Such is not what we have grown to expect with real estate, specifically residential real estate. But many across the country, and in my market of Viera Florida, have experienced such.
Some do not call it depreciation but rather a market correction. However you want to phrase it...it caught some by surprise. OK, it caught most by surprise!
In Viera Florida and the surrounding communities of Rockledge and Suntree (north Melbourne), there are lots of short sales. These are situations where the probable selling price will be less than the mortgage.
I checked a few of these in a nearby golf course development. Of the 7 properties listed for sale (all in the $300,000+ range), three are short sales - with listing prices more than $100,000 less than the price originally paid! That is a market
I saw another subdivision I wrote about on my blog recently that had 50% of the active listings as short sales - a common phenomena in this culture of
correction (did it again) depreciation!
If you are in a position to purchase real estate this may be the right time to take advantage of the recent market correction. [I used correction as I am now convinced it is only a correction and properties will eventually appreciate again (until the next correction).] Hopefully folks will approach the market with moderation and common sense!
Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving the Brevard County areas of Viera, Suntree, Rockledge, Cocoa, Baytree Golf Course, Heritage Isle and many more. Call me directly at 321-693-3850 or email me at firstname.lastname@example.org.