[sunrico90]

I would ask the following: is everyone bound to own a home/condo? I would say no. For many this is not realistic due to financial limitations. A person that chooses to purchase property has to have the financial power to absorb the mortgage, taxes, insurance, car loans, credit card bills, utilities, and many more money sucking things.

If the area that you live does not support your financial status, please stop and rethink your plan. A house or condo for $50K is not a reality today. If you can only afford $50K well buy a lot, then built your home as your financial power allows.

In today’s market the land is worth the $50K, therefore a house or condo is not in the horizon.

Sometimes we must open our eyes and see what is in front of us and be realistic.

[firemed]

Originally Posted by sunrico90

I would ask the following: is everyone bound to own a home/condo? I would say no. For many this is not realistic due to financial limitations. A person that chooses to purchase property has to have the financial power to absorb the mortgage, taxes, insurance, car loans, credit card bills, utilities, and many more money sucking things.

If the area that you live does not support your financial status, please stop and rethink your plan. A house or condo for $50K is not a reality today. If you can only afford $50K well buy a lot, then built your home as your financial power allows.

In today’s market the land is worth the $50K, therefore a house or condo is not in the horizon.

Sometimes we must open our eyes and see what is in front of us and be realistic.

Best post all day !
I started buying land in 1980 for cattle. I would buy what I could 1 or 2 acres at a time some on the river and all around my first plot. Land was cheap then and housing hit a low point in 1989 and it went down more. In 2005 I sold 20 acres of it. It was not easy I worked two jobs and still went to school at night. I still think we will be dropping from this last high for at least 2 more years if not more. We have a three year supply of homes and more on the market each week. I'm not an invester. I just got lucky. But I won't push that luck.

[sunrico90]

I searched the market in my area and found one for $59K, sorry the one for $50K was sold



JUST REDUCED $10,000. THIS IS A GREAT PIECE OF PROPERTY. BRING OFFERS. LOCATION, LOCATION, LOCATION. THIS MOBILE HOME IS IN THE UP AND COMING EAST BAY HEIGHTS AREA. THERE ARE NEW HOMES BEING BUILT ALL AROUND. THIS MOBILE HOME HAS MANY NEW FEATURES ON THE INSIDE AND SHOULD NOT BE JUDGED BY THE OUTSIDE. THIS PROPERTY WOULD BE A GREAT INVESTMENT. TWO LOTS MAKE UP THIS .25 ACRE HOMESITE. IT APPEARS THAT 2 HOMES COULD BE BUILT ON EACH OF THE INDIVIDUAL LOTS. THE CURRENT OWNER STARTED A REMODEL ON THE SECOND BATH, BUT HAS NOT FINISHED IT. THE HOME IS SET UP FOR 2 BATHS, BUT CURRENTLY ONLY HAS ONE OPERATIONAL.THERE IS A 6 PERS ON JACUZZI TUB IN THE BACK. THE JACUZZI HAS BEEN SET DOWN IN THE DECK FOR EASY ACCESS AND FUN. BRING ALL OFFERS.

[Jammie]

Did someone mention a jacuzzi? That seemed to be the best part of the whole deal.

[RedWingsFan]

Good posts Sunrico! I totally agree with you!

And see what you get for around $50k. Scary! It's unrealistic to think you can get a nice home in a nice safe community for that.

[ssg II]

Ditto firemed & sunrico.

Where in the whole COUNTRY can you get a condo for 50K? Maybe a Time-Share...

You are living in a dreamworld! You can get at run-down trailer in the boonies for 50K.

The rule of thumb is multiply your yearly income times 4. That is the home you can afford.

Sorry for being so blunt.

[Need_affordable_home]

Originally Posted by RedWingsFan

How would you know, you've never done it? Obviously to a lot of people it is or people wouldn't do it.

Don't knock it until you try it, you just might like it!

I dont care if alot of people are happy living paycheck to paycheck to afford an overpriced house. I can enjoy life in a good location in the northeast, get a correctly priced house and have plenty of money left over for fun and to save aside for my retirement.

Originally Posted by firemed

I don't think you will find a 10k condo in south Florida, But this is our selling season. Spring is the season for the north. I think by summer you will find some great deals. But finding a mortgage might be the hard part.

Anyone who claims so either is exaggerating or found the deal of the decade. I have seen a $95k condo in person and it was unimpressive(see my previous post)

Originally Posted by sunrico90

I would ask the following: is everyone bound to own a home/condo? I would say no. For many this is not realistic due to financial limitations. A person that chooses to purchase property has to have the financial power to absorb the mortgage, taxes, insurance, car loans, credit card bills, utilities, and many more money sucking things.

If the area that you live does not support your financial status, please stop and rethink your plan. A house or condo for $50K is not a reality today. If you can only afford $50K well buy a lot, then built your home as your financial power allows.

In today’s market the land is worth the $50K, therefore a house or condo is not in the horizon.

Owning is cheaper than renting. If there are no reasonably priced homes in your location then relocate. There are plenty of $50k houses, just very few in Florida and those are tiny shacks in rural north FL. You could admittly get a nice doublewide mobile home on an acre of land for $50k in north FL. This is why I say condos in FL are overpriced, please check condo prices in Texas and get back to me.

Originally Posted by Jammie

Did someone mention a jacuzzi? That seemed to be the best part of the whole deal.

$10k for a mobile home on a double lot sounds like a good deal. Great for someone with an $8/hour job.

Originally Posted by RedWingsFan

Good posts Sunrico! I totally agree with you!

And see what you get for around $50k. Scary! It's unrealistic to think you can get a nice home in a nice safe community for that.

You can in several states, Florida is not one of them. I will visit those states with affordable homes after planning and funds.

Originally Posted by sunshinegirl

Ditto firemed & sunrico.

Where in the whole COUNTRY can you get a condo for 50K? Maybe a Time-Share...

You are living in a dreamworld! You can get at run-down trailer in the boonies for 50K.

The rule of thumb is multiply your yearly income times 4. That is the home you can afford.

Sorry for being so blunt.

Florida? You can get an "active adult" 1/1 condo for $50k or a normal 1/1 condo in north FL for $50k(although most will be closer to $75k) cheapest condo in south FL in a safe neighboorhood is $125k for a 1/1 Other states have much better prices. As for mobile home you can get a very nice 3 bedroom doublewide on an acre of land for $50k in north FL but for the same price thatll get you a real house in the northeast(PA, OH, WV)

Maybe if someone made $150k a year could he afford a $600k house but on a median income of $35k you wont have much left after food and other expenses. Do the math.

[sunrico90]

NAH,

This is about Florida not Texas, if Texas is cheaper and appeals your eye that is your future. I found one that you will like, great investment property in Miramar Beach. I might this one a rental property, $500.00 per weekend....



Property Type: Condo
MLS Number:
Year Built: 1996
Square Feet: 1069
Bedrooms: 2
Bathrooms: 2T

[Prichard]

Here are my thoughts on what condo should sell for. This is just pure opinion, not based on comparable sales. It is based on what I belive most people people looking to buy a place would consider a condo to be a "fair" deal. It's basically what I'd pay for the following products:

New 3/2 condo (1,300 sf) in a high rise right on the Atlantic or Gulf (except in Miami or other extraordinarily high-priced areas): $600,000. Newer beachfront condos are built to withstand a hurricane and storm surge better than a block house and are much easier to maintain.

Highrise condo in downtown Orlando: $200,000. Families won't live in them. Really difficult to own pets. Rental has to be somewhat affordable, otherwise they make lousey investments. The view is of.....NOTHING! Orlando downtown doesn't have that much to offer that would make most people want to pay a premium to live there. Tourists have no interest in them. I just don't see them really selling out (except to stupid investors) at a price point greater than $200,000

Typical suburban townhome condo - $125,000. Cheaper than a house, but you can still say "I own it". If you can afford a house why would you buy something that might have the same noisey neighbor who blairs his stereo at 3:00 am next to you?

Older condos - 20+ years. $70,000 - got to keep enough reserves around to pay for all of the special assessments that come with 20 year old condos. Also, there is nothing prestigious about living in an older condo in suburbia. Yuck! I'd rather be renting.

Condotells - $60,000 - if it is in an area right near Disney World and kept up nicely. That will get you about a 10% return on your investment and maybe some appreciation 5 - 10 years out. At that price or less, I might take the risk.

[pianogal]

Originally Posted by Prichard

Here are my thoughts on what condo should sell for. This is just pure opinion, not based on comparable sales. It is based on what I belive most people people looking to buy a place would consider a condo to be a "fair" deal. It's basically what I'd pay for the following products:

New 3/2 condo (1,300 sf) in a high rise right on the Atlantic or Gulf (except in Miami or other extraordinarily high-priced areas): $600,000. Newer beachfront condos are built to withstand a hurricane and storm surge better than a block house and are much easier to maintain.

Highrise condo in downtown Orlando: $200,000. Families won't live in them. Really difficult to own pets. Rental has to be somewhat affordable, otherwise they make lousey investments. The view is of.....NOTHING! Orlando downtown doesn't have that much to offer that would make most people want to pay a premium to live there. Tourists have no interest in them. I just don't see them really selling out (except to stupid investors) at a price point greater than $200,000

Typical suburban townhome condo - $125,000. Cheaper than a house, but you can still say "I own it". If you can afford a house why would you buy something that might have the same noisey neighbor who blairs his stereo at 3:00 am next to you?

Older condos - 20+ years. $70,000 - got to keep enough reserves around to pay for all of the special assessments that come with 20 year old condos. Also, there is nothing prestigious about living in an older condo in suburbia. Yuck! I'd rather be renting.

Condotells - $60,000 - if it is in an area right near Disney World and kept up nicely. That will get you about a 10% return on your investment and maybe some appreciation 5 - 10 years out. At that price or less, I might take the risk.

Yeah...and I remember when these WERE the prices....of course we're talking 2001-2002.