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Old 10-12-2006, 09:37 AM
 
Location: Miami, FL / Raleigh, NC
980 posts, read 1,921,778 times
Reputation: 606

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I know that home prices has cooled off quite a bit this year. In fact, prices has actually decreased a little in many parts of the state. So, it is expected that the prices of vacant lots would have gone down a bit as well. Not only are prices of vacant lots going down, they are going WAY DOWN in many areas of the state. For example, in St.Johns county a subdivision called Flagler estates where the average lot is 1.25 acres in a rural setting was going for about $40,000-$50,000 in the spring/early summer of 2005. Those same lots are starting at $12,500 in Flagler estates today, with many of them selling between $15,000-$25,000. The pattern is the same in many parts of the state.

I guess it is good if you are looking to buy a lot and build a home soon; not to good if you bought lots last year and seeing the prices drastically going down.
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Old 10-12-2006, 01:16 PM
 
Location: Central Florida
1,406 posts, read 4,665,148 times
Reputation: 837
Quote:
Originally Posted by observer View Post
I know that home prices has cooled off quite a bit this year. In fact, prices has actually decreased a little in many parts of the state. So, it is expected that the prices of vacant lots would have gone down a bit as well. Not only are prices of vacant lots going down, they are going WAY DOWN in many areas of the state. For example, in St.Johns county a subdivision called Flagler estates where the average lot is 1.25 acres in a rural setting was going for about $40,000-$50,000 in the spring/early summer of 2005. Those same lots are starting at $12,500 in Flagler estates today, with many of them selling between $15,000-$25,000. The pattern is the same in many parts of the state.

I guess it is good if you are looking to buy a lot and build a home soon; not to good if you bought lots last year and seeing the prices drastically going down.
Wow! I'm very surprised at that and it doesn't sound good for the rest of the state. I don't think our area (Lake Co.) has had a decrease in land/lot prices though...yet.
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Old 10-12-2006, 01:20 PM
 
Location: Cumming, Georgia
808 posts, read 2,900,903 times
Reputation: 334
The Palm Coast area has lots of houses for sale...someone on this board has said over 5,000 houses are for sale in that area! It's a good time to buy but definitely not a good time to sell in this area.

I'm going to check it out next month.

Of course it's all supply and demand.
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Old 10-12-2006, 03:42 PM
 
Location: Living in Paradise
5,702 posts, read 22,229,688 times
Reputation: 2986
Quote:
Originally Posted by mich2fla View Post

Of course it's all supply and demand.
The Northwest Fl area has experienced the same situation since the last hurricane. Lots that usually sold for $6K now are selling for $50K and folks are buying with the intend that they will make a profit in a few years if the trend continuous to be upward.

mich2fla makes a great point, “supply and demand”, basic rule for any type business.
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Old 10-13-2006, 05:11 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,972,954 times
Reputation: 991
Both land and houses are going down. Its like that almost everywhere for the matter. Theres some cheap land in north Florida at $20-30k an acre outside city limits. The problem its not cheap to build a house and itll be hard to resell in the future in that location.
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Old 10-13-2006, 05:38 PM
 
713 posts, read 2,424,369 times
Reputation: 148
Default Spoke w/a seasoned realtor & he said in his long career, he's been through...

four of these lows and we always recover. Greenspan says the worst is over. Our realtor said mortgage applications are up significantly. I think it's leveling and soon to improve.

It's cyclicle and much later down the road, it'll happen all over again but our generation will be prepared for it this time. Live and learn and learn so'more. It's all good!
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Old 10-13-2006, 07:17 PM
 
83 posts, read 319,988 times
Reputation: 61
My husband works in engineering and deals with developers all the time. He mostly does residential. He says that developers aren't starting any new projects between now and the end of the year for the most part. They are mostly tying up loose ends. His sources say that the market will be up again after the beginning of the year when they start more new projects. I guess this has sort of a trickle effect down to the rest of the real estate market.
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