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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (54489)	8/8/2006 8:45:01 PM
From: RealMuLan	Respond to of 116555

That is from RodgerRafter's blog, he is the author

To: Tommaso who wrote (54489)	8/8/2006 8:48:08 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

-ggg-- The Boom Is--Is Not!--Over: The Great Real Estate Debate There's an anxious face-off between sellers and buyers of homes as expectations of big profits fade" By DAREN FONDA Posted Sunday, Aug. 6, 2006 When Holly Schiller bought a town house in Fort Lauderdale in the fall of 2004, she figured she would pocket a profit before the place was even finished. Schiller, 51, and her husband had already flipped several properties in Florida's sizzling market, and this one sounded sweet: three bedrooms, private elevator, designer appliances. Villa Medici, promised the builder, would be modeled after a "true Italian Tuscan village," featuring Mediterranean façades and a resort-style pool. "As with any 'limited edition,'" the pitch stressed, "demand always exceeds the supply." Well, maybe not always. The housing market in parts of South Florida is melting faster than a snow cone on Miami Beach. Schiller's town house has languished on the market for 18 months. She has slashed the price by $75,000, to $565,000, offered a $2,500 bonus to the selling agent and at one point threw in a $2,500 store credit for home furnishings--all to no avail. "Buyers are extremely hesitant," says her broker, Rob Rose, adding that hundreds of similar properties are for sale, with similar gimmicks--from free Caribbean cruises to gym memberships (personal trainer included). Schiller is nervous. She's renting out another property at a loss, while trying to sell that one too, and has a deposit down on a second town house under construction. "They keep telling me 1,000 people a day move to Florida," she says. "I don't know where they're going. They're not buying. ... Housing activity accounted for a full percentage point of last year's 3.5% GDP growth. " more here... time.com