From: "Tyrone" 
Newsgroups: misc.invest.real-estate
Subject: Re: Lauderdale Bloating
Date: Thu, 02 Jun 2005 23:30:35 GMT


"Steve"  wrote in message
news:1117638726.813296.153440@z14g2000cwz.googlegroups.com...
> Yes, except that since these units are not even really "for sale" yet,
> the only way you "hear" about someone selling at a high price is if
the
> RE broker tells you (and lying is allowed in RE). Also you seem to
miss
> the point that many of the realtors own units in these buildings, so
> they have additional motives for inflating the prices.
>
> I guess its hard to generalize when there are 100s of agents, some of
> which are just trying to make a living and others who are clearly
> trying to manipulate the market. But when you walk into town with $1M
> and agents won't even call you back after they realize that you're not
> going to overpay for something, there's something amiss. Or it just
> means that there are enough stupid people around so that they would
> rather just try the next person.
>
> I was talking to one agent and they said the "prices are up 20% this
> year". I replied that, well, most of the buildings are new
construction
> so they are sold "designer ready" while the resales are sold finished,
> so that 20% is really only 10% after you account for the finishing
> costs. They didn't seem to appreciate it much.
>

If you research the waterfront condos currently on the market from Dade,
Broward and Palm Beach County, it appears that about 75% of them are
owned by real estate agents.