Jumby, I read an article last month on either MSNBC, CNN or Fox (can’t remember which one) where the author said that there were many homes that had been discounted 50% from the prices that they were selling at in 2005 in Ft. Lauderdale, Miami, Tampa and Fort Myers. I also saw the YouTube videos several months ago where new condos were auctioned and sold for 50% discounts in Miami and new townhomes in Fort Meyers. I also saw a television program that followed the stories of three sellers (one was in Fort Lauderdale) and all the things they had done to sell their home………………but with no luck. They had reduced their selling price several times and had reduced it over 25% at the time the program aired……………..still no sale.
I didn’t mean to imply that every piece of property in these markets had already dropped 50% in value but when you have the examples that I listed, that is enough smoke to believe that a fire is in the vicinity.
Yes, I am a Uber-Bear. Enough so, that my wife and I sold our home in Leucadia (with a great ocean view) in 2005 and moved out of CA because I was convinced that this would eventually happen. We had lived in San Diego for over 30 years. I knew it would be bad but I think it’s going to be much worse than I envisioned back in 2005.
I hope your plans work out to return to San Diego. It’s a great place to live.
