[doggiebus]

SOBE, is short for South Beach on Miami Beach.

[elfyum]

Originally Posted by doggiebus

SOBE, is short for South Beach on Miami Beach.

Thanks "dog"!

Tallrick - you are just so blinded by your mud tinted glasses! (as in opposite of rose tinted...) I mean, WTF???!!!

For those of you reading but who didn't read the huge section in the Herald, tallrick COMPLETELY LEFT OUT:

2005 vs 2006 Median House Prices:
Dade 2005 325,000
Dade 2006 361,000 About an 11% gain on average...Hmmm...
Broward 2005 325,000
Broward 2006 323,000 Looks like it went down doesn't it...

There's a HUGE map in the center with colored blocks showing the increases & ALOT of areas went up 10-20%!!!

Miami Beach - +18%
Surfside - +11%
South Miami - +19%
Biscayne Park - +12%
Homestead - +29%
NORTH MIAMI - Yes, that "funky area" - + 20%
Miami Gardens - now even I think this area's a little funky (not too bad though) - +24%
Opa Locka ???!!! - +22%

So maybe these areas will get BETTER... (Nah, Miami? Pshhhh...)

And rick - while alot of areas in The Keys went down in median price (actually as low as 430,500 - NAH - you see, you CAN afford it here... Not trying to be rude but all of you that seem to think one of the most desireable areas in the country will all of a sudden be as affordable as Iowa - NOT to insult Iowa! - but come on! Like maybe a condo in Manhattan will one day be affordable to the "poor" middle class... )
Marathon INCREASED by 138%!!!!!!!!!!! Yes, read it again...
ONE HUNDRED AND THIRTY EIGHT PERCENT!!!!!!!!!!!
Median house went from 545k to 1,295,000 - yes that's three zeros.
Sounds like Miami Beach a few years back...
Oh, and rick?
Key Largo went up 22%!!!!!
So get your house on the market bud - may take awhile, but you can get a nice house somewhere that you like so you don't have to complain about this horrible place where people actually gain on their investments while living in a tropical paradise - oh, uh, I mean hell.

[tallrick]

South Florida, especially miami will be the last holdout. Buyers there are too dumb to realize that real estate doesn't just go up. SInce they floated in on rafts there has not been a drop in real estate prices, but old timers know they can and do fall. There's still a sea of money sloshing around south Florida looking for a rat hole to drain into. Until they are foreclosed on, the Miami mentality can't lower prices and the prices will spike up and down for a long time without falling.

[elfyum]

Originally Posted by tallrick

South Florida, especially miami will be the last holdout. Buyers there are too dumb to realize that real estate doesn't just go up. SInce they floated in on rafts there has not been a drop in real estate prices, but old timers know they can and do fall. There's still a sea of money sloshing around south Florida looking for a rat hole to drain into. Until they are foreclosed on, the Miami mentality can't lower prices and the prices will spike up and down for a long time without falling.

Were you always this anti (SO)FL, or did this happen recently? Or over time?
I did offer to take your house - if you ever flip out & decide to just give the thing away to save your sanity, just lemme know! I love Key Largo!
Might I recommend a nice walk on the beach - it's probably not too cold for you - take deep breaths of the glorious salty air...Does wonders to sooth the soul! (And it sure sounds like you could use that! )

[Rhodes112]

Originally Posted by elfyum

Were you always this anti (SO)FL, or did this happen recently? Or over time?
I did offer to take your house - if you ever flip out & decide to just give the thing away to save your sanity, just lemme know! I love Key Largo!
Might I recommend a nice walk on the beach - it's probably not too cold for you - take deep breaths of the glorious salty air...Does wonders to sooth the soul! (And it sure sounds like you could use that! )

I'll remember you when the South Florida market implodes. You will be lucky to get 2000 prices when all is said and done.

[tallrick]

Originally Posted by Rhodes112

I'll remember you when the South Florida market implodes. You will be lucky to get 2000 prices when all is said and done.

If that day comes you'll see a lot of POSITIVE messages from me. I was that way about Key Largo before 1990. Things have been downhill since then, and if you want to take some time to go on the water, watch out for the careless boaters and hassles from the marine patrol. As things got more expensive the fun people moved out, leaving a bunch of selfish Latins and Northerners. The conchs conched out.

[elfyum]

Originally Posted by Rhodes112

I'll remember you when the South Florida market implodes. You will be lucky to get 2000 prices when all is said and done.

Ok by me! Just don't hold your breath...

[Need_affordable_home]

Actually if FL does away with property taxes I think this will stabalize house prices. It wont cause an explosion in prices cause only primary homeowners get the exemption on just ONE house. Speculators wont benefit so they wont bother. House prices just wont keep dropping anymore.

[firemed]

I was reading this and the number of New Yorkers is unreal ! The New York Times. “It was a simple pitch: Investors would put little to no money down and take out construction loans that a developer would use to build modest homes in a fast-growing stretch of Southwest Florida. When finished, the homes would be flipped for tidy profits of $30,000 to $40,000 apiece.”

“Work on the homes has come to a halt, leaving 482 investors with half-built houses and thousands of dollars in construction liens. Coast Financial Holdings, which owns the bank that made the loans, has disclosed that $110 million, or a fifth of its total loan portfolio, could be troubled.”

“‘It was strictly a passive investment,’ said Paul Matera, a retired contractor from West Islip, N.Y., who signed up for two houses and introduced dozens of others to the plan. ‘You didn’t pick out the model of the house. You didn’t pick out the exact location. Everybody signed papers without reading what they were signing.’”

“The case of a relatively small development in Southwest Florida illustrates the important role that real estate investors played. Like the day traders who drove up Internet stocks in the late 1990s, these investors, aided by cheap mortgages, helped drive a housing boom over the edge.”

“‘It was a groundswell,’ said Jerry Manning, who runs J. J. Manning Auctioneers, which sells homes in the Northeast and in South Florida. ‘Everybody thought that they were going to be a real estate mogul.’”

“‘You will have a correction, and the correction will make regional homeowners unhappy’ as property prices fall, said John Lonski, chief economist at Moody’s Investors Service. ‘Regional mortgage bankers will find their livelihoods threatened.’”

“Transeastern Homes, which builds homes in Florida, is in settlement talks with lenders who contend it is in default on debt totaling hundreds of millions of dollars. ‘We’re going to see much bigger builders and much bigger lenders facing bankruptcy because so much of the building has been on a speculative basis,’ said real estate consultant Jack McCabe.”

“Mr. Matera is paying $4,800 a month on four properties near Sarasota that he cannot sell and that do not collect enough in rent to cover their costs. Two properties, which are complete, are under his name and have tenants. His mother-in-law and his sister each own one of the two incomplete homes that cannot be finished because they have liens.”

“All together, about 100 of the nearly 500 investors are from the New York area, according to lawyers who are representing many buyers.”

[Bert]

“Work on the homes has come to a halt, leaving 482 investors with half-built houses and thousands of dollars in construction liens. Coast Financial Holdings, which owns the bank that made the loans, has disclosed that $110 million, or a fifth of its total loan portfolio, could be troubled.”

I know Isn't it great. Its a shame that most of the investors are out of State I am sorry. I am a native Floridian and quite frankly I want my State back(take this anyway you to, Floridians know what I mean). When I get back down there I plan on investing in homes and get in with the FL afordable Homes program. I intend to do everything I can to help people who wish to live in FL be able to live there. Especially Students.
I know it will never be the same as when I grew up there but I can only hope it gets better.