Grown Men Are Crying In Florida By B. Jones

The Bradenton Herald reports from Florida. “In February, the prices of existing-homes continued to fall - to $254,200 from $319,000 from February to February. Locally, the median price of a single family home was down 20 percent, tying with Miami for the second-largest price tumble. Punta Gorda experienced the largest price fall with a median price 25 percent below where it was just one year ago… according to numbers released by the Florida Association of Realtors.”

“Condos in Bradenton/Sarasota fared much worse. Only five of Florida’s 20 Metropolitan Statistical Areas saw fewer sales than Bradenton/Sarasota despite a 41 percent drop in condo prices from February 2007, bringing the median cost of a condo to $211,500.”

“‘We’re seeing that beginning offers are low even if the house is priced appropriately,’ said broker Michael Taylor.”

“Short sales may be a large reason behind the continued drop in prices. Joanne Owens, operating principal of Keller Williams of Greater Manatee has 54 listings and 40 percent of those are short sales. ‘I’ve had grown men coming into our office crying,’ Owens said.”

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