Economy

$410,000 in 2006, $112,000 now: When will prices hit bottom?

MIAMI — The explanation for a surge in sales of South Florida homes last month can be found in a one-bedroom condo on the 29th floor of a Brickell Avenue condo tower.

The Club at Brickell Bay unit sold in 2006 for $410,000. Five days after real estate agent Doug DeWitt listed the foreclosed unit earlier this month for $114,000, 12 bidders swarmed, offering cash. The sale -- above the asking price -- is set to close next week.

''I am standing on the bottom,'' DeWitt said. The agent says eight of his 15 foreclosure listings now have contracts with buyers. ``Prices do not go lower than this.''

Bargains like the Brickell Bay unit continue to draw buyers back into the market at a quickening pace, February numbers showed. Analysts have said that increasing sales, along with steep declines in home prices, would signal the beginning of a long-awaited recovery in the region's ailing housing market.

Read the full story at MiamiHerald.com

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