Jim Cramer: Florida Raises Hope for U.S. Real Estate
It appears that Jim Cramer thinks that Florida is the model for the nation’s real estate market. He thinks that Florida was the first state to feel impact of the real estate bubble and now after 2 years it has bottomed out with the rest of the country to follow. Below is his discussion from a recent interview he had on Wall Street Confidential.
Over the previous months subtle indications in the Naples, Bonita Springs, and Estero real estate markets have shown signs of improvement by the lowering of homes and condos for sale as well as less listings coming on the market than in previous 2 years.
Prices have declined to a point where multiple offers are being presented on properly priced properties.
Buyers need to be aware of the estimated market value of a property and
be prepared to rethink that a full price offer will be
the offer accepted and be willing to offer more than the listed price close to the estimated market value.
Sellers still need to be aware that they need to properly price their properties due to the competition from potential short sales and foreclosures.
Great article! I’m a broker in the West Palm Beach area and I’ve been telling people this for months.
No one would listen because of the negative press. But the data and my own activity show the market has picked up significantly in my area of Florida.
Now that the press is finally catching up and putting out some good news my phone has been ringing off the hook with buyers from all over the country.
For those who are still waiting for the bottom, at least in Palm Beach, Martin and St. Lucie counties, it’s already passed!
Yes, the Florida market was one of the first and hardest hit with foreclosures in the country.
However, each area in Florida is quite different as to the number of foreclosures and how much the property values have dipped or dropped.
Jeff thanks for dropping by.
I love watching Jim Cramer on his stock show. He is a crack up
What he is saying makes perfect sense. I do not know the Florida market, but I do know that it was one of the first and hardest hit in the country. Hope he is correct!!!