[tallrick]

Also remember that for the first time in 30 years more people moved out of Florida than in. Pressure for supply will further decrease when today's condo project are completed in the future.

[Shores9]

Originally Posted by tallrick

Also remember that for the first time in 30 years more people moved out of Florida than in. Pressure for supply will further decrease when today's condo project are completed in the future.

“for the first time in 30 years more people moved out of Florida than in” REALLY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

US Census Bureau
RELEASED: 12:01 A.M. EST, DECEMBER 22, 2006 (FRIDAY)

Texas gained more people than any other state between July 1, 2005 and July 1, 2006 (579,275). Florida and California followed, gaining 321,697 and 303,402, respectively. Rounding out the top five states were Georgia (231,388) and Arizona (213,311)

Meanwhile, Arizona was the nation’s fastest-growing state over the period, breaking Nevada’s grip on the title, with its population rising 3.6 percent. Nevada ranked second this time,as its population climbed by 3.5 percent, followed by Idaho (2.6 percent), Georgia (2.6 percent) and Texas (2.5 percent). (See Table A below.) The South and West again monopolized the list of fastest-growing states with Utah, North Carolina, Colorado, Florida and South Carolina rounding out the top 10. Colorado and South Carolina replaced Delaware and Oregon on the list this year.

According to the estimates, California remains the most populous state with a population of 36.5 million on July 1, 2006. Rounding out the top five states were Texas (23.5 million), New York (19.3 million), Florida (18.1 million) and Illinois (12.8 million).

Those condo units may not come fast enough!!!

[Muggy]

Originally Posted by Shores9

Those condo units may not come fast enough!!!

All of these newcomers should move to Pinellas County. Not only were there too many condos built, there seems to have been a slowdown with qualified buyers.

Just yesterday in Dunedin, I saw these condos being rented nightly! What's next, hourly?

[brian_2]

" Just yesterday in Dunedin, I saw these condos being rented nightly!"

Ideal setup for the traveling businessman to hookup with local prostitutes, or place for the methhead to crash. Love the plastic cover-up sign and the three words 'royal', 'yacht', and 'club' suggestive of exclusivity. Add humidity & roaches. That's Florida in a (conch) nutshell. So pathetic.

[Shores9]

Originally Posted by Muggy

All of these newcomers should move to Pinellas County. Not only were there too many condos built, there seems to have been a slowdown with qualified buyers.

Just yesterday in Dunedin, I saw these condos being rented nightly! What's next, hourly?

Muggy – you have quite the photographic eye. I can see why you are so successful in the media industry. Pictures aside do you have any data relating to the slowdown in “qualified buyer” you mentioned?

[Muggy]

Originally Posted by Shores9

Muggy – you have quite the photographic eye. I can see why you are so successful in the media industry. Pictures aside do you have any data relating to the slowdown in “qualified buyer” you mentioned?

Good morning, Shores9!

Thank you for the compliment. Ironically that is a poorly framed shot (cut the top). Sometimes it's hard to get a good angle since many of my shots are "on the fly" from my car. Either way, thanks.

Anyway, today's Washington Post listed Florida as #5 for jurisdictions by share of adjustable-rate mortgages (33%), which are typically for lesser-qualified buyers.

[Shores9]

Your welcome I really think your work is outstanding!!

That aside do you have any hard facts relating to adjustable rate mortgages being typically for lesser qualified buyers.

Adjustable rate mortgages have been around for decades. Are all these people un-qualified?

Did the Washington post say so? And if they did they mention a study or source or have you connected the dots here?

[firemed]

I found some qualified buyers.
The Palm Beach Post. “Still debating which New Year’s resolution to keep through next week? Developers of two unbuilt West Palm Beach condo projects have their resolutions already lined up: We promise to give buyers back their deposits … soon.”

“During the past month, buyers in the Opera Place and Palladio Terrace high-rises slated for downtown West Palm Beach have been peppered with Dear Buyer letters from their Miami-based developers. The letters promise the return of buyers’ deposits now that these luxury condo towers aren’t going forward. Blame a lousy condo market and vaporized bank financing.”

“Buyers can’t wait to get those big checks back. Sadly, details on deposit returns at Palladio Terrace are a little vague. ‘The only thing missing is the how and the when, which is everything,’ one buyer groused.”

“Also missing: The amount of money being returned. Buyers in both projects had to put down 20 percent of the purchase price of their condos to hold their units. For some buyers, this amounted to around $100,000 or more.”

“But in both cases, not all 20 percent still remains in escrow. The escrow agents for both projects released 10 percent of the deposits to Opera Place’s BAP Development and Palladio Terrace’s Merco Group. Understandably, buyers of both projects are antsy about whether they’ll get all their money back.”

“It looks like Merco still is toying with the idea of building Palladio Terrace. So, anyone interested in taking Merco up on its offer? ‘They might find someone else crazy enough to, but it won’t be me!’ one buyer said.”

[Muggy]

Originally Posted by Shores9

do you have any hard facts relating to adjustable rate mortgages being typically for lesser qualified buyers. Adjustable rate mortgages have been around for decades. Are all these people un-qualified? Did the Washington post say so? And if they did they mention a study or source or have you connected the dots here?

I think you have to register (it's free and doesn't take long), but yes the article talks about all of this.

Here are some snippets:
"Subprime" loans are available to people who have bad credit, though they charge interest rates 2 to 3 percent higher than the rates charged to borrowers with good credit. About a fifth of the loans originated in 2006 now fall into that category, up from about 5 percent in 1999, according to the Federal Reserve."

and

"The biggest risk lurking behind all these loans is the threat of foreclosure. Last month, the Mortgage Bankers Association reported that mortgage delinquencies were on the rise, particularly for costly subprime loans. Likewise, the Center for Responsible Lending said in a recent report that more than 19 percent of subprime loans made in 2005 and 2006 are at risk of foreclosure."

Here is the link:
Mortgage-Trapped

http://www.washingtonpost.com/wp-dyn...011300029.html

[LeavingFlorida05]

Florida's problem is more fundamental. It is losing it's middle class. It's becoming more polarized. You'll eventually only have rich retirees and immigrants. Some local governments also make it impossible for developers to build affordable housing, due to density restrictions and impact fees. There are plenty of $500k houses to go around. There are far too few $200k houses, but that's what the elites in Florida want.