S. Florida Real Estate Market Ripe With Deals

FORT LAUDERDALE (CBSMiami.com) – If you’ve got the cash, then the South Florida real estate market is ready to reward you with some large bargains. From Homestead to Coral Springs, real estate agents are starting to see a slow turnaround in the depressed Florida home market.

Michael Brodie can’t stop smiling. He just purchased a five-bedroom house on an acre of land in central Pinecrest. Standing outside his home CBS4’s David Sutta asked him, “What’s your favorite thing about the house?”

Brodie smiled wide and shouted, “The deal!” He started to laugh, and then asked CBS4 not to put that in the story because his wife will “kill him.”

His neighbors certainly envy him. The house he just purchased came out $300,000 under the appraisal. It’s fair to say he’s sitting pretty.

“I definitely think there are bargains out there. It’s all about timing.” said Brodie.

The time certainly appears to be right. Hot properties are flying off the market right now.

“I think that the buying opportunities are definitely there but the inventory and sort of the pot that you have to choose from has definitely shrunk a little bit,” realtor Evan Goldman said.

Goldman found the hot property for Brodie. He’s hoping to do it again for another buyer soon on a four bedroom house in Palmetto Bay.

Samantha Sharpe is another happy homeowner. She just bought another house and wants to unload her updated house with a pool for under $400,000.

“I don’t want to carry two mortgages! I’m motivated. I’m motivated,” Sharpe told CBS4.

So what can you get for the money?

Realtor Peter Zalewski, the brains behind condovultures.com showed CBS4 what’s out there in a tour of South Florida.

First, in Brickell there’s a brand new one bedroom apartment with the incredible view that once sold for $290,000. Today, the bank is asking just $75,000.

“It’s something that you would have never imagined during the boom. Never, never, never,” Zalewski said.

Up the road on Miami Beach there’s a five-bedroom 3,000 square foot house with a pool on Alton Road. The asking price in 2005 was $1.6 million. Today, they hope to get $485,000.

But if you think the deals in Miami-Dade County were good, take a trip up the road to Broward County and you’ll find some even deeper discounts.

“There is no question Broward County offers you 20-30 percent more stuff for your money,” Zalewski told CBS as he toured around Pembroke Pines.

CBS4 peeked into a one thousand square foot, two-bedroom, two-bath condo in a gated community. At the peak of the market it sold for $170,000. Today it’s half off at $85,000.

“This is definitely a situation where people will act quick they are going to be able to take it down. The key is if you are coming in with financing, to have it all locked and loaded.” Zalewski said.

The last stop for CBS4 was a gated community in Miramar where a five-bedroom, waterfront house with a pool once sold for $750,000. Today, you can get it for under $360,000.

“The most bang for your buck right now in South Florida is going to be Broward County, simply because of the value,” Zalewski said.

Value certainly appears to back in South Florida. And it appears sellers are eager to unload it.

Back in Palmetto Bay Samantha Sharpe told CBS4, “Everything is done. The inspection is done. It’s been FHA approved. All the work has been done. Just someone come and make us an offer and we’ll sit down and talk.”

More from David Sutta
  • Adolfo

    The prices are getting close to actual value, but they will still go further down.

  • JeanF

    Only fool buy now.

  • Ariel Martinez

    Pricing must still go down!!!
    Let me put it this way, mortgage should only amount to 28-31 percent of you total gross income. Considering unemployment rate is still high and average household income in Dade country is fairly low (I think 30,000 to 50,000). It is safe to say prices are still inflated for an average person.
    Of course, the realtors won’t tell you that. They want to sell and cash in. Wait a bit longer is going to get even lower.

  • DealMkr7

    Prices may possibly get a little lower, but interest rates will not. If your in it for the long haul…. The Time is Now!

  • Mike

    I’d like information on the house on Alton Road

  • Steve

    No jobs = no money
    No money = no mortgage
    No mortgage = more renters/foreclosures
    More renters/foreclosures = more abandoned homes
    More abandoned homes = more dead properties
    More dead properties = higher taxes
    Higher taxes = more foreclusures/people moving away
    Go to top and repeat
    Full ciircle

  • michael wind

    all these previous high prices just shows how the real estate people did so much fraud how much is a square cement structure.how much mortgage fraud,how much political and police corruption,time for a change,police must regularly take lie detector tests,its a start, …..

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