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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: russwinter	10/3/2006 1:37:05 PM
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Commentary: Broker says $1 million-plus sales skew housing reports By Linda Rawls Palm Beach Post Staff Writer palmbeachpost.com Monday, October 02, 2006 As sobering as last week's existing-home-sales report was — Palm Beach County's home prices declined for the first time in seven years — the reality is a lot worse, I'm hearing from some corners of my beat. Other corners, of course, still believe that any local housing-market slowdown is mostly the fault of the media. But we digress. As the Florida Association of Realtors' report last week showed, existing home prices in both Palm Beach County and the Treasure Coast fell 6 percent in August, year over year. But prices have plunged a lot more than that, some readers say. "My office primarily sells property in central Palm Beach County," writes Thomas Moffett, broker/owner of Century 21 Sunland Realty. "Most neighborhoods where we sell property, the average sales price has dropped more than 20 percent this year." Moffett thinks the problem with association reports is that they include all sales in Palm Beach County, including the $1 million-plus ones. "It disguises what the true price is doing," Moffett says. "The over-a-million-dollar market is not affected by the economy and should be looked at separately from other real estate sales."

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