The New Meaning of Rock Bottom Prices
In spite of sustantial improvements in the housing market that have taken place recently, ultra-low priced properties can still be found in a large number of markets, and thousands of homes nationwide have properties for-sale at $10,000 or even less, MSNBC.com reports.
Prices have fallen so low on some properties that even a 14-year-old girl, with the aid of her mother, was able to purchase a home as a rental property in Florida, for $12,000, all in cash, 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 would have cost $120,000, for $25,000.
The rise in $10,000 or below properties has occurred the most in the past year in Fresno, Calif.; Wichita, Kan.; Greensboro, N.C.; and Los Angeles.
However, these extreme deals are beginning to fade away in more cities. The number of listings in the $15,000 and under price range in February fell 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), reports Realtor.com data.
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For more on these rock bottom prices, go to: http://www.dailymail.co.uk/news/article-2124273/Thousands-houses-sell-10...