[hiknapster]

The seizure that gripped European financial markets on Thursday can be partly traced to an unlikely place. Like the proverbial butterfly that flaps its wings and sets off a tidal wave on the other side of the world, Sarasota, Florida is at the centre of the US housing bust that sent shockwaves through global markets.

Financial Times Business News: Florida at epicentre of US housing bust - MSN Money

[soundbreeze]

saw it coming years back, and have been waiting for it patiently. one of the reasons I moved back from Cali.

the benefits we reaped in the 80's/90's due to the S&L scandals, are upon us again children!

for those who have been waiting to capitalize on financial armageddon, prepare to reap the whirlwind!!!

pennies on the dollar to assists financially distressed and highly motivated sellers, HERE WE COME AGAIN! WUHOO!!!

[bale002]

For anyone who follows global cashflows this is all expected news. Most likely the journalist who reported the story just discovered sliced bread, congratulations!

We are still a ways, if ever, from seeing this reflected in housing prices in some of Florida's main metropolitan areas like southeastern Florida, Tampa and Jacksonville, while it seems the meltdown has already taken place in regions like southwestern Florida and parts of the treasure and space coast.

Anyway, keep your seat belts on and your powder dry, it's not time to shoot yet.

[soundbreeze]

Originally Posted by bale002

Most likely the journalist who reported the story just discovered sliced bread, congratulations!

LOL!

We're at the ready sir.

For many he was the poster child for all that was wrong w. questionable lending practices in the 80's.. Mr. Savings & Loan himself, Charles Keating:

Savings and Loan crisis - Wikipedia, the free encyclopedia

For us, it was the proverbual bellweather move that triggered events that we're reaping the benefits of today. I'm looking at all the juicy properties just ripening up in the sun, and about to pop. Noticed some banners on some drhorton new developments touting "no money down" type deals.. On newly built homes "valued" at half a mil, when the local average income is in the $30k range, LOL!

History, is repeating itself, again...

[INeedAChange]

smart man...although CA isn't looking too good either these days...

Originally Posted by soundbreeze

saw it coming years back, and have been waiting for it patiently. one of the reasons I moved back from Cali.

the benefits we reaped in the 80's/90's due to the S&L scandals, are upon us again children!

for those who have been waiting to capitalize on financial armageddon, prepare to reap the whirlwind!!!

pennies on the dollar to assists financially distressed and highly motivated sellers, HERE WE COME AGAIN! WUHOO!!!

[firemed]

Originally Posted by hiknapster

The seizure that gripped European financial markets on Thursday can be partly traced to an unlikely place. Like the proverbial butterfly that flaps its wings and sets off a tidal wave on the other side of the world, Sarasota, Florida is at the centre of the US housing bust that sent shockwaves through global markets.

Financial Times Business News: Florida at epicentre of US housing bust - MSN Money

I think this will be much bigger then we think! And longer eeeKK

[Old Man Winter]

I did some work for a Brazilian couple on thursday. They bought in southern Sarasota county 2 years ago. They paid $358,000 for a 1,300 sf home ! They are now trying to sell it and it was just appraised at $249,000 ! They are very upset of course and have decided to rent it, but they can only rent it for half of the mortgage. For those of us trying to buy first homes this is good for us. The market here will continue to dive and I am hopeful that when the time is right we will get a great deal on great home. The woman spoke of the possibility of them walking away from the mortgage as many others are doing. Compiled with forclosures and ARMs that will be resetting soon, potentioal buyers sit tight and be watchful of properties that interest you. I feel a true buyers market is on the horizon !

[roaring-rox]

A friend/realtor I trust in the Dade Ctiy/Tampa area told me last week not to consider buying until at least 6 months from now and that this slump would not abate until the beginning os 2009.

My question is, if anyone here has a pulse on the Tallahassee, Florida housing market---

Do you think the same 'armageddon principle' applies to the Tallahassee market?

I am a first time buyer and I am reluctantly beginning to think it is best to say goodbye to central Florida and relocate to Tallahassee.

I have seen some new villa townhomes there that I may like to get into---decent price now, but if they are in the same boat as the housing market here, then I would be better off waiting (of course, the realtors up there tell me they are 'bouncing back' now).

[backtofla]

imo, i think the tallahassee market would be much better than s fla or orlando, or tampa areas. it didnt explode there like it did in places mentioned up above, and i would think the tall market would be better and more steady. but that's just my opinion.

[soundbreeze]

Originally Posted by backtofla

imo, i think the tallahassee market would be much better than s fla or orlando, or tampa areas. it didnt explode there like it did in places mentioned up above, and i would think the tall market would be better and more steady. but that's just my opinion.

AGREED.

You can pull up data from MLS, look at historical pricing, and see where the hippo is, as he wends his way through the snake.

If you're market did not rise w. the "loose money sloshing around" (aka lax credit restrictions), then your investment shouldn't nosedive as badly as the hyperinflated markets.

Peeps still gotta live where they work. The world will keep on spinning as normal in those markets. As for the speculative markets, I'd say the free fall will be so bad (all the rats heading for the exits) that they may dip BELOW pre-inflation price, which is, of course a pretty damned good buy indicator..

Little tip that worked well for us back in the S&L failure period, when banks such as SUN Bank and Trust Company Bank (now Suntrust), BofA, etc.
ended up holding that paper, hella pissed, and ready to deal. We'd make offers that would be either right in line, or even a little less than what was owed.. BUT, we'd put more skin/scratch in the game up front. When the rest of the bidders were throwing down 10%, going high & financing the rest, we'd do 20-25% . We'd win more often than not, because of that strategy. Banks want cash flow and interest, they DO NOT want to get into the property management game. LOL!

SO, when the time is ripe, go out there, and get you some.

Peace!