[MrTudo]

I was out looking with a realtor today! What a great experience in comparison to just a few years ago!

Looked at one in Englewood Isles 3 weeks ago. It was 389K. Last week it was reduced to 339K and over the weekend it went to 329K. I said that I wouldn't pay more than 275K for it and the realtor said to "make that an offer and lets see if we can make it work"!

Today I looked at 1 that was reduced from an insane 425K to 350K to 265K. Frankly it's stil overpriced by 20% on my opinion. No pool!

Saw another at 429K here in Port Charlotte. Imagine that. Asking over 400 G's for a house on dry land in Port Charlotte. Bet that one comes down more than 150K before this bear market is over. It it doesn't I'll bet y'all it goes into foreclosure eventually.

We are going into some great times if you were smart enough to SAVE your money the last few years and not drive show off cars and buy more than you could afford. We're not all that away from blood in the streets here in Fla ( 6 months to a year ) and this is going to be seen elsewhere in the country. Wait till they raise interest rates another point just to attract Chinese money to buy this countries debt.

Time to start looking.

[shannon94]

Originally Posted by Jeffrey Spaulding

Ex is simply telling you the truth. You do not like what he has to say, but it does not make it any less valid.

Real estate got puffed up WAY beyond it's fair value (as determined relative to people's incomes, to historical rates of appreciation, etc). That's why they call it a BUBBLE. And it's going to absolutely crash. Whether it's 20% over the next 2-4 years or 40% I can't tell you, but people will take a haircut. People who bought 5+ years ago won't feel any pain (beyond seeing paper profits evaporate); people who got in after 2004 are gonna take a haircut.

They sure are Jeffrey....they sure are!!!

[TallyNJ]

The market will correct itself eventually everywhere. When the medium income cannot by any stretch of the penny or imagination qualify for the medium home price in a particular area you have a bubble. I have heard where we "used" to live in Tallahassee that people are getting creative with their offers because of the tax increase on a home when the selling price is soooo much higher. Let's say a house is on the market for $300K ..they will get an offer for $240K and buy the "living room set" for $60K. So the taxes are based on the selling price of $240 and not $300.....now Tallahassee was a very financially sound town when we left in 2001 (should never have left!)and I can only IMAGINE THE AMOUNT OF MONEY rolling in from the doubled taxes on properties.....So you have to write the bozos in that big you know what symbol of a building (if you every saw a picture of it you know what I'm talking about) to raise the homestead exemption amount that was written earlier. Good luck to you all....I do miss FL but we can't go back......our nice ranch on a cul-de-sac we bought in 1991 for 108 and we sold for $150 in 2001 is now selling for $320 and the salaries have not kept up and we know what happens to the taxes !!!!

[macguy]

Originally Posted by TallyNJ

The market will correct itself eventually everywhere. When the medium income cannot by any stretch of the penny or imagination qualify for the medium home price in a particular area you have a bubble. I have heard where we "used" to live in Tallahassee that people are getting creative with their offers because of the tax increase on a home when the selling price is soooo much higher. Let's say a house is on the market for $300K ..they will get an offer for $240K and buy the "living room set" for $60K. So the taxes are based on the selling price of $240 and not $300.....now Tallahassee was a very financially sound town when we left in 2001 (should never have left!)and I can only IMAGINE THE AMOUNT OF MONEY rolling in from the doubled taxes on properties.....So you have to write the bozos in that big you know what symbol of a building (if you every saw a picture of it you know what I'm talking about) to raise the homestead exemption amount that was written earlier. Good luck to you all....I do miss FL but we can't go back......our nice ranch on a cul-de-sac we bought in 1991 for 108 and we sold for $150 in 2001 is now selling for $320 and the salaries have not kept up and we know what happens to the taxes !!!!

That doesn't sound right. I would think the tax is based on the fair market value. Houses sell for $100. all the time from one family member to another but that doesn't not dictate the tax.

[elfyum]

"Voters "HAVE" to make this homestead exemption an issue and be LOUD about it, It is killing new home buyers. I can't believe no one is talking about it."

Charlie Crist is! Did you hear the debate?

[bamboosmom]

This thread was started just for a SURVEY...I know the prices are too high.
I know they are coming down!!!! Just wanted to see what others would say by posting it.
It seems we all agree that things are bad and are getting worse, not just in Florida but almost in every state of the USA!~
Hard times are upon us, my friends. It was bound to happen.
Now if we are a greedy bunch, we will never sell a piece of property right now.
I know that as well as you all know that.
So, this little thread has us all chatting away.
Wake up AMERICA!!!! The S H * * is about to hit the fan.

Originally Posted by Jeffrey Spaulding

Ex is simply telling you the truth. You do not like what he has to say, but it does not make it any less valid.

Real estate got puffed up WAY beyond it's fair value (as determined relative to people's incomes, to historical rates of appreciation, etc). That's why they call it a BUBBLE. And it's going to absolutely crash. Whether it's 20% over the next 2-4 years or 40% I can't tell you, but people will take a haircut. People who bought 5+ years ago won't feel any pain (beyond seeing paper profits evaporate); people who got in after 2004 are gonna take a haircut.

We are going to be ok...no doubt about that. We purchased our home back in 2000!
The guy next door just bought at $380,000
He thinks he will get more in 3 years when he plans to sell it.
What a joke...

Originally Posted by ex-floridian

Not a realtor, just another desperate Yankee trying to dump a house!

http://www.finalhunt.com/detail.php?id=129 (broken link)

Finally good to hear some common sense real estate talk on this forum, Jeffrey!

Ex-
you say you live in S.Gulf Cove. Bet you are having a heck of a time trying to sell. They said a while back that it was the next PGI. I don't think so right now. That neighborhood has a long long way to go now.
It seems that you were the desperate one who had to go and find a nice bunch of new neighbors. Why? S. Gulf Cove doesn't have nice people?
Just wondering. How come you are so judgemental towards people from different parts of the country? Aren't we all Americans here?? Do you remember 911?
I agree people must not be greedy in real estate right now.
Hear me??? I agree with you!!!!


Oh, you posted that site up there. Thanks!