Tuesday, April 3, 2012

New Meaning to ‘Rock-Bottom’ Prices

Despite steady improvements in the housing market recently, ultra-low priced properties can still be found in many markets, and thousands of homes nationwide have properties for-sale at $10,000 or even less, MSNBC.com reports.

Prices are so low on some properties that even a 14-year-old girl — with the help of her mother — was recently able to purchase a home as a rental property in Florida, all-cash, for $12,000, NPR reports.

Ben Yonge, president of an investment brokerage, Equity First Realty, calls the home prices he’s finding in Orlando "absolutely ridiculous."

“There are $19,000 condos in the heart of Orlando,” Yonge told MSNBC.com. Yonge recently purchased a four-unit apartment building in Orlando, which once fetched $120,000, for $25,000.

A rise in $10,000 or below properties has risen the most in the past year in Fresno, Calif.; Wichita, Kan.; Greensboro, N.C.; and Los Angeles.

But these ultra deals are starting to fade away in more cities. The number of listings in the $15,000 and under price range in February saw a decline in the last year in several markets, including Atlanta, Chicago, and even Detroit (where the median price for an existing single-family home sold last year was $54,000), according to Realtor.com data.

Source: “Bust Leaves Market Littered with Homes Under $10,000,” MSNBC.com (April 2, 2012)

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