This big, beautiful home lists for nearly 40% less than the $300,000+ it sold for when it was newly built five years ago.
Back then, the real estate market was booming in Homestead, a town that lies between Miami and the Keys. Then the bubble burst, and many area residents who bought homes ran into mortgage problems.
Although Homestead's housing market stabilized last year, it's still suffering from a 2011 foreclosure hangover, said listing agent Jennifer Thomson. In Florida, foreclosures go through the courts and lenders hesitated to bring cases until they'd made sure all the paperwork was legal and proper. That pushed many filings into 2012 and landed Homestead with a 9.5% foreclosure rate.
It's good news for buyers, though. This 2,900-square-foot, two-story house features a formal living and dining room and a separate great room. It's in good shape and is on a small lake.