Florida Housing market Thread (Fort Myers, Palm Coast: second mortgage, credit report, equity)

[lostbuyer]

YouTube - California Housing Market in My Eyes

[lostbuyer]

Bloomberg reports from Florida. “In the middle of the biggest glut of condominiums in more than 30 years, Miami developers keep on building. ‘Florida is the epicenter for all the problems that exist in the housing industry,’ said Lewis Goodkin, a property adviser in Miami for the past 30 years, who also foresees a recession. ‘The problems we have now are unprecedented and a lot of people will get burnt.’”

“Thirty-seven new high-rise condos and 20,000 new units are being built in Miami’s 1,040-acre downtown, where sales fell almost 50 percent in May, according to the Florida Association of Realtors. The new units will join the 22,924 existing condos in Miami-Dade County that were for sale in April, according to (consultant) Jack McCabe.”

“‘Have you been to Miami lately?’ Florida Governor Charlie Crist said at a homebuilders’ conference last week in Orlando. ‘It’s like we have a new state bird: the building crane.’”

” Miami condo sales fell to 599 in May, a drop of 46 percent from a year earlier, according to the state realtors association. Condo sales in Orlando have plummeted 80 percent, said (economist) Mark Zandi. ‘The statistics are scary,’ said Michael Wohl, a partner in a Miami developer that has stayed out of the condo market. ‘There’s going to be a lot of blood in the water in the next 18 months.’”
so according to those numbers,there is a 38 month supply in MIAMI.and they are still building another 20thousand??incredible.

[SKB]

Gretchen Morgenson is a Pulitzer Prize-winning journalist who writes the Market Watch column for the Sunday "Money & Business" section of the New York Times newspaper.
Here is what she had to say about "housing market meltdown"

YouTube - Bill Moyers 20070630 - Housing Market Meltdown 1of2

[SKB]

The Crash in slow motion:

YouTube - Housing Bubble: Market Crashing? Yes, In Slow Motion.

[CHEWY12]

Great post SKB, keep the truth coming. The more info people get the more informed they can be when thinking about buying that Dream Home.
BTW has any one been following wall street in regards to the losses due to defaulting home loans?

[rich renter]

well ive been reading this forum for a few months now, found something to contribute which i think alot of people will find amusing!

YouTube - FLORIDA HOUSING CRASH 50% OFF

townhomes being sold at 50% of original prices angers early residents in community in fort myers

[SKB]

Thanks Rich!!!

I believe we have discussed that particular auction, so for some that didn't see the news clip it's worth viewing.

That one man is so mad I thought he might have a stroke.

[CHEWY12]

Originally Posted by SKB

Thanks Rich!!!

I believe we have discussed that particular auction, so for some that didn't see the news clip it's worth viewing.

That one man is so mad I thought he might have a stroke.

WINK-TV - Local & Florida - Video - Townhomes a steal in Fort Myers

I know this is a little dated but sellers need to understand that fair market value is only what someone is willing to pay for your property not what some NAR shill tells you what they think they can get for you. IMOH this news clip hit the nail on the head.

[JohnVosilla]

Places like Cape Coral and North Port seemed to have the most speculation and overbuilding and thus the greatest price drops so far. Almost shocking how far and how fast they have fallen and it isn't close to being over yet. Remains to be seen to what extent the rest of the state experiences similar drops before we bottom..

[SKB]

Ok Kids, now this is something. The lead story on MSN.com today.

The riskiest housing markets - Buy a House: MLS Listings & Home Buying Tips - MSN Real Estate