Ramesh Nyberg's Real Estate Blog

Let me hit the "Sweet Sixteen" first: If any of your friends try to tell you that foreclosures aren't selling, tell them about the Sweet Sixteen-- I posted the best unsold foreclosure properties I could find in south Miami-Dade County, so we could all track their success together, on February 11th, just a month ago. In 34 days, 9 of the 16 have gone under contract, and one has closed. It was in the West Kendall, 13265 SW 102 St. It was 7 days on the market, and sold at asking price, $209,000. (I'll update the status of the properties on the Sweet Sixteen page soon, and of course, start replacing them as well)

The stats for February 2009 are out: the sales keep ticking upward, and the inventory keeps shrinking. The number of unsold single family homes in Miami-Dade dropped for the fifth straight month, to under 14,000 for the first time in well over a year. We saw 1096 pending sales in February, which is more than double the number for February 08!
Recommendation: Get out your wallet, and buy while the interest rates are still low.

I know an investor who watched a foreclosure go from $237,000 in November of 2007, to $68,000, in December 2008. He made an offer, and settled with the bank at $65,000, for a 2/2, 1003 square foot villa in Palmetto Bay, in a gated community.  

The day before the closing, he got a tenant.
Want to see the place, or another one like it? I can show it to you, because I'm that investor. I like describing the workings of the real estate market here in my blog, but I walk the walk too.