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Old 09-03-2008, 07:16 PM
 
Location: Heartland Florida
9,324 posts, read 23,812,928 times
Reputation: 4901

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Quote:
Originally Posted by MrTudo View Post
In answer to the OP question I have to answer the question with a question.

Is the overall economy doing welll enough to spark a recovery? Has the debt of not only what the government steals and spend, but the American people going down? Is this country becoming more competitive or less competitive? Is the manufacturing industry which because of the freedom which once existed here rebounding or is it pretty much "gone to China"?

If you can answer yes to those questions then you have to say yes to a real estate recovery.

By the way, I'm looking to buy another house but I'm not interested at the levels that most are priced at. I'm guessing about a 2-5% increase in property values starting from 2001. The problem with coming up with a number on that one is the level of TAXES , INSURANCE , the DOLLAR VALUE in 2001 .

For example. I sold a house that sat and languished on the market for more than a year in 2001. Beautiful home in Paddock Park Wellington. I purchased the house as a preforeclosure in 1999 for $345,000.00 I put a little over $200K into the house. The taxes were $3300.00 and the insurance was $3K. It was almost impossible to give that one away. It sat for a year without an offer and finally when an offer came in it was $450K ( which I took ) representing a 100K+ loss.

Fast forward to 2006 then today. The taxes on that house would be somewhere in the neighborhood of $15,000.00-$20,000.00 a year based on the assumed value. Insurance? Who knows. 10K? More?

Considering the taxes and insurance, and where this country is headed, what's that house worth today?

Remember, whereas I had roughly 500 bucks a month for taxes and insurance when I owned it and couldn't sell it for more than 450K, NOW the new buyer would have to ante up somewhere in the area of $2,000.00 a MONTH and that doesn't include the principal and interest. So what's it worth?

Realtors in general may claim "this is a good time to buy" and it might be, but at what price? ALL things considered?
Thank you. There is simply not enough money to support the asking prices. And one day, after a Florida city gets flattened by a hurricane, the insurers will panic and financing will dry up. The whole real estate market is teetering on a cliff now.
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Old 01-26-2009, 08:25 PM
 
Location: Tampa
3,981 posts, read 9,433,225 times
Reputation: 1171
Cheap homes keep sales on upswing - St. Petersburg Times


is it a good thing if the houses are just being bought by investors again?
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Old 02-09-2009, 07:15 AM
 
1,234 posts, read 1,064,860 times
Reputation: 452
Smile Bottom Level Prices ?

In my part of west Fl. recent home prices on some bank foreclosures have reached about what these homes cost back in 1978. Think about that! I just saw a decent 1150 s.f. home with a fireplace for $35K. It sold quick.

Short of a depression and given that the avg. income here is about 20K, It looks to me that this market has over-corrected. If you need a cheap place to live and have all cash or real stable income (like retirement funds), Probably makes sense to jump in and hold your breath. It is cheaper to own here than rent!

I suspect that there are a whole lot of retirees that would like to come here and will do so. Consider this... Say a retiree had 100k in their 401k back in 2006. They could have traded their 401K money for about an 800 s.f. home here worth 100K. Now, the stock market tanked 40% and they only have 60K left, but they can come down here and buy 800 s.f. for 25-30K! They have 30-35K Left Over in their 401k AND they now OWN the home.

Bottom, as in other things, is relative. Watch what happens in the next couple of years when these foreclosures dry up.

Think it is just investors that understand this?

P.S. The Banker Criminals all belong in Jail along with their crooked Politico friends. I say... Lock em all Up! Bankrupting the country IS a Terrorist act!
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