Florida Housing market Thread (Fort Myers, Naples: mortgage, good credit, student loan)

[hiknapster]

You're right, LM1.

We've had a fake economy for the past decade, at least. We stopped most of the manufacturing and we had to do something. When the dot.com industry didn't pan out, a propped real estate boom worked.

I think it is NO COINCIDENCE that even though China has pumping out crap for decades, it has suddenly become big headlines, complete with ecstasy in toys. Pretty bizarre, don't you think?

Oh, and look. The American dollar is at an all time low.

I say we're ready to start firing up our factories.

This country either has incredible luck or there is an evil-genius somewhere.

[LM1]

Yeah... You know it's getting to that point when BMW opens a plant in South Carolina (last year).
I definitely don't think we're ever going to return to our glory days of manufacturing, but when our currency gets as weak as it's expected to get over the coming years, that's just too lucrative an opportunity for producers of upper-tier goods to pass up, given the "consumer" orientation of our society and the costs associated with shipping stuff from continent to continent.

[CJFlorida]

Originally Posted by LM1

Yeah... You know it's getting to that point when BMW opens a plant in South Carolina (last year).
I definitely don't think we're ever going to return to our glory days of manufacturing, but when our currency gets as weak as it's expected to get over the coming years, that's just too lucrative an opportunity for producers of upper-tier goods to pass up, given the "consumer" orientation of our society and the costs associated with shipping stuff from continent to continent.

I agree with what you say but....in the interest of accuracy, BMW opened its first plant in South Carolina in 1993, not last year. Construction started in 1992. I know, our families little chemical business got its first big contract from them when a subcontractor accidentally got silicone into their paint lines and they needed to be cleaned out!

They had another huge expansion in 2002 using $400 million in incentives from the state. They have been expanding regularly in S.C. and now build lots of their cars there.

[firemed]

Originally Posted by CJFlorida

I agree with what you say but....in the interest of accuracy, BMW opened its first plant in South Carolina in 1993, not last year. Construction started in 1992. I know, our families little chemical business got its first big contract from them when a subcontractor accidentally got silicone into their paint lines and they needed to be cleaned out!

They had another huge expansion in 2002 using $400 million in incentives from the state. They have been expanding regularly in S.C. and now build lots of their cars there.

Also Frightliner / American Lafrance are in Cherokee County.

[Jammie]

Originally Posted by lostbuyer

what are you talking about? were entering a recession,possibly a depression,many people will struggle to keep food on the table,I doubt they'll have real estate on their minds.most people dont really understand the magnitude of this problem,but they will soon learn and be humbled.

The problem isn't exactly national like a lot of news stories would make you believe. Many parts of the country did not see the huge increase in the housing market so there is very little of a correction that will be made and very few foreclosures. Unemployment rates in some areas of the country is well below 3%. A huge part of the country is still thriving because we didn't go through the flippers, horrific real estate taxes, huge insurance increases, etc.

[hiknapster]

Right. Some states didn't see the housing boom, because they were, well, South Dakota.

I wonder what South Dakota has for manufacturing.

You see, some states had incredible growth, even though their biggest employer was Walmart. Back in 2005, Florida was making headlines for incredible employment opportunities. Of course, not one article mentioned that it was in the $7.00 an hour service sector and real estate was becoming $200,000 to $300,00 for a starter home.

Now, they barely have that. Housing prices have not come down THAT much and they are fighting over the $7 an hour jobs. Yet the inventory sits because owners saw their enlightened neighbors sell for an incredible profit. And they cut off their nose to spite their face.

And South Dakota goes on like before. Not many jobs but cheap housing, as it should be.

[Jammie]

Originally Posted by hiknapster

Right. Some states didn't see the housing boom, because they were, well, South Dakota.

I wonder what South Dakota has for manufacturing.

You see, some states had incredible growth, even though their biggest employer was Walmart. Back in 2005, Florida was making headlines for incredible employment opportunities. Of course, not one article mentioned that it was in the $7.00 an hour service sector and real estate was becoming $200,000 to $300,00 for a starter home.

Now, they barely have that. Housing prices have not come down THAT much and they are fighting over the $7 an hour jobs. Yet the inventory sits because owners saw their enlightened neighbors sell for an incredible profit. And they cut off their nose to spite their face.

And South Dakota goes on like before. Not many jobs but cheap housing, as it should be.

Well, you're right about a lot of things. We do have cheap housing in comparison to the inflated market that hit parts of the country. But we do have a lot of manufacturing and many other things. They are working on building a huge oil refinery in our state. They are projecting that it would employ 10,000 people. The Homestake Gold Mine was luckily awarded the new Science Lab which will employ more then 3,000 scientists alone. Ellsworth Air Force Base has been hiring many civilians. We actually have many people who are in the manufacturing field because we have a lot of factories here. And keep in mind that our entire state population isn't even 700,000 so those are huge percentages.

As far as the wages~I don't know of any that start at 7 per hour~it's more like 9 or 10. But keep in mind that if you're looking for that type of work and get three raises the first year, have company benefits, and continue working there, you can end up living quite comfortably. You can probably find a house here for 125,000 that would cost you 400,000 in many areas. We also don't have HOA fees and our homeowner's insurance is very low. Unfortunately, our real estate taxes are high, but we don't have a state income tax either just like Fla. Nearly all of our employers offer day one benies, which I understand isn't the norm in a lot of areas of the country. I'd hate to be the person without health insurance for 3 months or 6 months.
Right now my area has an unemployment rate of 2.3%. Our crime rates are extremely low. Most of us still have compassion since we take care of our homeless and aging. It's actually not the depressed, sad little state that some people think it is. It's surprising to talk to people who have come here for the first time because they're normally quite impressed with our scenery~especially the Black Hills, Badlands, and Mt. Rushmore. I've got to say though that the very worst part of living here are the cold and snowy winters. I would also prefer the warmth and the beach to below zero temps. Guess time will tell if that will ever work out for me or not.

[steadbonnet]

I used to live in FL from 81 to 89 during the last res. And can tell you when I left in 89 you could buy a new 3/2 brick home with one car for 58k. on an acre lot.
Now that same home is 189k. I used to pay no taxes on my home with the home stead exp. I have no idea where I woud have been today. I think that FL is a beautiful state it is just over populated and growing every day. I can also agree with the statment that there is a ress. and maybe a dep. on the horizion. Bush has screwed up this country economicly by doing nothing. He is focused on taking the new crusade to the holy land and could give a rats arse about the working people health care in this country. He gives big subs to pakistan to buy the help of a dictator and the funds are used to buy weapons to point a india. This idiot is one of the stupidest men on the planet and I voted for him twice. I was stupid for doing so and want a bumper sticker that says I voted for bush "My bad" Sorry.
I have rarly seen a man who you can look at in the eye and see there is nothing but a monkey running around behind those eyes. bush is one.
I voted for him because I was mad as hell that we were attacked. But we as a nation are all over the world sticking our nose into others business. Maybe we asked to get slapped.
I wonder how would I feel if china had a air base in south dakota or jackson FL? I do not think I would like it very much. We are dong just that all over the place.

[Ten]

Are you saying Bush created Credit Nation, steadbonnet?

http://www.latimes.com/news/la-fi-au...track=ntothtml

[firemed]

Well this is what the Lee County Clerk of Courts Charlie Green had to say about the housing. “It just gags you,” said Lee Clerk of Courts Charlie Green. “I have seen the market go down before, but we have never seen this large of an increase in foreclosures.”

Notable increases in both counties started in 2006 and have continued to accelerate. Between 2005 and 2006, the number of Collier foreclosures rose from 487 to 733, and in Lee the number rose from 1,304 to 2,348.

The taxes may fix them self if this keeps up.



http://www.naplesnews.com/news/2007/...r-foreclosure/