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Welcome to the Fairhomes Land Investor Information website. Please read the information carefully before using this site. By continuing on this site you acknowledge that you have read and agreed to the following: Forward Looking Statements – Statements prepared by Fairhomes Land and made on the Fairhomes Land Investor Information website that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. For the purpose of establishing the Seller’s compliance with Federal Interstate Land Sale Full Disclosure Act 15 USC 1701 (“ILSA”) in the sale of lots to buyers, the enquirer confirms that they are a builder, investor or developer licensed to do business in the state of Florida and is engaged in a bona fide land sale business and is purchasing the property for the sole purpose of either constructing a residential home or selling the same in the normal course of its business. The enquirer further represents and warrants to the Seller that the enquirer is in the above referenced business sale of land sales and/or building residential homes and selling the same as an activity of continuity, regularity and permanency. The enquirer is a knowledgeable and sophisticated investor, developer or builder of real estate properties.
Tel: +1 (905) 415-9267 or +350 200 400 48

Recession woes fading

4th Dec, 2012back

269 Cathy Prenner from Campbell & Rosemurgy, a real estate agency in South Florida, says that she has one client in Lighthouse Point who knocked back an offer of $1.3 million when the market was at its height, only to be forced to sell for just $700,000 a few years later.  "It was like musical chairs," she notes.  "The music was playing, and then it stopped."

 

Prices started retreating six years ago, back in 2006, and investors suddenly found themselves having difficulty flipping their homes.  With demand waning, prices then continued to fall even further and foreclosures began to increase.  Homeowners who purchased in the midst of the boom found out that they did not have the equity they believed they did, and had no way to get out of cumbersome mortgages.

 

Just 12 months later, in 2007, the housing crisis was further heightened by the economic woes and job crisis.  Prices were in freefall, resulting in tens of thousands of homeowners in South Florida being 'underwater' when it came to their mortgages.  Short sale negotiations had a tendency to drag on for months on end, and fickle buyers often decided to just move on to the next house instead.  Many homeowners who found themselves unable to sell made the decision to just walk away from their properties, which both damaged their credit rating and added to the number of foreclosures.

 

Eventually the median house price in Broward County fell to almost 50% of its former high, which enticed bargain purchasers back into the market and saw foreign investors scooping up properties, seeing them as being safe investments.  Investors have started to return and the glut of houses on the market has been reduced, with strong sales over the course of the last 18 months.

Between 1976 and 2006 the value of building plots in Florida rose from an average of $15,000 to $250,000

The Lincoln Institute of Land Policy