South Florida home prices drop, fueling buying frenzy

August home sales saw another uptick amid price declines. But when it comes to buying foreclosures, buyers have to come armed with patience and cash.



Housing sales saw another boost in August versus a year ago as low interest rates and rock-bottom prices lured in bargain hunters. But deep-pocketed investors and all-cash buyers are making the feeding frenzy around the cheapest of homes extremely competitive.
Anyely Martir, 39, says she has bid on 16 to 20 foreclosures in Broward County over the past three months. Each time, she has offered $10,000 to $12,000 above the asking price, and each time she has been outbid.
``Write in the paper that everyone should quit buying houses for a month and give me a chance,'' she said.
The stiff competition for lower-end property helped boost sales last month amid continued signs that prices are bottoming out, analysts said.
Sales of single-family homes in Miami-Dade were up 22 percent in August versus a year ago as the median price slid 29 percent to $194,800, the Florida Association of Realtors reported Thursday. Condo sales also rose by 17 percent as median condo prices dropped 31 percent to $144,700.
A similar pattern emerged in Broward, where single-family home sales were up 35 percent, while the median price dropped 20 percent from a year ago to $217,000. Condo sales rose 61 percent, with the median price falling 36 percent to $85,100.
Despite the year-over-year gains, home sales dipped 11 percent in Miami and 10 percent in Broward versus July in a seasonal back-to-school slump. Nationally, sales also dropped 2.7 percent month-to-month, surprising analysts and spooking Wall Street.
BY JIM WYSS
jwyss@MiamiHerald.com