2008 Florida Housing market Thread Jan - Mar (Miami, Pembroke Pines: loans, estate)

[Dave_n_Tenn]

Originally Posted by Ralph60606060

Hi, can anyone give me some insight about Port St. Lucie, going there in mid March to check out the housing market. Any suggestions?? Ralph

I agree with most of the posts... but to a lesser degree. The housing buy's (prices) are very good. The ole' "buy low sell high" still applies. Eventually PSL will correct itself... what's the option?

Prices of homes still continue to drop... and foreclosures are nearly 40%-50% of the sales (Sunday paper shows sales), but some of the deals are well worth looking at IF you plan on staying for a while. Don't think for a moment, you'll buy a investment property and flip it... those days are long gone!

If it were me... I'd rent.... and of course... you'd better have a job or a stable form of income, unemployment is high.

[fof5]

Sounds like all your missing is a bunker stashed with can goods CJ,you go behond defensive and to the point of being scared to live,First off any adviser that tells someone to rent if they have money ie cash,should be fired.While the markets may still decline the deals are far to good for anyone with financial stability,If you ask me your talking out your arse,trying to sound savvy but your points contradict one another.

[SKB]

Originally Posted by fof5

Sounds like all your missing is a bunker stashed with can goods CJ,you go behond defensive and to the point of being scared to live,First off any adviser that tells someone to rent if they have money ie cash,should be fired.While the markets may still decline the deals are far to good for anyone with financial stability,If you ask me your talking out your arse,trying to sound savvy but your points contradict one another.

I don't need an "advisor" to tell me to rent. It is quite obvious to the glut of homes on the market that this is NOT a good time to buy.

I am also one of those people with "cash" and since I actually saved it over a five year period I am certainly not going to blow it on over priced real estate to find a month later that it's "value" has gone down.

My rental is a fraction of ownership, my landlord is out of pocket 700.00 each month on this house which has he owes a mortgage of 365,000 and comps in my area are now going for 225,000. My landlord still has his head up his ______ and believes his home is worth 365,000.
To bad he MEWed, every few months, as he only paid 98,000 back in 1999.
I would certainly be over paying if I agreed to pay him 365,000. Just because some sucker down the road paid 365,000 doesn't mean that it was a "well advised decision". That person has already become another statistic in my neighborhood with a REO to his name.

When prices are back down to 1999 levels with a 3% YOY appreciation added in up to 2008, I will pay cash. I consider this to be a true and fair price, completely remove the bubble price out of the equation.

My landlords home is worth to me 127,867.00 as he never upgraded anything but lived in it and borrowed borrowed and borrowed some more. Then he built a 300K+++ way up north with a 5 year ARM. All I can say is best of luck with that.

[SANDYHAIR]

For every 10,000 the home prices drop I'm living rent free . PLUS NO INTERESTon a house. And I understand I not building equity now anyway as homes prices drop imho

[Wild Style]

Originally Posted by fof5

Sounds like all your missing is a bunker stashed with can goods CJ,you go behond defensive and to the point of being scared to live,First off any adviser that tells someone to rent if they have money ie cash,should be fired.While the markets may still decline the deals are far to good for anyone with financial stability,If you ask me your talking out your arse,trying to sound savvy but your points contradict one another.

while the markets may still decline the deals are far to good for anyone with financial stability

what is the first thing that came to mind when I read this??

[VBmom]

PSL is a big question mark. If you have children, I would avoid it. I was born in St. Lucie county and you couldn't pay me to live there. I don't want to offend those who love it but in my opinion, it is a no.

[Lisa Henderson]

Don't do It!!!!

[Denise in Fla]

Run for the hills!!

[Hero]

If I buy now, I'll put 20% down. 6% of that will evaporate into agent fees. If the market drops another 14%, I will basically have lost my entire downpayment. With the current market and all the renting options currently avaliable, it doesn't make sense financially.

[SKB]

Originally Posted by Wild Style

what is the first thing that came to mind when I read this??

Great call on pot calling kettle black.