Bellweather for Jan 09

South Florida's snowbird season starts officially when the Holiday Season winds down.
Visitors seek relief from the cold, ice and snow storms of the north and flock to our area.
I am located in Boca Raton, which is quite different from the rest of South Florida and vastly different than the rest of the state.
Boca Raton did not have the overbuilding of Miami and Ft Lauderdale as most of the land was developed in the 1970's through the late 1990's.
We do not suffer from new construction projects sitting here unsold...and investors sought our area, but nothing as far reaching as Miami......nevertheless, we suffer like the rest of the country.

My phone starting ringing in earnest Jan 6th and buyers are searching for the best price, best location, and some, the best upgrades. Upper bracket( over $2M) has not suffered as badly as the market between $700,000 and $2M, and postings of sales ARE being recorded.
Price brackets of under $300,000 is the strongest market sector....

Buyers are still seeking short sales and foreclosures, but the banks are slow to respond, if at all, and frustrations are high for Buyers and Sellers.

I think the Boca Raton market is going to see further price reductions come summer as we reach (my opinion)" the bottom."..and then flatline for the coming 2010 season until 2012.
Homes are to be lived in and enjoyed as homes are not liquid assets.

For people who wish good location, good school districts and great weather....seeking a permanent or second resident, Boca Raton will remain a quality purchase, probably retain & come back in value over all other areas....longterm.