The wages of depreciation: "Starting at $99,000"

Comment Policy

Is libelous
Is abusive, harassing, or threatening
Is obscene, vulgar, or profane
Is racially, ethnically or religiously offensive
Is illegal or encourages criminal acts
Is known to be inaccurate or contains a false attribution
Infringes copyrights, trademarks, publicity or any other rights of others
Impersonates anyone (actual or fictitious)
Solicits funds, goods or services, or advertises

November 10, 2008

The wages of depreciation: "Starting at $99,000"

Oh, brother. Who would have thought we'd ever see new homes selling for less than $100,000 again? KB Home is marketing town homes with 2 bedrooms in its Wedgewood community in Valrico "starting at $99,000." Similar prices prevail at the Willowbrook community in Bradenton.

While I'm happy that new house hunters can find such retro prices, it's a sock to the gut of a housing market that's lost 30- to 40 perent of its value the past couple years. On the other hand, $99,000 will get you only a relatively stripped down town home. KB advertises bare bones starting prices. Modest upgrades - ceiling fans anyone? - quickly inflate the price.

Posted by James Thorner at 03:18:18 PM on November 10, 2008
in | Permalink

Comments

About This Blog

(Un)Real Estate offers a peek at the housing market usually reserved for insiders. While it focuses on the Tampa Bay area, it won't neglect dipping into the rest of Florida and beyond. Its goal? Simple: To help you keep a roof over your head without losing your shirt.

Times business reporter James Thorner has covered the Tampa Bay area housing market since 1999 and writes a weekly column on the topic in the St. Petersburg Times. Having recently bought and sold a house here, Thorner has shown his insights are more than theory. He's got the burn marks to prove it.

E-mail James Thorner: jthorner@sptimes.com.