I own a rental property in zip code 34608 — about 30 miles north of Tampa, Florida. I have kept track of the property value closely for several years. As you can imagine, the swings have been quite dramatic.
The website www.zillow.com provides a convenient way of tracking the price of most homes in the US. Go there and check your property out, if you wish. According to Zillow, the value of my 10 year old, 1600 square feet, 3 bedroom/2 bath/2 car garage home, in Spring Hill, Florida was about $120,000 in January 2004. In June of 2006 it peaked at $196,000. Since then it has been in a steady fall and is now worth $137,000, a decline of approximately 30%.
Since this area of Florida participated in the boom of 2005 and 2006, the 30% decline is, not surprisingly, more than the national average. At this point, it looks like the decline will continue. However, if someone is interested, I will sell the house for $130,000. Rent is around $900/month, good tenants. Once the government gets serious about printing money (The Zimbabwe Solution) real things such as my house will strongly appreciate in value.
The website www.zillow.com provides a convenient way of tracking the price of most homes in the US. Go there and check your property out, if you wish. According to Zillow, the value of my 10 year old, 1600 square feet, 3 bedroom/2 bath/2 car garage home, in Spring Hill, Florida was about $120,000 in January 2004. In June of 2006 it peaked at $196,000. Since then it has been in a steady fall and is now worth $137,000, a decline of approximately 30%.
Since this area of Florida participated in the boom of 2005 and 2006, the 30% decline is, not surprisingly, more than the national average. At this point, it looks like the decline will continue. However, if someone is interested, I will sell the house for $130,000. Rent is around $900/month, good tenants. Once the government gets serious about printing money (The Zimbabwe Solution) real things such as my house will strongly appreciate in value.
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