According to a report released Monday, there were 74 homes listed for sale last month at a price of $50,000 or less, a 52 percent decline from the previous year.
Another 41 new listings were added to the inventory in September in the $50,000 or less range.
But what does $50,000 or less look like? This home in the 5000 block of Garden Avenue is new on the market for $25,000. Notes on the listing say it’s being sold as is.
Homes in the $50,000 or less range were on the market a median of 29 days before they sold, according to the report from the Realtors Association of the Palm Beaches. That compares to 159 days on the market for homes that sold for $1 million or more.
“For our investors, we recommend they buy, completely renovate, and hold it for five years,” said Rochelle LeCavalier, managing broker for Pink Palm Properties in Boca Raton. “People call wanting the same deal they got on a home last year and we tell them, there are no more deals like that and they aren’t going to happen again in your lifetime.”
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