Florida Housing market Thread (Miami, Tampa: mortgage, credit, real estate)

[firemed]

Originally Posted by CHEWY12

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.

I like the story on the right about the drug dealer.! I guess he did launder money in realestate. Now I know why he got out of jail in just a few hours. But what the heck he did buy high priced homes. If we can keep the big drug dealers housing should be fine !
NBC2 News Online - Drug bust nets $500,000 worth of cocaine and cash

Suspected drug dealer low bond? | WINK-TV - Fort Myers, FL | Local & Florida

[SKB]

Excellent housing market tracker:

HousingTracker.net: Collecting, Interpreting and Disseminating Real Estate Data

[rich renter]

Real Estate Blog - Your home is your castle, not an ATM machine!

interesting story on a couple in poncianna using there home as an atm.

Basically they bought a house in November 2004 for $135k. Anyway come 2006 they want to sell, property is aparaised for $225k so they got equity the real estate agent figures there will be no problems here, but then he finds out they owe $225k on the property they bought for $135k just 2 years ago! So he finds out that they refinanced on the equity just 6months after moving in. SO they spent spent spent, then about 9 months later they hit a bump... but they werent worried because they found a salesman to offer them a second mortgage of $65000 on the home telling them the house will keep apreciating. Fast forward to today and the family is in trouble (is anyone surprised)

[Kazizi]

Well, I AM a Real Estate professional & there is no bottom as there is no top! A house near me was just built for over 6 million on a dry lot & one just sold for in the $600's, too. Even the Dollar Store is profitable. The comps are all over the board for similar properties. Here in Palm Beach, the prices are holding their own. In Palm Coast, it's booming because it's more affordable & temperate. Moderator cut: link removed

[Kazizi]

Originally Posted by CHEWY12

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.

Shill? That's not true nor nice!

[SKB]

Originally Posted by rich renter

Real Estate Blog - Your home is your castle, not an ATM machine!

interesting story on a couple in poncianna using there home as an atm.

Basically they bought a house in November 2004 for $135k. Anyway come 2006 they want to sell, property is aparaised for $225k so they got equity the real estate agent figures there will be no problems here, but then he finds out they owe $225k on the property they bought for $135k just 2 years ago! So he finds out that they refinanced on the equity just 6months after moving in. SO they spent spent spent, then about 9 months later they hit a bump... but they werent worried because they found a salesman to offer them a second mortgage of $65000 on the home telling them the house will keep apreciating. Fast forward to today and the family is in trouble (is anyone surprised)

What trouble?

They got new cars, furniture, electronics, etc...and mortgage paid for months and they had 100% financing so, they have NO SKIN in this. They are losing nothing except their credit reputations. The REO on the credit report will last seven years big deal. In a couple of years that will mean less and less and the credit card offers will start to come right after the ink is dry on the REO documents.

I read these stories about 100% financing and think, man what a great scam these buyers had. Now if they had put down 20% of their OWN money, not used their home as a credit card cash advance machine and had lost their jobs, then their home, I actually would feel sorry for them.

[CHEWY12]

Great finds SKB,Firemed & Rich Renter keep them coming.

Just think not to long ago it would have been very dificult for people from out side the local area to share information with each other. You don't see these kind of articals in all news sources. You can't say this info is pulled out of someone's back side this is reality.

Thanks for your efforts
Chewy

[SKB]

Originally Posted by Kazizi

Shill? That's not true nor nice!

Originally Posted by CHEWY12

Great finds SKB,Firemed & Rich Renter keep them coming.

Just think not to long ago it would have been very dificult for people from out side the local area to share information with each other. You don't see these kind of articals in all news sources. You can't say this info is pulled out of someone's back side this is reality.

Thanks for your efforts
Chewy

And thank YOU!! for all of yours let's keep the info coming.

Let's just try to ignore the trolls, and keep posting great information.

I remember back in 2003, asking on MSN money board if there was a bubble and people were saying no. We have come a long way from that time.

[CHEWY12]

Originally Posted by Kazizi

Shill? That's not true nor nice!

Kazizi,

Here is a definition of a shill.

a person who publicizes or praises something or someone for reasons of self-interest, personal profit, or friendship or loyalty.

I am not saying all REA's are shills just the dishonest ones. Don't take it personally unless this is how you behave.

Now here is a neat concept. If real estate is such a great investment right now, how about offering a market appreciation guarantee for every property you sell. Would you be willing to do that for your clients?

[JimKing]

Originally Posted by CHEWY12

Kazizi,

Here is a definition of a shill.

a person who publicizes or praises something or someone for reasons of self-interest, personal profit, or friendship or loyalty.

I am not saying all REA's are shills just the dishonest ones. Don't take it personally unless this is how you behave.

Now here is a neat concept. If real estate is such a great investment right now, how about offering a market appreciation guarantee for every property you sell. Would you be willing to do that for your clients?

Shill is way TOO nice a description. How about liars, corrupt....and more that can't be posted.

The entire real estate industry is ridiculous. The NAR has been led by guys who have changed their stories over and over to fit the facts. Entire websites list hundreds of examples of NAR lies.

The industry gave phony appraisals, lenders acted like predators, agents hyped overpriced real estate, the newspapers didn't dare say a word less they hurt their ad dollars.

Shill is being way to polite.