[tallrick]

Going through my archives and found the ORIGINAL sales brochure and contract for my parent's first new house. this was in 1960, before I was born and they had a household income of about 5,000.00 New home came with 3 bedrooms 2 baths, 1650 sq foot on 75 x 100 lot. Same home today, 46 years later, attacked by insects, battered by storms, used up year after year would sell from 350K to 400K, sometimes higher. Oh yes and it came with York central air. So I went to this website:

http://www.bls.gov/bls/inflation.htm

and calculated the value in today's dollars to get $99,945.54 Dad's salary today would be $34,087.84 which is what a lot of people make right now. What am I missing here? There's the same neighborhood, mostly the same homes, same roads, but less useable, same schools but more run down. In other words no improvements yet the huge disparity in home prices. When new there was almost no crime, and the schools were safe and beautiful brand new. Homes sold for close to 30,000 there in 1980 and by 1990 had jumped to 80,000 ( first bubble) then settled to 130,000 for most of the 90's. Insanity hit around 2002 and the fools ride had only stopped this year at the 400K mark. In my view it's at least 50% overvalued, what do you think? Now you know why Floridians are complaining?

[Need_affordable_home]

Very good post! One thing to note is that city was much smaller and less developed back then. Im still saying $350k is overvalued, overpriced but something like $200k might be more in line with a city that size and all the activities said city provides.

My dad spent $65k on his first house in 1980. Where were the $30k houses you speak of? Not in WPB, he said that was one of the best deals around. I think it was a bubble in 1980, he had a phd and couldnt afford much more than $65k of house! He sold it for about $105k in 1995, good price and the market was very slow in the mid to late 1990s. That same house was sold for $200k in 2002 by a different owner. Its now worth almost $300k! The sad thing is my dad would not be able to afford it today and the high hurricane insurance doesnt help! He would make $70k a year if he worked today. Sad even a phd cant afford a starter house in south Florida today!
In fact I read in the newspaper that some people with phd degrees were turning down $70k job offers in WPB!

The experts are saying 30% drop from the peak. The more I read, the more of a drop its believed. When we get hit by a major hurricane, this will sharply drive house prices down, perhaps to half of what it was in the peak(adjusted for inflation) Myself? I am relocating out of WPB Florida, if even the phd's cant afford it, no way can I!

[tallrick]

This is in the area of Westwood Lakes and oddly enough the values are still climbing, according to real estate flyers. All recent sales have been over 400,000 and some close to 500,000.00. But the people moving in seem to be mostly from california. Wait till those idiots get their property tax bill!!

[tallrick]

http://en.wikipedia.org/wiki/Labor_D...ricane_of_1935 need one like this to send it's eye over a major Florida city, for that I would take the risk of losing everything.

[lulu]

Only someone that's been here like forever can understand this disparity and I do. I tried explaining this here once. I had gone around and asked some folks what they earned and how much their homes had cost - and usually, the rule of thumb was you had a salary and you'd double it for your home price - give or take a little. I hear at times, "well, it's only natural, cause things always go up in price... I used to earn $1 something an hour when homes were less than $20,000 and we did it with the sweat of our brows and saved and saved....so anyone can do it ".
I've been here a bit & things are not the same. It's way out of balance right now. Even back then, in the majority of cases, a man was the main bread winner and the wife stayed at home and they could still make it. There were the luckier few where the wife worked, too which was a big help - though, those people were the minorities. But the average couple with 1 bread winner was all that was needed to put a roof over the family's head, food on the table, etc, etc.
Florida might still seem cheaper to some coming from CA, NY, etc. but Floridians are having a very hard time making it. Earning $20,000 to $30,000 something per person doesn't go too far - when single family home prices are high for S.FL - $300's to 400's and higher? Something doesn't jive in this equation for the average young working couple. Maybe, it might be easier in a cheaper part in FL but in S. FL? Now, if you come from another richer state with a bigger salary or set for retirement, it's a different story - things will be a breeze. Or someone like me that paid off their home a long time ago can make it.
But for the regular Floridian working Joe or Jane? I've met professional couples in Miami with 2 kids and they cannot make the thousand's of $$ mortgage payment, assoc. fees, ins., surprise taxes... and then add the rest of the necessities - ohhh...& let's not forget the child care & eating out cause mom must/has to work nowadays - things are really hard, now.
Anyone heard from Chocomom??

[BlueWillowPlate]

I do think that from here on, the coast will be more expensive for everyone.
That's just the way it is. Sincere sympathies for that.
But it's not only happening in Florida.
My folks bought a Denver house on a busy street back in '77 for 34K.
That house now would sell in the 400 thousands.
Sorry, but I have no sympathy for families that decide to eat out because mom works. Everyone can help out in the kitchen; cooking together is really a nice thing for family to do, the meal is far cheaper--and maybe everyone would more appreciate their meal.

[Need_affordable_home]

Originally Posted by tallrick

http://en.wikipedia.org/wiki/Labor_D...ricane_of_1935 need one like this to send it's eye over a major Florida city, for that I would take the risk of losing everything.

Dont be too hasty to wish a hurricane on anyone, even yourself. Hurricanes can claim lives and you cant put a price on that. Theres better answers than waiting for a natural disaster.

[tallrick]

I can't think of anything else that can save Florida from total gentrification.