U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-29-2008, 06:01 AM
 
85 posts, read 181,280 times
Reputation: 23

Advertisements

Quote:
Originally Posted by Mike Peterson View Post
Many areas in NY, California, NJ, Conn. amoung others.
i guess NYC, upstate NY is cheap as hell

Quote:
Originally Posted by Mike Peterson View Post
The bottom may be a ways off in some areas but in other areas the bottom has been reached. Median price has been relatively the same for 10-11 months and inventory is going down.
are any of those areas in florida?
Reply With Quote Quick reply to this message

 
Old 07-29-2008, 07:04 AM
 
Location: Hernando County, FL
8,488 posts, read 17,893,784 times
Reputation: 5397
Quote:
Originally Posted by deep-blue-water View Post
i guess NYC, upstate NY is cheap as hell



are any of those areas in florida?
Yes, some of those areas are in Florida.
Reply With Quote Quick reply to this message
 
Old 07-29-2008, 09:11 AM
 
85 posts, read 181,280 times
Reputation: 23
really? there are places in Florida that have seen no decreases in price over the past 10-11 months, can you tell me where?
Reply With Quote Quick reply to this message
 
Old 07-29-2008, 09:53 AM
 
Location: Hernando County, FL
8,488 posts, read 17,893,784 times
Reputation: 5397
Hernando County has been around $150K since last September. A few months up a few months down but right around that mark. So far this month we are at $149,900 median.
Inventory has also decreased by about 14% since the beginning of the year.
Reply With Quote Quick reply to this message
 
Old 07-29-2008, 12:56 PM
 
Location: Punta Gorda and Maryland
6,102 posts, read 13,061,970 times
Reputation: 1220
Quote:
Originally Posted by Gatornation View Post
I would imagine a % of gross compared to mortgage payment is what they meant.

The generally accepted concept was 3xs your yearly salary. But with the cost of living you need to deduct what it takes to live on before your housing costs are determined. I doubt that with the cost of living if you make $40K per year you can afford a 120 - 150K house these days. Especially if you have a car payment, gas, increasing food bills, etc. . . On that kind of salary many people will have trouble meeting a subsidized rent these days. Plus, how does one that makes that kind of money save enough for a down payment and still make it. If they are able to save, and purchase a house - sacrifices will have to be made - that's for sure. I commend those that can make that work.
Reply With Quote Quick reply to this message
 
Old 07-29-2008, 01:02 PM
 
Location: Punta Gorda and Maryland
6,102 posts, read 13,061,970 times
Reputation: 1220
Quote:
Originally Posted by bale002 View Post
Yes the housing market is in the midst of the recovery, since probably about two years ago.

After a period of the most notorious financial and moral irresponsibility in the country's history, during which housing prices soared above the means of most of the countries' citizens and lost all connection with economic reality, the recovery actually started as early as the summer of 2005 in southwestern Florida, the region most affected by the insanity in proportional terms.

The recovery spread to places like Palm Beach County, especially since 2007, with price drops of up to 30%, and it is just finally starting in Dade County. In short, the recovery is spreading at a speed in inverse proportion to the level of economic depth of the region affected by the insanity during the 2003-2007 period.

I would say that the recovery has another two years to go, at least, with price drops in the vicinity of another 30% from current levels, then a period of normalcy, during which prices rise slowly consistent with the pace of inflation, based on real productivity, possibly lasting 10-20 years, until another bout of insanity afflicts the country.

So yes, the recovery is well underway, and prices have to drop another 30% before a return to normalcy.
Painful as it is, I agree the recovery process started when the bottom began to fall out of the housing market. Most though won't view that the recovery has commenced until the curve goes back up again, for a reasonable duration.

That will happen in some pocketed areas first before it spreads. I think there will be some significant global changes being made with the recovery - those as we know have started as well.
Reply With Quote Quick reply to this message
 
Old 07-29-2008, 02:07 PM
 
15,123 posts, read 31,016,405 times
Reputation: 18221
Some areas are on the upswing, for the past several months single family homes in the Sarasota area have been increasing, and inventory has dropped - they expect to see an even larger drop in the numbers when they finishing merging their MLS and many duplicates get dropped. Prices have gone back to 2003/2004 levels. However; the condo market is still in the toilet.

It is a good time to buy in that area, IMO. We just did, and got a nice deal. We could have gotten an even better deal but we wanted a specific bayside neighborhood and choices were more limited there - lots of pending sales in that area. Some neighborhoods like Southgate and Gulfgate are still dropping, and I can't believe how cheap some of them are. Folks, I am not a realtor, but if you want in this area, I totally believe now is the time.
Reply With Quote Quick reply to this message
 
Old 08-05-2008, 12:27 PM
 
Location: Midwest
31,008 posts, read 19,506,864 times
Reputation: 7722
This sounds scary concerning the Florida real estate situation.

County Has a 42-Year Supply of Vacant Lots - The Home Front (usnews.com)
Reply With Quote Quick reply to this message
 
Old 08-05-2008, 12:49 PM
 
Location: Hernando County, FL
8,488 posts, read 17,893,784 times
Reputation: 5397
Quote:
Originally Posted by jojajn View Post
This sounds scary concerning the Florida real estate situation.

County Has a 42-Year Supply of Vacant Lots - The Home Front (usnews.com)
And 10 years ago they probably had a 50 year supply.

When you look at rural countys such as Citrus they had developments that were platted 30-40 years ago, effectively adding thousands of lots to the tax rolls from initially a few large parcels.

It was not the recent addition during the boom of new subdivisions that caused them to have all these vacant lots. Though there were some new subdivisions, the majority were already existing.

That author of that article did not bother doing the research that should have been done.
Reply With Quote Quick reply to this message
 
Old 08-05-2008, 12:56 PM
 
126 posts, read 310,386 times
Reputation: 32
I wonder what will happen when rates go up ?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 12:13 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top