Florida Housing market Thread (Miami, Tampa: mortgage, good credit, relocating)

[tallrick]

Originally Posted by lostbuyer

this is almost unbelievable!!!!!!Doctor Housing Bubble Blog: Real Homes of Genius: Special Edition, Lifestyles of the Poor and Notorious. 10 Southern California Homes that Prove a Gargantuan Housing Bubble.

I love this webpage!

[CHEWY12]

Try these sites for a dose of reality

The Housing Bubble Blog & The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui

It just makes you want to barf after looking at those pics. Those are some fine examples of California Dung Heaps.

[firemed]

I just don't see the end any time soon, We have so much out there and boomers that are not fools. Now that the boom is over, North Port is suffering more than any other place in Southwest Florida. Its economy is based on home building and real estate sales, and those industries are now at a virtual standstill.”

“The homes that are on the market, or soon will be, represent a 4.7-year supply given the current pace of sales.”

Post-boom hangover lingers

[lostbuyer]

Does Anyone Look At Properties On Trulia.com,they Have The Sales History Of Properties On The Info Page...hilarious They Even Calculate The Percentage Increase From Last Sale To Current Price,i Saw Stuff On There With 175%increase,even One With 700%increase Since 99...good For Buyers Though Look At Prior Sales And Run From The Listing...

[kort677]

Originally Posted by lostbuyer

Does Anyone Look At Properties On Trulia.com,they Have The Sales History Of Properties On The Info Page...hilarious They Even Calculate The Percentage Increase From Last Sale To Current Price,i Saw Stuff On There With 175%increase,even One With 700%increase Since 99...good For Buyers Though Look At Prior Sales And Run From The Listing...

what's your issue? many properties have had that much appreciation since 1999, my house in NJ is up over 400% in that time frame and if I put it on the market it would sell real fast.
You FLA gloom and doomers just can't see beyond your noses, everywhere is not full of 1800 sq ft cookie cutter developments

[firemed]

Kort this is Florida and its just a little different here. As far as doom and gloom its like poker you have to know when to hold em, and know when to fold em,

[discontented lot owner]

Originally Posted by firemed

Kort this is Florida and its just a little different here. As far as doom and gloom its like poker you have to know when to hold em, and know when to fold em,

You Firemed and Kenney Rogers are soo right. I was fortunate enough NOT to listen to my what then seemed to be my clever RE Broker who couldnt understand why in the hell I was putting half of my money in lots and the other half in US I bonds. He said I should put ALL of the money in lots. I told him in the event I needed liquidity that I HAD THE BONDS. He said that I could always sell a lot when I needed money. I said I remember the days in S Cal (late 60s)when the engineers were laid off that there were so many houses on the market that my uncle couldnt even find a realtor to list. Finally a personal friend took his listing as a favor. In my own personal case, during reganomics in the 80s, I almost lost my home because I couldnt sell it,and many of my friends and customers lost their homes during that time. Im soo glad that I didnt listen to my broker. I wonder how he is doing??

[firemed]

Originally Posted by discontented lot owner

You Firemed and Kenney Rogers are soo right. I was fortunate enough NOT to listen to my what then seemed to be my clever RE Broker who couldnt understand why in the hell I was putting half of my money in lots and the other half in US I bonds. He said I should put ALL of the money in lots. I told him in the event I needed liquidity that I HAD THE BONDS. He said that I could always sell a lot when I needed money. I said I remember the days in S Cal (late 60s)when the engineers were laid off that there were so many houses on the market that my uncle couldnt even find a realtor to list. Finally a personal friend took his listing as a favor. In my own personal case, during reganomics in the 80s, I almost lost my home because I couldnt sell it,and many of my friends and customers lost their homes during that time. Im soo glad that I didnt listen to my broker. I wonder how he is doing??

Very good move! I know alot of people that did well with the boom and are now losing it all. You can take a loss but only for so long. I did very well in 2005 but I did not put any more money in realestate after that. I went back to the stock market. Now I am pulling out of that also. If all the boomers people think will move to Florida and other southern states does happen, They will have to sell there homes up north or buy with cash on hand, But they will be pulling money from all the 401Ks and thats a fact. I don't think the gen-Xers will make up the difference. People don't get the point that after the boomers, savings in the US will be very low and debt will be very high. Think about 50 year mortgages. Its easy to see what will happen. But I'm a doom and gloomer!

[JimKing]

Originally Posted by kort677

what's your issue? many properties have had that much appreciation since 1999, my house in NJ is up over 400% in that time frame and if I put it on the market it would sell real fast.
You FLA gloom and doomers just can't see beyond your noses, everywhere is not full of 1800 sq ft cookie cutter developments

Sure, you could maybe sell your Jersey house for that much. But it is a shell game. Jersey houses are not worth that much, but it won't be evident for years and years.

The next generation of buyers with high debts and inflation can't really afford a 400% appreciation when salaries have stayed almost flat. You can't have houses appreciate 400% and wages appreciate 20%....apply just a tad of common sense and you can see how the bottom will fall out...just a matter of how long the con game can be kept up.

Florida is just first due to insurance and lower wages. But Jersey and elsewhere is still not worth that. Maybe the next 5 years will be fine....but sooner or later reality will come home to roost.

That is not doom and gloom. It is reality. Every generation has had housing costs a third of income....but now it can magically be 40-50-60%....yeah, good luck keeping that going forever.

[rstate]

The good thing about changing threads is that people stopped quoting that silly rent multiplier formula to determine a home's value. The problem is that everyone is now stating the 2-3x income formula to determine affordability. That formula might work for starter home developments but doesn't work for any other homes because it doesn't take into account several factors such as downpayment, interest rate, taxes, your current debts, etc. I understand that everyone is trying to create a simple formula for people to use (even as a guideline), but this one doesn't work. If you're trying to provide a formula for affordability, you should use the 28% front end, 36% back end ratio calculations and then add your downpayment to these numbers to determine the price of a home that you can afford based on your salary and debts. The results from these numbers are considerably different than the 2-3x income formula.