3 ms·
$300k to $25K? That seems awfully cheap. Where did prices drop so much?
by charlesdm 9y ago
$300k to $25K? That seems awfully cheap. Where did prices drop so much?
- deleted 9y ago[deleted]
- adventured 9y agoCondo towers in Miami that were being put up and finished as the crash arrived, were often entirely empty and couldn't find any buyers. You could buy cheaper units for $30k to $50k. It was common to see 50%-70% haircuts, drops from $180k to $90k etc. Over six years (2003-2009), Miami added 23,000 condo units for a city of 400k. In Dec 2008, nearly half of those remained unsold. Las Vegas saw some similar action. It suffered the worst overall top to bottom crash of any major city in the US.
- kingnothing 9y agoAtlanta, and the surrounding suburbs and exurbs, saw significant drops like this as well in many neighborhoods and cities. Same with the Jacksonville, FL area.
- nwatson 9y agoDetroit. And they haven't yet recovered. Real estate has negative worth in some places because the legal obligations to raze the site imply costs greater than what the lot and "improvements" are worth.