Oh Miami I feel your pain.  Your real estate values already plummeted almost 50 percent (47.7) over the past three years.  With new predictions out, your houses are expected to drop another 29.2 percent by this September for a total loss of value at 64 percent.  This is according to Moody’s Economy.com and reported by CNN Money.com.

Side note here … when I add 47.7 percent with 29.2 percent, my numbers come out to 76.9 percent.  As a result I’m hoping the projections don’t add up either.  Nationwide, the numbers aren’t much better,

The average home price in the United States will fall by about 6% by September 2011, according to a joint report between Fiserv and Moody’s Economy.com. And that’s after plunging more than 27% in the past three years.

Meanwhile, Miami.  I went in search of homes available in Miami and found one, two, three, fifty … all in what I would describe as terribly expensive.  Homes that cost $500,000 AFTER the market dropped?  $1.3 million?  $10.2 million?  How big was that bubble where real estate is near beautiful ocean, sand and sun?

I dug more and found listings for foreclosed condos in Miami.  The highest priced one is $2.795 million.  The least expensive is $309,900 (with taxes coming in at a jaw dropping $6,879 per year).  I did find a two bedroom, one bath single family resident in the sunny city for $319,000.

Holy cow, Miami! How do people afford to live there with these prices and those taxes? Before I completely gave up finding something affordable in this dynamic city, I went to one more source – Trulia.  At last I found homes that were nice and didn’t cost a fortune.  My favorite?

This $229,000, four bedroom, two bath, 1965 square foot home with the beautiful screened in back porch.

Now we’re talking!  If you want more information about it, contact Keyes Real Estate Company or click here.