Surging And Spiraling Statewide

South Florida Sales Improve; Central Florida Prices Tank 

The Miami Herald headline trumpets nine straight months of improving home and condo sales in Miami-Dade and Broward, while the Orlando Sentinel declares Central Florida "Existing-Home Sales Continue Rising." The other common denominator uniting these three markets is less cause for celebration for existing homeowners: prices keep falling with no bottom in sight. The Miami Herald describes the "super bargain" scenario: "The median condo price in Miami-Dade fell to $133,500 from $275,000 last year. In Broward, the median price fell to $79,900 from $150,000." And in Central Florida, median condo prices could soon be down 80% from the record highs of 2006. According to the Sentinel, "The median condo price in Metro Orlando was $52,700 last month -- less than half the statewide median of $106,900. " If he wants to assuage the fears of existing homeowners, the president of the Central Florida Real Estate Council maybe needs to tweak his talking points: "I think it's not going to plummet a lot further."