an opinion about the Sarasota real estate market? Let me hear it.
posted by Marc Rasmussen at
1:32 PM
Sunday, July 30, 2006
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3 Comments:
i have no opinion but i read this article and it makes me wonder what is going on.
http://news.yahoo.com/s/ap/20060815/ap_on_bi_ge/home_sales
Basically, a good part of the run up in real estate prices was due to aggressive buying by speculators. Most of the speculators purchased for anticipated appreciation, not rental income. At 2005 prices no property would have a break even cash flow if purchased with a mortgage. Many of the speculators are no longer anticipating a rise in prices and don't want to bother with negative cash flows and troublesome tenants. So many of them have decided to get out and have put their property on the market. So the market has been flooded with these properties. Other sellers bought "pre-boom" time and have a nice profit so they are also deciding to sell as well.
If you want to buy a home because you need a home to live in, desire a 2nd home near the beach for long weekend getaways, vacations or a winter retreat then this is probably a good time to buy. If your time horizon is long enough there are some good buys out there.
The link above was cut off. Here it is in 2 parts. Copy and paste it if you wish to see it. Remove the space after 20060815/
news.yahoo.com/s/ap/20060815/
ap_on_bi_ge/home_sales
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