2008 Florida Housing market Thread Jan - Mar (Jupiter: credit, real estate)

[Simon Says]

Originally Posted by Retiredcoach

First time posting and am hopeful to garner your opinions.

I know you're pain. I just got out of the military and am scouting out property in Florida. I've never seen so many cheesy realtors in my life. [CUT]

[sami]

Originally Posted by Retiredcoach

First time posting and am hopeful to garner your opinions. I will soon be retiring from my teaching position in Pennsylvania (within the next 5 years). I was hoping to buy a decent home in Florida sometime during 2006... we liked New Smyrna area best... but have stopped "dead in our tracks". The shoddy quality and associated prices of many single family homes in much of Florida are unrealistic and out of reach for many of us. We are still re-examining our financial direction and exploring options, however. The most crucial issue is that we do not have the same impressions of Florida that we did five years ago, and it goes beyond the threat of hurricanes. Florida can be very proud of its ethnic diversity, but should be ashamed of its financial diversity. Your statewide middle class is shrinking faster than probably any place that I have been in the country. The state appears to have a vocal affluent population, and then, the significant majority just hoping to scrape out a living. Housing appreciation was the biggest hope of many of your "working poor"... many must be quivering as the prices decline.

I mean no disrespect to anyone living in Florida, but more critical issues seem to arise every year that discount the appeal of your weather. For example, when I see an industry such as Disney with its megawealth and the focal point of much of the state's tourist economy paying such paltry wages/benefits to the majority of their workers, I question how many can survive in your very expensive state economy. This invariably translates into higher crime, poorer schools, and a disillusioned population paying for the services others cannot afford.

I look forward to your thoughts.

No place is perfect. They all have warts. However people come and stay in Florida because the place must have something going for it. See other threads for pros and cons. If you seem to hate the place and its problems now, then you should not even try coming here, except maybe on vacation. I love it here, but that is only MY opinion. And yes, I know the downside and tolerate the things I don't like. People do that everywhere. About houses, you do not always get what you pay for. Aim for a well-built, high and dry, cement block house. They are great to survive hurricanes. A buyer should have a top notch home inspection done....and have knowlegable friends look is a good idea. Some of the new houses (as well as old) are pure crap. I have plenty of family and friends who are construction workers and have done some work myself.....and WE know what we are talking about. However there are well-built older and newer houses available. At least with a resale, it is easier to know how the house holds up. With no disrespect intended, I am from Jersey and I am not crazy about Pennsyvania though I could easily adapt and make myself at home there if necessary. Give me NJ, Puerto Rico, or Florida any day. LOL PS Our working poor---and I am one of them--can take care of ourselves, thank you very much. Ha ha.

[Muggy]

Well, I drove by the old joint in St. Pete today and a foreclosure notice was tacked to the door. Spoke with my old landlords and they can't sell or rent (inevitably headed for foreclosure, no doubt)... add to that I finally dug through the county website and learned my current landlord has an ARM (and not the kind you can swing a bat with).

I went to several waterfront restaurants this weekend and was seated right away.

Who knew that swirling the drain could be so much fun; it's the new Florida lifestyle.

[sunrico90]

State Info
Updated: 12/01/07-- 9:45 PM
Preforeclosures:--64,595
Sheriff Sales:--1,912
Foreclosures:--5,663
Bankruptcies:--16,651
FSBOs:--13,087
Tax Liens:--156,992

[Muggy]

Oh yeah, 4 of my 6 immediate neighbors are trying to sell or getting ready to list. There is also a vacant house.

[SKB]

Had not looked at the Market in PSL for a while and today I did, man what you can get now for 150,000 is shocking compared to this time last year. For 200K you can get a new or newer home, pool with lanai.
I was correct in saying 50% reductions in PSL.
Now I am waiting for the mark downs to begin in The Acreage, Loxahatchee and Royal Palm Beach.
I anticipate Fall next year to be the time for beautiful homes in these areas to become affordable again and then we will buy.
I am so happy, I will have my home, barn, and best of all Buster (my lovely horse) will be enjoying eating out of my our pasture.

[tallrick]

Originally Posted by SKB

Had not looked at the Market in PSL for a while and today I did, man what you can get now for 150,000 is shocking compared to this time last year. For 200K you can get a new or newer home, pool with lanai.
I was correct in saying 50% reductions in PSL.
Now I am waiting for the mark downs to begin in The Acreage, Loxahatchee and Royal Palm Beach.
I anticipate Fall next year to be the time for beautiful homes in these areas to become affordable again and then we will buy.
I am so happy, I will have my home, barn, and best of all Buster (my lovely horse) will be enjoying eating out of my our pasture.

I hope that you get it! There's nothing better than falling home values!

[mystree]

I am glad the prices are falling,but It's so sad so many people bought houses acting like if they didn't buy then they would never get a house.Now a couple years later struggling with payments or losing their homes.

[Hero]

yeah you really can't blame those who fell into this bubble. At the time you were a fool for renting than buying and if you don't buy now, you never will. The way prices was going up back then, anyone would believe that.

[CJFlorida]

Originally Posted by SKB

Had not looked at the Market in PSL for a while and today I did, man what you can get now for 150,000 is shocking compared to this time last year. For 200K you can get a new or newer home, pool with lanai.
I was correct in saying 50% reductions in PSL.
Now I am waiting for the mark downs to begin in The Acreage, Loxahatchee and Royal Palm Beach.
I anticipate Fall next year to be the time for beautiful homes in these areas to become affordable again and then we will buy.
I am so happy, I will have my home, barn, and best of all Buster (my lovely horse) will be enjoying eating out of my our pasture.

How true. My good buddy and his mother have been in PSL real estate forever. They can't find tenants for properties as the new houses that won't sell are being rented for dirt cheap. But $200,000 for a new house in PSL is still way to high. That market can support about $150,000 new, $100,000 used.

We are also looking for our little horse spread for down the line. The Acreage and Jupiter Farms have begun to fall but have a long ways to go.

Like I have said before, people will be shocked how the correction in prices swings way back below even pre bubble prices in some areas.

I advise buyers to have patience, there will be some false bottoms on the way down. But there are no fundamentals that will cause prices to increase for a long long time. No one should be nervous that they will miss out on any deals.

The true bottom? We will know when prices are stable for a year or more, rents are in line with asking prices, and asking prices are in line with area incomes. Once there, prices will stay flat for years so everyone will have plenty of time to buy along the bottom.