Palm prices jump back a decade

June 15th, 2009

The once pricey Palm Beach County market now can pull in first-time buyers at bargain rates. Homes that once sold for close to $350,000 are selling for about $200,000 today, and 40 percent discounts from peak prices are now the norm.

“Prices have dropped up to 50 percent over the last two years with many distressed homes selling for prices reaching back as far as 1999 levels,” said Shannon Brink, a broker with Re/Max Prestige Realty in West Palm Beach. “Waterfront homes and large estate homes are still priced above the average wage but there is now plenty of affordable housing in Palm Beach, Martin and Port St. Lucie counties.”

If the fire sales weren’t enough to get some fence-sitters moving, new legislation might be.

Downpayment assistance is now available through the Florida Homebuyer Opportunity Program, a $30 million initiative the state legislature approved earlier this month.

Click here to read the rest of my story on The Real Deal.

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