Sean and I spoke. Thanks for all the referrals.

I will keep him out of the ghetto. And I won't let him buy just to sell him something. He is a member. That's more than a friend to me.

Greg

And thanks for info you all gave him Makes my job easier.

If you guys would like to do a pro/con list for each of my clients and email them about any questions I'll just run my biz like OSO. From the BEACH.

From today's paper:

Palm Beach, Broward and Miami-Dade counties boast more than 5,400 townhouses and condominiums and 600 single-family homes for sale at $50,000 or less, according to a report Friday from CondoVultures.com.
Broward leads the pack with 2,400 properties. So far this year, buyers have scooped up roughly 7,000 homes at below $50,000 across South Florida, CondoVultures said. More than half of the sales were in Broward.
At the peak of the real estate bubble, parking spaces in new condominium towers were sold at prices that today can purchase homes," Peter Zalewski, principal with the Bal Harbour-based real estate consulting firm, said in a statement.

So how would you guys characterize the housing mkt in the Miami area. Still falling, stabalized, or rising slightly? Is there a difference in how the confo vs single family mkt is fairing?

Robert, I'll contact you after the experts answer your questions. Just send me the check. LOL.

Market bottom - "the point of maximum pessimism"

Are we there yet?

Tough to say from the sales I have seen in Palm Beach County. I have seen perfect 3MM houses sell 500K under property appraisers value and I have seen McMansions sell 300K over county values. Seems prices have been reset to early 2000-01 levels in most areas. I have a buddy that bought in Pompano (great house, very fair area) and he bought it for 170K two years ago, bank was into it for 350K. House was totally remodeled inside, outside was all original 1960s. It seemed to be a case of buying at the bottom 2 years ago. The county just valued it at 120K.......ouch!

As said earlier, condos can be really cheap but the monthly maintenance fees can be brutal like as in the same size as the mortgage payment!

Hey Greg, are you still seeing bottom buyers like you were a year ago for the single family homes or are the sales drying up?

No, there are still "deals" out there. There are, however, less and less of those in "A" locations.

We may see a small remaining decline. However, my recent buyers have decided they will not be selling in the short term so they are jumping now to get the best choice they can. A 2-3% drop after they buy means nothing if not selling in short term and may cost you the perfect property.

My commercial clients are doing the same.

Greg, what have you been up to, haven't talked to you in a while. REOmac conference is coming up in October, if you are still dealing with bank REO properties, lots of good networking with lenders there.