Every time I write about the CRA I ask myself the question, "Am I singling them out unnecessarily? Am I being objective? Am I being fair?" In about 10 seconds the thought is erased from my mind.Two million homes are vacant across our country and foreclosures are up over 53% year over year. This entire city consists of For Sale signs and For rent signs. They blight our entire 6.46 square mile city.
According to one report, our city has 13,828 housing units; 7,243 are owner occupied and 6,585 are rented. At one Charette put on by the Treasure Coast Regional Planning Council it was mentioned that we have 67% rentals in Lake Worth. So, let’s concede that we have an extremely high number of units that are not owner occupied.
In this City, it has been published that we have 7,725 homes for sale including 5,530 foreclosures. This is for seven zip codes with a Lake Worth address. The average home as of December 2008 was worth $213,003 and the average rent was $1,291. So, half of these units you can rent or buy for less. The average house price in zip code 33460 is $175,500. In 33461 it is $179,100.One of our appointed CRA Board members still bemoans the fact that pressure was put on them to end the highly questionable Pugh property deal on 6th Avenue South that had an affordable housing component to it. Just what we need, more residences to glut our already over saturated market and sit idle.
Is the CRA under the thumb of developers? Are they appointed to make good, sound financial decisions in what they do? Are they looking out for Lake Worth? Which?
As a codicil...the numbers are different depending on whose report: CLICK HERE
33461 Lake Worth, FL Real Estate Market change location
a City Neighborhood neighborhood with 14,691 households , house depreciates 13.7% in the last 12 months, there are 1012 homes for sale, including 848 foreclosures .
33460 Lake Worth, FL Real Estate Market change location
a City Neighborhood neighborhood with 12,191 households, house depreciates 13.7% in the last 12 months, there are 1093 homes for sale, including 886 foreclosures
