We're feeling some uncertainty in the real estate market here tonight in West Central Florida.
This afternoon I visited a 1980s condo. It was a villa style unit, with about 1500 sf under air, a one car garage (3 bed bath), and looked almost liveable. It needed a new roof, maybe at total of $7,000 to $8,000 in direct expenses, plus I'd have to put in some sweat equity, painting, floors etc.
The asking price is $80,000, and I was told a lowball would not be a problem for the owner: Fannie Mae. They've had so many offers blow up because the buyers could not come up with the cash.
I spoke with the neighbor across the street in a similar unit. She told me she paid $170,000 for her condo unit two years ago.
The wife and I are hashing (hashing? man I wish she'd let me, but she wants me to be urine test clean, lest I need to find a job) it out over the price. We think a firm and final offer of $45,000 would be fair. Lehman will likely fail tonight, and the schmutz, as they say, is hitting the fan. The listing realtor does not think we're wasting our time.
That's the state of Florida real estate tonight.