[chopchop0]

Originally Posted by Hialeah_Rules

Florida is not really that cheap. Except for California and the north eastern states, all other states are the same or cheaper than Florida. And if you think South Florida is cheap then you need to do some googling cause it aint cheap.

True, but I would say that FL is definitely one of the cheaper populated states. I don't know about you, but I have no desire to live in ND, OK, or MS.

[beachmouse]

But if you're talking true comprables, it really is California, small parts of Texas and Alabama, and maybe the Carolinas for domestic purposes. And then assorted Central American and Caribbean countries where, according to House Hunters International, it's easy to spend $400K to $4 million on a beach house as well. (Canary Islands are also an option with similar pricing structures)

So if you want that tropical or sub-tropical vacation home feel, you're looking in those areas and Florida offers not only comprably good prices but also easy and frequent non-stop access to multiple international airports like Orlando and Miami but also a stable and consistent political and tax structure, and a reputation for cleaning up relatively quickly after hurricanes. You also get cheaper cost of living when you're in residence compared to an island vacation home purchase, and better safety than a number of the Central American options. (I would be very nervous about buying in Cancun right now because the drug violence seems to be creeping toward the tourist areas)

[StreetSmarts]

Hialeah,

FL is pretty cheap, even in S FL. S FL used to be expensive, but it was due to speculation and fraud. Asheville is expensive. A decent house here in Asheville, say, avg sized, new construction on a small/average-sized lot (like mine was in Orlando), is going to cost you about $175-$200/sq ft.

In S FL there are so many forclosures and supply is so high while demand can't catch up.

[TriMT7]

Originally Posted by ComSense

Hialeah,

FL is pretty cheap, even in S FL. S FL used to be expensive, but it was due to speculation and fraud. Asheville is expensive. A decent house here in Asheville, say, avg sized, new construction on a small/average-sized lot (like mine was in Orlando), is going to cost you about $175-$200/sq ft.

In S FL there are so many forclosures and supply is so high while demand can't catch up.

The condo market is where the most lagging demand/supply is found, and where house price drops are the most dramatic (over 50-60% drops, etc.).

It's not just that "demand can't keep up," there is a vicious cycle of "not being able to get financing," even if you do get a deal, especially for condos.

I do very part time real estate. It's not my job, but I am licensed and help friends and family out when looking. Everyone is expecting 5 bedroom houses for $150k, but that's just not happening in most of the county. Usually, the best deals are (as mentioned above), condos or having to go half an hour - 45 mins West of the water or to outlying suburban counties for a newer, larger house in a subdivision. Personally, I could never live that far from the water or the city center.

Everything is short sales these days, which actually keeps people from bidding. Bank owned foreclosures go very fast if priced well.

Cities like Palm Beach Gardens, Jupiter, etc. are still building (and selling) single family home new construction at over $200/sq. ft. One community RAISED their pre-construction prices this past month.

[StreetSmarts]

^^^Raising prices (anywhere) in this market is very... ambitious. PBG and Jupiter will probably remain in decent shape as far as homes go due to the area and the wealth there. Most retirees probably arent as worried about the economy as people our age. Although some lost a lot of money in the stock market, so they may not want to move or upgrade at this time. But wealthy retirees dont have to worry about losing their job or paycuts like we do.

[JohnVosilla]

Originally Posted by ComSense

^^^Raising prices (anywhere) in this market is very... ambitious. PBG and Jupiter will probably remain in decent shape as far as homes go due to the area and the wealth there. Most retirees probably arent as worried about the economy as people our age. Although some lost a lot of money in the stock market, so they may not want to move or upgrade at this time. But wealthy retirees dont have to worry about losing their job or paycuts like we do.

I disagree except for the top end. Many retirees who thought they are set for life five years ago are hurting. Even for those who were conservative everything goes up and all the cash they have saved earns less than 1% interest these days as they continue to eat into their savings..

[JohnVosilla]

Originally Posted by chopchop0

True, but I would say that FL is definitely one of the cheaper populated states. I don't know about you, but I have no desire to live in ND, OK, or MS.

Florida now is an incredible value. Comparable prices for what you get in similar towns in the heartland, midwest, Texas, even much of the south are now higher. Maybe only exhurbs of Houston and Dallas do you get such value but real estate taxes are very high. Out west outside of the prime ground zero bust markets in inland CA, Phoenix and Vegas is so much higher even in the rural areas as is New England.

Parts of the deep south, rust belt and upstate NY I am aware of do compare to much of FL in price. What you will pay for a house in say Pt St Lucie or Cape Coral or a condo/townhouse most anywhere now are probably a much better value overall and quality of life than these other very depressed places. Atlanta metro is one of the exceptions great value in the burbs makes a lot of sense especially if you need a job and want a little season change..

So seems prime choices for foreign buyers seeking a bargain and lifestyle IMHO are either the southwest USA or Florida.

[TriMT7]

Originally Posted by ComSense

^^^Raising prices (anywhere) in this market is very... ambitious. PBG and Jupiter will probably remain in decent shape as far as homes go due to the area and the wealth there. Most retirees probably arent as worried about the economy as people our age. Although some lost a lot of money in the stock market, so they may not want to move or upgrade at this time. But wealthy retirees dont have to worry about losing their job or paycuts like we do.

Only PBG and Jupiter aren't retiree areas. The median age is 45 for PBG, for Jupiter it's 42. In Asheville it's 39.

[StreetSmarts]

Originally Posted by TriMT7

Only PBG and Jupiter aren't retiree areas. The median age is 45 for PBG, for Jupiter it's 42. In Asheville it's 39.

That suprises me. I have family there and I see retirees and many mddle-aged but not many young people in those areas. Well, anyhow, I still think that those 2 areas will continue to hold up better.

[chopchop0]

Interesting

Resale-home inventory shrinking - Orlando Sentinel