Housing bargain sales wins prevail with big losses for many sellers. This IS THE BEST TIME EVER to buy in Florida.
What to make of this? An interesting 9-acre man-made island between Aventura and Sunny Isles Beach is on the market for $49.5MM reports Condo Vultures. In the 1950’s the DOT created the island as part of a massive dredging effort. Assessed value? $3MM or $7.90 per sq ft according to the Miami-Dade County Property Appraisers Office. Sounds like an interesting deal… so let’s wait and see who (if anyone) buys this island!
Mortgage interest rates are going up… rate topped 5% for the first time since last April. Rates, however, are still historically low according to Florida Realtors organization, and there is actually a $100 a month jump on a $200,000 loan since the lowest rate in November. Rates follow the 10-year Treasury note yields, heading up with inflation fears. Many buyers are paying cash.