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Old 02-06-2007, 06:55 PM
 
38 posts, read 125,922 times
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What is the right choice in Florida.

Last edited by Richard Charles Antolinez; 02-06-2007 at 07:16 PM.. Reason: typo
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Old 02-06-2007, 07:50 PM
 
Location: PA
669 posts, read 2,946,165 times
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If you mean renting an apartment go for it, since the real estate market isn't in the best shape right now.
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Old 02-07-2007, 07:50 AM
 
Location: downtown Sarasota
4,726 posts, read 12,434,280 times
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It's a wise choice to always rent for six months to a year...that way, you're not stuck!
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Old 02-07-2007, 08:38 AM
 
Location: Finally made it to Florida and lovin' every minute!
22,677 posts, read 17,127,367 times
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Naturally, everything depends on the individual's situation. I would agree with the "conventional" wisdom that it's probably a good idea to try renting at first, then, if it agrees with you, go ahead and buy when you find a good deal. Me? Naturally, I went against wisdom and went ahead and bought, probably just as the bubble was getting ready to burst! But I'm happy with the decision, at least for now. Ask me again in a year, after we've lived there for a bit.
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Old 02-07-2007, 11:32 AM
 
Location: Vero Beach, Fl
2,949 posts, read 12,185,543 times
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What is your long term plan? Do you currenlty reside in Florida? If memory services me, you don't right?

If you are just moving down here and as others have said, rent for a while. There are so many forclosures right now. Taxes and insurance are being revisited where we will see some prices adjustments. There are opportunities, but I would give it a few months to 1 year.

Also, if and when you do buy, buy within your means. Because of creative mortgages, many are finding themselves unable to make payments and coupled with the increase of insurance has made it impossible to keep up with the payments. Just this morning I signd off on our new insurance - $7,541 per year -- and this was discounted from $9k+. I was relieved...now, how warped is that? :-)
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Old 02-07-2007, 12:07 PM
 
15 posts, read 38,725 times
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“Speculators Are Looking Foolish” In Florida

Bloomberg reports on Florida. “Brian Tuttle owns so much land that he paid $3.6 million to get rid of 125 acres ready for development in the middle of Florida’s Palm Beach County. ‘In 2005, I was a brain surgeon, and in 2006, I was a moron,’ said Tuttle, who walked away from his deposit on the land rather than lose even more money buying it and building homes on it. ‘The only good news is that I’m not alone.’”

“If he chose to buy the land, he would pay $310,000 an acre, almost 10 times more than the $33,000 an acre he paid for his first parcel there in 2000. Two years later, land values have fallen by as much as 40 percent. Tuttle said it was impossible for him to make enough on the deal, so he chose to give up the deposit rather than buy the land.”

“‘I’m just this humble guy and I didn’t see prices going this low,’ Tuttle said. ‘The big guys didn’t see it either.’”

“These days, the speculators are looking foolish. In Florida, where they helped inflate land values as much as 10-fold from 2000 to 2005, prices have dropped by as much as 50 percent.”

“‘The land market has dried up,’ said analyst Alex Barron. ‘Most builders are on the sidelines because they expect prices to go down another 30 percent.’”

“St. Joe Co., Florida’s biggest private landowner, said yesterday the average price per acre of land it sold in the fourth quarter dropped to $1,900 from $4,100 in the third quarter.”

“Jack McCabe, a real estate consultant in Deerfield Beach, Florida, said land prices in his region will keep falling. He said investors are waiting for prices to hit bottom, probably in the second half of this year. ‘It’s going to be pretty ugly,’ McCabe said. ‘Lots of people will lose money and a lot of paper wealth will be going away.’”


“McCabe said he is advising these investors to wait for better deals. ‘In my opinion, it’s still a little early. After the current snowbird season is over, I think we’ll see lenders take back properties from developers and foreclosures will go up dramatically.’”
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