Its been ages since I've heard anything about the affordable housing crisis.  At the height of the housing boom there were regular articles in the Sun-Sentinel about how ordinary folks were being priced out of living here in South Florida.  Wages weren't keeping up with the sky-rocketing housing prices and so on.  The median price of a single family home was often cited has unreachable by most.  It topped out just below $400,000 here in Broward County.

In January 2008 according to the Greater Ft Lauderdale Asscociation of Realtors, that figure is now $305,000.  The median price is the number at which half the houses sold sold for more, and half sold for less.  2007 saw a drop of $14% in the median price and nearly 25% since the top of the market. Hey everybody S. Florida Real Estate is now 25% off! 

Not only that, but the median price of condominiums has dropped 18% from 198,500 to $163,700. in the past year.  Thats starting to look pretty affordable to me.  About two years ago I got a call from a man wanting a two bedroom condo for under $200,000.  I thought he was going to cry when I couldn't find anything suitable for him.  Today there is an abundance of decent two bedroom condos under $140,000.

Back in October the Sun-Sentinel touched on the subject in an article and I noted it in one of my other blog posts. But I feel this deserves more coverage. Since I'm the type who prefers to see the silver lining in this dark cloud I think its time they and others in the media noticed what I see. While sellers are still suffering at least first time home-buyers are getting another chance at home ownership. New arrivals to the area are also benefiting.  Unfortunately, I Think misery sells more newspapers.

Tom Day, ReMax in Motion

www.TomDayProperties.com