For home buyers, rock bottom prices tough to pinpoint -
Posted on Wednesday, Mar. 25, 2009, By MONICA HATCHER
The explanation for a surge in sales of South Florida homes last month can be found in a one-bedroom condo on the 29th floor of a Brickell Avenue condo tower.
The Club at Brickell Bay unit sold in 2006 for $410,000. Five days after real estate agent Doug DeWitt listed the foreclosed unit earlier this month for $114,000, 12 bidders swarmed, offering cash. The sale -- above the asking price -- is set to close next week.
''I am standing on the bottom,'' DeWitt said. The agent says eight of his 15 foreclosure listings now have contracts with buyers. ``Prices do not go lower than this.''