How Much Have House Prices Dropped in Hollywood?
According to the “Sun Sentinel”, house prices in Hollywood have dropped as much as 60% since June 2005.
The zip codes 33020 and 33023 were the worst hit areas in Hollywood, with prices dropping between 50 and 60 %. Zip codes 33019 and 33021 saw price drops of between 40 and 50 %. This was pretty much on a par with the rest of Broward County, with the biggest price drops over 60% in four zip codes, while the smallest drops were out west and were less than 10%.
What about the future? The First Home Buyers’ tax credit bolstered prices for a while but many agents are finding that prices are sliding again. The “Sun Sentinel” says that a bottom may not occur until 2011. And, of course, with the huge supply of bank owned properties that are not even on the market yet, it could take many years for the market to recover. I think I will rent for a little while longer.
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