Florida Housing market Thread (mortgage broker, lender, real estate)

[rich renter]

probably between 100k and 150k.

[nychiefsfan]

Originally Posted by Muggy

It's almost the 1 year anniversary of the original "Florida Housing Bubble" thread!! Exciting times!

Real Estate Bubble Poll

Mike Peterson is the new Shores9
nychiefsfan is the new Muggy

nychiefsfan, thanks for carrying the torch.

Anytime, my friend!

If I can pass along any info to help people make an educated decision, then my mission is accomplished

[firemed]

Originally Posted by nychiefsfan

Anytime, my friend!

If I can pass along any info to help people make an educated decision, then my mission is accomplished

When prices are so out of whack with reality, the more prices fall the more overvalued they will appear. During the bubble “overvaluation” is irrelevant because there is always someone to sell to at a higher price. Only when prices fall does overvaluation come into view,


I posted that last year. Muggy its funny to read this stuff now!

[Mike Peterson]

Originally Posted by rich renter

probably between 100k and 150k.

Well then for some areas that would not be a price reduction.

I could get a 3/2/2 villa brand new in a gated community with community pool and clubhouse with fitness center for $139,000. It is not a high crime area and not in the ghetto. Schools are good. Shopping close by. Good restaurants. 40 minutes to Tampa airport.

Guess we missed the memo that we need to have 70% price reductions.

[CHEWY12]

Originally Posted by firemed

When prices are so out of whack with reality, the more prices fall the more overvalued they will appear. During the bubble “overvaluation” is irrelevant because there is always someone to sell to at a higher price. Only when prices fall does overvaluation come into view,


I posted that last year.

Yes you did. I guess when you don't have your head stuck in the sand you can see for quite a distance.

[lostbuyer]

Originally Posted by Mike Peterson

Well then for some areas that would not be a price reduction.

I could get a 3/2/2 villa brand new in a gated community with community pool and clubhouse with fitness center for $139,000. It is not a high crime area and not in the ghetto. Schools are good. Shopping close by. Good restaurants. 40 minutes to Tampa airport.

Guess we missed the memo that we need to have 70% price reductions.

what about a house for that price mike?not a villa

[Mike Peterson]

Originally Posted by lostbuyer

what about a house for that price mike?not a villa

How about a 3/2/2 built in 2006 on a half acre lot for $149,000?

There are some less expensive but they are on 1/4 acre lots and the area isn't as nice, not a bad area, just not as nice as where this one is.

[Carbondated]

Originally Posted by Mike Peterson

How about a 3/2/2 built in 2006 on a half acre lot for $149,000?

There are some less expensive but they are on 1/4 acre lots and the area isn't as nice, not a bad area, just not as nice as where this one is.

That looks like a charming little house.

So I did a little background check and low and behold...

There are 118 REGISTERED SEX OFFENDERS in the town !!!
For a mind blowing ratio of 65 to 1 !!!

And some more statistics to ponder:
2005 median income that town - $29,900 (Florida $42,433)
2005 median house/condo - $113,800 (it was $68,700 in 2000)

Too bad... smoke and mirrors once again.

[JimKing]

Originally Posted by Carbondated

That looks like a charming little house.

So I did a little background check and low and behold...

There are 118 REGISTERED SEX OFFENDERS in the town !!!
For a mind blowing ratio of 65 to 1 !!!

And some more statistics to ponder:
2005 median income that town - $29,900 (Florida $42,433)
2005 median house/condo - $113,800 (it was $68,700 in 2000)

Too bad... smoke and mirrors once again.

Exactly, we are supposed to think that $150,000 is a bargain for that house. It is in an area with very low income, swarming with sex offenders.

$100,000 would be at the high end for that house in that area, $85,000-90,000 more like it. Just because you build a new house in a poor area does not make it worth that much money. The monetary fundamentals of the folks that live there have no changed.

[JimKing]

Originally Posted by Mike Peterson

Well then for some areas that would not be a price reduction.

I could get a 3/2/2 villa brand new in a gated community with community pool and clubhouse with fitness center for $139,000. It is not a high crime area and not in the ghetto. Schools are good. Shopping close by. Good restaurants. 40 minutes to Tampa airport.

Guess we missed the memo that we need to have 70% price reductions.

Spare us, a 'villa' or townhouse like that should run no more than $70,000-75,000. That is what the target audience will pay down the line.

That falls into the 50% decrease realm. I said 50% for the lower priced properties, 70-75% for the ones between $500,000-800,000.

In a few years, these figures will fall in line very nicely.