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Old 06-01-2008, 09:02 PM
 
670 posts, read 1,514,405 times
Reputation: 269

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Quote:
Originally Posted by Mike Peterson View Post
Man I guess I should throw out the chart for home prices in my area.



This is since Sept. 03
The "rebound" in Mike's territory according to Mike himself.
Notice the 25% negative increase since 05
_

 
Old 06-01-2008, 10:59 PM
 
1,343 posts, read 4,680,003 times
Reputation: 841
Default You Like It....

Think about this:

Would the demographers for Wal-Mart, Publix, etc. be spending money to expand they way they are if they didn't expect the market in PC increase?

Buy now. Find out what your house is worth and the sales history on the property appraiser's website (Flagler County Property Appraiser's Office.) Make the owner an offer he can't refuse.

Good Luck!
 
Old 06-02-2008, 12:08 AM
 
Location: sittin happy in the sun :-)
3,577 posts, read 5,837,485 times
Reputation: 1759
Hi, I am a home builder here in the Uk with a vested interest in the market in Florida. we own a lot in Rotonda on which we intend to build and emigrate to next year. Our market here is also suffering less good times, not as bad as Florida has but we hear talk varying from between small increases to a 30% drop in home prices. Even the experts cant agree.
To the Op ,I think some valuable advice has been made the best of which is, if you really want the house and can afford it and intend to stick around -then buy now. Too often I hear people saying they have 'lost' money on property, a friend of mine has many lots around Punta Gorda/South Gulf Cove. On one alone she has recently 'lost' $100000. Whats she doesnt say is she bought for $75k, at the peak it was valued at $375k and now is worth $275k. So she thinks she has lost money when the truth is she (if she could sell) would still show a profit. hell if she sold for $100k its still a profit. Real Estate will always over the long term show a profit. It is people who buy to flip/turn and try to make a quick profit who ofetn get caught out and the root cause is greed.

Our home may cost us more than we could buy a similar one for however we intend to stay for a long time and its designed especially to my requirements ( very non typical Florida home). If I stay till I die I will never see a profit or loss so as long as I can afford it who cares.

Just bear in mind one day the market will turn upwards and then the mad rush to buy will start and prices will rise quicker. it may be that having waited you then cant afford to buy your dream home.

So yes buy now if you want it and can afford it. If you cant then you shouldnt be buying it.
 
Old 06-02-2008, 05:01 AM
 
Location: Hernando County, FL
8,488 posts, read 17,964,575 times
Reputation: 5397
Quote:
Originally Posted by jbravo View Post
The "rebound" in Mike's territory according to Mike himself.
Notice the 25% negative increase since 05
_
Now you have to resort to lies?

NO WHERE did I ever say rebound.

For the most part everyone knows we had a very fast run up in real estate prices and now it has come down. Are you telling anyone something we don't know or are your other arguments just out of steam.

Fail. Try again.
 
Old 06-02-2008, 06:32 AM
 
670 posts, read 1,514,405 times
Reputation: 269
Exclamation Rent. Do not mislead by the misinformation from those that depend on sales

Getting back to the OP.
I am currently renting.
I could not afford to buy where I live.
Well yes, I could buy, but the taxes and association fees would crush me.
I live on the Intracoastal on a very narrow sliver on land in Palm Beach county.
Did a years lease for under $1500 / month for a 2/2. (it was a good deal)
It would cost me TWICE as much to buy. (assuming a 10% down payment)
If I paid cash (I do have it) and rented the unit, I would make a whopping 1.5% return (or slightly less, depending on special assessments) and toyally trash my finances.
There are are only 11 units are occupied where I live, the rest have hurricane shutters up. Do the owners have more money than I do? Yes, absolutely.
I could rent for less, but I swim every day either on the Intracoastal (did not even know people did that and I have lived in Fl for 40 years) or on a mostly deserted long stretch of beach.
I have this for half of what it costs me to buy.
Is this an exception? NO!
Look over at rentals on the Keys, search this forum. Under $2000 rental gets you a 500K and up. Guess which is cheaper.
There will be a time to buy (in the future)
 
Old 06-02-2008, 07:20 AM
 
Location: Championsgate, Fl
986 posts, read 3,205,082 times
Reputation: 290
Mike, the problem is Jbravo has an agenda he is pushing and has been for quite some time advocating renting over buying, and while that may work for him in the area he is in, it may not be true for everyone and people should realize that. I liked your response quoting his questions because Jbravo has a tendency to stretch the truth to suit his/her needs. I wouldnt waste any more time on it, and if readers of this thread cant understand that real estate is a sensitive and highly regional market even within Orlando, then i would suggest to let them wait and wait and wait and miss out. Keep in mind he/she is talking about Palm Beach county so isnt really qualified to talk about other areas other than his/her immediate area. Some will benefit from waiting while others in other areas wont. Jbravo's comments only enforce the opinion i have of him/her already.
Quote:
Originally Posted by Mike Peterson View Post
Now you have to resort to lies?

NO WHERE did I ever say rebound.

For the most part everyone knows we had a very fast run up in real estate prices and now it has come down. Are you telling anyone something we don't know or are your other arguments just out of steam.

Fail. Try again.

Last edited by cfIfan; 06-02-2008 at 07:50 AM..
 
Old 06-02-2008, 09:26 AM
 
670 posts, read 1,514,405 times
Reputation: 269
Default your agenda

Quote:
Originally Posted by cfIfan View Post
Mike, the problem is Jbravo has an agenda he is pushing and has been for quite some time advocating renting over buying, and while that may work for him in the area he is in, it may not be true for everyone and people should realize that. I liked your response quoting his questions because Jbravo has a tendency to stretch the truth to suit his/her needs. I wouldnt waste any more time on it, and if readers of this thread cant understand that real estate is a sensitive and highly regional market even within Orlando, then i would suggest to let them wait and wait and wait and miss out. Keep in mind he/she is talking about Palm Beach county so isnt really qualified to talk about other areas other than his/her immediate area. Some will benefit from waiting while others in other areas wont. Jbravo's comments only enforce the opinion i have of him/her already.
I've lived in and sold three properties since Dec 04.
Listed all three in the MLS for a flat fee of $199, all sold.
Last one was 4 days in MLS before it went under contract this year! (buyers came in with buyers' agent)
Now, what is your agenda?

Last edited by jbravo; 06-02-2008 at 09:42 AM..
 
Old 06-02-2008, 09:31 AM
 
Location: Championsgate, Fl
986 posts, read 3,205,082 times
Reputation: 290
Quote:
Originally Posted by jbravo View Post
I've lived in and sold three properties since Dec 04.
Listed all three in the MLS for a flat fee of $199, all sold.
Last one was 4 days in MLS before it went under contract! (buyers came in with buyers' agent)
Now, what is your agenda?
I dont have an agenda other that getting the right infomation out there. In a number of posts you have provided misinformation about not only what i have said but Mike aswell. It is common knowledge that your agenda is renting over buying. People can look back at all your previous posts to see that. I am merely saying that using stats on an area as a whole is wrong and wont hold water.
 
Old 06-02-2008, 09:57 AM
 
670 posts, read 1,514,405 times
Reputation: 269
Default Back to topic. Everyone should make up their own minds. Here is one tool to help

Here's an own versus rent calculator:
The New York Times > Log In
I know it says New York Times log in, but if you click all you will see is a graph / calculator.
It's a lot of fun to use.
Use the sliders on the left to set appreciation to zero.
Many what if's to play with or keep it simple.
Notice the graph that pops up and how the time you predict you will live in the house may be the deciding factor.
Similar calculators elsewhere, it's just a nice tool if money is a factor in the decision.
I am not telling everyone that they should rent; for many this would be silly because price / cost may not be the deciding factor i.e. they have the money and want to enjoy it on their own terms.
For many $$$ is a factor, you should not listen to me or for that matter anyone else, it's an important decision, specially if you may need to move due to job circumstances.
In MY opinion, for a very few it amy even make financial sense to buy now. There are no absolutes, you may have the opportunity to buy a cheap foreclosure and the numbers work, for that matter, maybe you just want to protect your assets against an impending lawsuit (ala OJ)
If this helps anyone, then I am glad.
For full disclosure, I just saw CFian post above. Yes, I made my decision to rent.
Yes, I could buy a nice house in a very nice neighborhood, though not were I currently live (I consider it a vacation / spa time)
This post is on topic and I do not see how it could possibly offend anyone.
_
 
Old 06-02-2008, 10:09 AM
 
Location: Championsgate, Fl
986 posts, read 3,205,082 times
Reputation: 290
Im not offended and you are right the post is on topic, but what i am saying which no-one seems to understand that the figures given in statistics for an area as a blanket are wrong because each part of that areas is different. Many people do not want to rent because if that were the case they would never own their own property. The point is that in some if not many areas, prices will not fall any lower and for those who want to buy now is a great time. I acknowledge, this isnt the same in every area, but at least in a great many of the areas i work in it is true (not all of them though). There are a great many people sitting on the fence wanting to buy but dont want to now because they may get the wrong impression by what your saying. Whilst many may be paying the same in rent or a little more on there mortgage than rent, they are getting their own home which is theirs and which if they stay in for a while can sell and that would probably more than compensate for what they saved. As an example, Why do people go out and buy brand new cars when they can wait and pick up the same car 1 yr old and save a fortune? Because they want to. Why to people choose to finance rather than lease, because at the end of their finance period they own the car, they havent paid all that money and not own anything. In effect they are giving it back and dont have anything to trade in.
Im not saying your wrong. In your area that may be very true, but that isnt neccessarily the case everywhere.
Quote:
Originally Posted by jbravo View Post
Here's an own versus rent calculator:
The New York Times > Log In
I know it says New York Times log in, but if you click all you will see is a graph / calculator.
It's a lot of fun to use.
Use the sliders on the left to set appreciation to zero.
Many what if's to play with or keep it simple.
Notice the graph that pops up and how the time you predict you will live in the house may be the deciding factor.
Similar calculators elsewhere, it's just a nice tool if money is a factor in the decision.
I am not telling everyone that they should rent; for many this would be silly because price / cost may not be the deciding factor i.e. they have the money and want to enjoy it on their own terms.
For many $$$ is a factor, you should not listen to me or for that matter anyone else, it's an important decision, specially if you may need to move due to job circumstances.
In MY opinion, for a very few it amy even make financial sense to buy now. There are no absolutes, you may have the opportunity to buy a cheap foreclosure and the numbers work, for that matter, maybe you just want to protect your assets against an impending lawsuit (ala OJ)
If this helps anyone, then I am glad.
This post is on topic and I do not see how it could possibly offend anyone.
_
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