I am moving to Port St. Lucie but will be working in Boca Raton....Is this a good idea? (Fort Lauderdale: real estate)

[Tiffanyp83]

Hello,

I am new to this forum, but I a in need of help rather urgently!! I am in the process of purchasing a home in Port St. Lucie, it is a 3/2.5 2800 square feet, brand new for 179 and I really love it. It is in the New Port Isles area...seems like a nice, new community....Your thoughts on this community is appreciated! However, my job is in Boca Raton and I really love my job and have no intentions on leaving because I know that I won't be able to find a job paying as much as my job pays in Port St. Lucie and again, I really love my job. I am concerned about the drive and how much money I will spend in gas weekly, but my biggest concern is the drive in the morning. Does anyone commute from Port St. Lucie to Boca Raton or Fort Lauderdale? I would really like to know how long the drive is in the morning and how the traffic is in the morning (7am)and in the afternoon around 5pm. Do you think that it is a good idea? Please help me, I have until close of business today to make my decision. Please help me. thanks!

[Lilybeans]

At 7 am traffic isn't too bad. It all depends what time you get to WPB. Traffic really starts building around North Lake. If you leave at 7, you will be able to get to WPB around 7:30-7:40, and maybe get to Boca in another 30 minutes.

Coming back, leaving Boca at 5, it's heavy all the way until you get to PGA, and then it lightens a little bit. It will take a while to make the ride home, imo.

[Bertram]

That is a hike

[Tiffanyp83]

Do you think that the turnpike is just as bad or is it just I-95?

[Lilybeans]

I don't know. when I go to WPB I take 95 because the Turnpike is too far west in WPB.

People do make the drive every day, though.

You should try the drive and see what you think. Why do you have to know today?

[SKB]

My husbands work-mate spends 150.00 per week on gas driving from PSL to the WPB airport. Also remember to include racking up the miles on your car. Wear and tear on engine, more oil changes, tires wearing out faster etc...

The price declines have not even started to get going yet. In time you will be able to buy a home in the area you desire for a reasonable price and skip having to waste so much time driving back and forth.

By the sounds of your post, it sounds like you are having to make a rush decision on this. IMHO I think purchases this size require thinking and research without feeling pressured to make snap decisions.
We would not be in this housing mess this deeply if more people would have thought things through and did their homework. How many stories have I now read on people who signed documents because they "felt a sense of urgency".

I think you should do more research on the market first on your own without relying on a message board to help you make the biggest purchase of your life.

Ask yourself, do you actually think there will not be more and better deals along the way?

Are you "settling" for an area because to you the house seems reasonable in price to you?

What were homes selling for pre-bubble in the area you really want to live in?

Do you really want to spend your precious free time sitting in your car in traffic?

How happy will you be after the excitement of the new home wears off and you are still stuck in traffic 5 days a week?

[CJFlorida]

DON'T DO IT!!!! Cancel the deal. 2 reasons.

1. Port Saint Lucie is falling, falling, falling. My friend's mom has been in RE there for 30 years, even she says a big crash is coming. Rent for at least another year and you will get that house for MUCH less.

2. That commute will eat you up after a while.

You would be better off renting in Boca if you will work there. There are lots of great rentals available. Negotiate hard, ignore the rental asking prices, it is a tenants market.

[julz]

My husband commutes daily to Ft.Lauderdale.He leaves earlier than you would so I can't tell you how traffic would be at 7.I know in the afternoon traffic is heavier especially around PGA.On average it takes him 1 1/2 hrs. to get home and there has been a few times that it took close to 3 when stuck in a traffic jam.I personally could not do it but he doesn't seem to mind the drive and we love it here in PSL. The prices are so much better than S.Fla and it's much quieter up here (compared to S.Fla).For him it's a sacrifice worth making so I guess it's an individual decision.Good luck!

[Tiffanyp83]

SKB made an awesome point!!

My only fear about buying this property is that the market will get worse and my home will be worth less than I paid for it or the market will get better, prices will sky rocket and again I will miss the opportunity to own my own home. I really like this house, because it is awesome and just what I am looking for. The builder is putting down 4% for me and paying all closing costs, the interest rate is 5.25%. I have been looking for homes in my home town of Fort Lauderdale, but everything is extremely expensive though the market is not doing well and anything that I find that is really inexpensive requires 20% down and I cannot afford such a large downpayment. I don't know what to do at this point.

CJ Florida said that the market in Port St. Lucie will crash and the house might be cheaper, but is that information accurate? Do you think that I will come across this opportunity again? Someone Please help!

[Lilybeans]

I think the market is pretty low right now. I personally think it's near the bottom, and homes will start selling, although there is a lot of inventory.
Just this week I've seen two real estate contracts, and I've talked to surveyors and engineers who tell me that their business is starting to pick up. All of that leads me to believe that buyers are starting to move a little.