10% Discount for 10 Days Sale

One of my readers asked me the following question; I felt merited it's own posting:

I love your Blog and page, thanks for the info. Any thoughts on the recent 10% discount for 10 days from Coldwell Banker on certain houses? What does this mean for the market in s. florida and in pinecrest?

I am so glad you are enjoying the BLOG! Coldwell Banker has held these “10% discount for 10 days” sales in other parts of Florida and they have been very successful.
I think the three L’s of real estate should be replaced with the three P’s – Price, Price, Price. Properly priced properties (three P’s again!) sell. For folks looking to buy, you can’t ask for a better time. The selection is great and interest rates are still very attractive. Also, I have noticed that since the tax portability amendment passed, I am speaking with more homeowners ready to make an inter Miami-Dade county move.
I wish I knew for sure what all this means to the Pinecrest market, but all I can do is share with you my opinion. I feel that if we haven’t bottomed out already here in Pinecrest, we are very close to doing so. I’m seeing prices in the 2003-2004 range. I believe we will have a period of at least 12 months of a flat market before we see any upward movement. I am advising homeowners, if they do not have to sell – don’t; especially those that bought after 2004. If they do need to sell, I remind them that wherever they’re going to purchase next, most likely the prices have come down there also. So yes, you didn’t make as much as you wanted to on your sale, but you’re not going to pay as much on your purchase.
Real estate is local and cyclical…and this too shall pass.