2008 Florida Housing market Thread Jan - Mar (Miami, Tampa: relocation, real estate)

[MrTudo]

We just missed a purchase. And right here in PC too. If it doesn't close next week, we'll buy it. Far as selling the one we have, well, while we don't have to, we will and we'll sell it at near 2001 prices.

If not then hopefully a new realtor will help us find what we want. The problem of course is finding a competant realtor.

Take that!

[Hero]

MrTudo, do you mind sharing the price of the home? Is it selling at 2004, 2005, etc prices?

[CJFlorida]

Originally Posted by Wild Style

The problem with these people is, they do not understand economics. People are not buying because they think its cool to wait it out. They are not buying because they can not afford. Truthfully, they NEVER could afford these homes. It was faux wealth, in the form of exotic loans.

This article (link) is the perfect example. The game is over, the days of getting absurd prices for a home that is worth half as much, is gone. But I guess they didn't get the memo. In a few months, when they are under far more pressure than they are now to sell; they will curse the day, their greed over powered their ability, to make sound business decisions.

The denial is amazing. The house I bought for $325,000 in 2003 and sold for $550,000 in 2005 has been listed at $780,000 for 14 months now by the flippers who bought it.

Even its Zillow estimate range is down to $450,000 to $525,000. In reality they might get around $425,000 or so....maybe...if a buyer just loves the place.

So when houses worth $425,000 at most are listing for $780,000 month after month after month you can see how far off prices still are in some areas.

[Wild Style]

CJFlorida

I hope they sell before the real price plunges below what they paid for it.

[MrTudo]

Originally Posted by Hero

MrTudo, do you mind sharing the price of the home? Is it selling at 2004, 2005, etc prices?

Hero, we offered essentially a little less than $80 bucks a square ft for the house based on the "under a/c" square footage. And it has a swimming pool.

I think it sold for not much more than that. We had a realtor who submitted our offer incorrectly. We were not interested in the house if we could not purchase the lot next to it as the house took up almost the entire property. We are ONLY interested in roughly half acre, hence the desire for the 2nd lot.

The realtor submitted the offer on the house based on getting the land . She should have submitted the offer on the land based on getting the house and made the offer on the house without any issues.

Probably the only house in the state of Fla having 2 simultanous offers the same weekend, while our offer was DEFINITELY being considered, the new offer came in without that contingency and won the house.

Now this is thru a realtor who has been in the business here in Port Charlotte for 20 YEARS. I cannot tell you how annoyed we are about this.

However we are finding that getting a loan isn't easy either nowadays so who knows if its going to close next week or not. If it doesn't then we're eager to buy it.

If not then we're still looking. Looking for a professional realtor too.

[kwick release]

I am closing next month on a home in Satellite Beach that I think I got at late 2004/early 2005 pricing levels. Current owner bought in the Spring of 2005 and we are getting it 5% below what they paid for it. They are taking a bath considering all the realtor fees, mortagage payments and up-keep costs they paid out over the past 2.5yrs. The home will be our primary residence and plan on living there for the foreseeable future. I do think though that pricing levels will probably get down to 2003 levels and stay there for some time when this thing is all said and done.



Prodromos Borboroglu

[Hero]

Many homes that I've seen sold in the last 3 months are at 2004-2005 prices. The surrounding homes priced at 2005-2007 levels were either taken off the market or remain stagnant. My area is Miami. What is your area and what have you seen selling in the past 3 months?

I agree with you kwick release that it will likely be a different market months from now.

[Hero]

Survey shows 3 of 4 homeowners believe their home has gained or retained its value, despite evidence of price decline: Home prices in the state of denial - Feb. 7, 2008

There's likely a difference between homeowners and sellers. Still it reflects the state of denial that is keeping prices high. If 3 of 4 sellers believe their homes did not lose value, then only 1 of 4 will be able to sell.

[CJFlorida]

Originally Posted by kwick release

I am closing next month on a home in Satellite Beach that I think I got at late 2004/early 2005 pricing levels. Current owner bought in the Spring of 2005 and we are getting it 5% below what they paid for it. They are taking a bath considering all the realtor fees, mortagage payments and up-keep costs they paid out over the past 2.5yrs. The home will be our primary residence and plan on living there for the foreseeable future. I do think though that pricing levels will probably get down to 2003 levels and stay there for some time when this thing is all said and done.



Prodromos Borboroglu

That house seller should say a million thank yous that you came along! Paying within 5% of Spring 2005 pricing and having a buyer actually care that the seller is losing money will become a rare thing as we go forward through this epic crash.

[Wild Style]

Originally Posted by Hero

Survey shows 3 of 4 homeowners believe their home has gained or retained its value, despite evidence of price decline: Home prices in the state of denial - Feb. 7, 2008

There's likely a difference between homeowners and sellers. Still it reflects the state of denial that is keeping prices high. If 3 of 4 sellers believe their homes did not lose value, then only 1 of 4 will be able to sell.

people living in la la land for the win?!