Sep 28, 2008 8:23 pm US/Eastern
Buyers Leave Foreclosed House Auction Happy
MIAMI BEACH (CBS4) ―
Checkbooks in hand, thousands of people came in search for a bargain. All had one goal: to find a home for a great price, and many did not leave disappointed.
Nearly every available foreclosed home was sold at Sunday's Miami Beach Convention Center auction.
"This is the time for people to make investments," said buyer Jacomo Valenti, "because the real estate market for sure is going to go up."
That optimism is evident in the middle of South Florida's housing slump, where foreclosures are running rampant. Streets all over South Florida are filled with empty homes, signs of the stumbling economic times.
But the federal government is trying to fix things, and that's being reflected in people's actions. "People are looking at interest rates dropping a quarter of a point. So people are enjoying that. They are getting auction prices and some great deals," said auction company President Jim Corum.
A great deal Sunday tended to be 30 to 40 percent off the original home price, sometimes even better. Benson Stewart's family grinned as he bid on a 4-bedroom home and got a $250,000 discount.
"You should buy real estate," Stewart said, "because regardless of what happens, people need somewhere to live."
That's exactly why the auctioneers are bullish about South Florida's future. "This is Miami. One of the most desirable places to live. There will be a great recovery everyone will enjoy."
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