Florida – How Low Can It Go…..
Posted by Ken Thorkildsen on May 5, 2010
One of the biggest price reductions for property for sale in Florida recently saw an incredible 23% cut off the asking price for a five bedroom, five bathroom house in South Florida.
The Broward County home at 11630 Northwest 6th Place in Plantation saw the original asking price of $2.2m in April reduced by an amazing $500,000 to $1.7m according to data released by Condo Vultures Realty. The property boasts a plot of 43,639 sq ft and has marble floor interiors, crown moldings and of course a swimming pool.
Matthew Moore, founder of Florida property specialists, Distressed Invest Property comments, “The amount of the reduction is quite incredible but considering the actual percentage is not that uncommon. Increasingly we are seeing properties with between 15%-25% reduction on the price that was maybe asked for a couple of years ago and there seems to be a consensus that the market will flatten out by the end of the year.”
“This also shows that for the shrewd property investor, there are value for money properties to be purchased and backs up what we tell investors that the best time to buy is during a down turn as property profits are made when you buy, not when you sell.”
Contact Distressed Invest
Telephone: (0044) 0141 416 3198 or
email: matthew@distressedinvest.com
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