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Home Buyers Finding Bargains In South Florida

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Dec 23, 2008 8:11 am US/Eastern

Home Buyers Finding Bargains In South Florida

MIAMI (CBS4) ― In South Florida's depressed housing market some home buyers are finding bargains, but not in the townhouse or condo markets.

According to the real estate website CondoVultures.com prices for single family homes in Miami Dade, Broward and Palm Beach counties have fallen on average 39 percent in 2008; condos and townhouse prices have fallen 37 percent on average.

In Miami Dade County the biggest drops in home prices were in Coconut Grove, down 74 percent; Miami Shores, down 68 percent and Coral Gables, down 66 percent.

In Broward County, bargains could be found in Ft. Lauderdale where some home prices dropped 83 percent; Dania Beach, down 75 percent; Oakland Park, down 70 percent and Hollywood, down 70 percent.

Real estate agents say home shoppers should be aware that although price are dropping there are fewer single family homes on the market compared to townhouses and condos, so finding a great bargain will require patience and leg work.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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