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Old 06-12-2009, 09:00 AM
 
Location: America
6,985 posts, read 15,454,757 times
Reputation: 2067

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Quote:
Originally Posted by stevehawk View Post
It will be one of the best places to be when this thing turns around.

I am betting on it.

Florida is desirable. Best beaches in the country. So much to do. Great weather.(I like it hot).

Extremely low real estate prices in many parts of Florida.

Especially for what you get.

When I was first married 23 years ago I had a chance to relocate to Florida with cousins.

I could have gotten a moderate size house in the Naples area for $50-60k.

Instead I bought a house in Ct. for triple that.

Sure it ended up more than doubling in price.

The thing is I hate Ct.! I hate New England!

I hate the cold. Well we compromised and moved to South Carolina after 21 years of marriage.

She is now going back and we are getting divorced as we have never been able to agree on anything really.

I believe in Florida. I always have. It's were I really want to be.

I think it will emerge a fantastic bargain and a great place to live.
A lot of what you have said is subjective. not everyone shares your opinion so that is problem one. Problem two when young families look for a place to live they at some point will be more concerned with finding good paying jobs and that is something Florida is short on. This place has a mountain of problems and unless they find away to fix them, this place will not do well at all. Cant even count on the seniors as many of them have been returning to their place of origin. The only people coming to Florida have been internationals. But now the question of what is the caliber of those coming here. Are they educated and upwardly mobile or are they uneducated or lack proficiency in English and fill the bottom rungs of the economic social strata? if it is the latter then that is a HUGE problem.
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Old 06-12-2009, 09:26 AM
 
Location: roaming gnome
12,391 posts, read 24,496,647 times
Reputation: 5656
FL didn't have good paying jobs, industries, public education, public works, educated populous or infrastructure before the recession and housing bust, what makes you think it is going to be better afterwards when the brain drain has picked up pace? The wealthy are going to continue to move here, and the poor from latin america are going to come. There have been no steps by the government of FL in the last 15 years to change anything, and they aren't doing anything beneficial right now either.
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Old 06-12-2009, 10:12 AM
 
2,414 posts, read 4,794,825 times
Reputation: 645
Quote:
Originally Posted by Scientifical Madness View Post
If one is going to move here, great, but buy one house and live in it, dont lie about your income on your application, and buy two - three houses hoping to get rich. The "get rich quick" schemers that run to FL gets really old.
That stuff shouldn't be happening anymore (at least for the next few years). The banks aren't offering No Doc loans right now and I'm not sure they're offering Stated Income either.
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Old 06-12-2009, 01:32 PM
 
4,337 posts, read 6,028,522 times
Reputation: 10407
Quote:
Originally Posted by grapico View Post
FL didn't have good paying jobs, industries, public education, public works, educated populous or infrastructure before the recession and housing bust, what makes you think it is going to be better afterwards when the brain drain has picked up pace?
This is all true, and on this same note, it didn't hurt the wild boom either. Florida will come back with a vengeance, whether there's jobs, infrastructure, or whatever.
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Old 06-12-2009, 02:22 PM
 
376 posts, read 799,602 times
Reputation: 180
Ummmm ~ I am in Lee County, it will take years & years to sell the present home inventory. Housing prices may still decline dramatically. Wait till the shadow inventory is counted. There are very few jobs. Many more people panhandling and begging on street corners... at least here, it seems things will only worsen.
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Old 06-12-2009, 07:37 PM
 
Location: America
6,985 posts, read 15,454,757 times
Reputation: 2067
Quote:
Originally Posted by OrlandoRE_Miracle View Post
That stuff shouldn't be happening anymore (at least for the next few years). The banks aren't offering No Doc loans right now and I'm not sure they're offering Stated Income either.
You would be shocked. In downtown Miami a ton of "investors" are still purchasing up units. They are purchasing foreclosed homes too. I am not sure why they would purchase something that is still falling in value but they are. I assume many of these know nothings think that prices are going to go back up one day? It will go up one day, when we are all long dead and gone.
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Old 06-12-2009, 09:02 PM
 
552 posts, read 445,288 times
Reputation: 148
^^^Send them to Orlando for me, lol! I gotta house for them to buy!
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Old 06-12-2009, 10:11 PM
 
Location: Central FL
1,382 posts, read 3,259,304 times
Reputation: 1181
Quote:
Originally Posted by verobeach View Post
This is all true, and on this same note, it didn't hurt the wild boom either. Florida will come back with a vengeance, whether there's jobs, infrastructure, or whatever.
Ummm, yeah. Read that again and get back to me when Florida "comes back" without jobs and new infrastructure.

Interest rates and gas prices continue to climb. The housing "recovery" will tank as interest rates move higher than 6%. (shouldn't take long at this rate) What a mess. Then of course you have the "Alt-a" loans that will begin to re-set next year. Not a pretty sight and could be just as bad as the sub-prime. Most estimates I read show about 70% of alt-a's expected to default. There should be some real housing bargains coming up, but you will probably need cash for most of 'em because banks will once again be in deep trouble.
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Old 06-12-2009, 10:17 PM
 
Location: America
6,985 posts, read 15,454,757 times
Reputation: 2067
Quote:
Originally Posted by MovedfromFL View Post
Ummm, yeah. Read that again and get back to me when Florida "comes back" without jobs and new infrastructure.

Interest rates and gas prices continue to climb. The housing "recovery" will tank as interest rates move higher than 6%. (shouldn't take long at this rate) What a mess. Then of course you have the "Alt-a" loans that will begin to re-set next year. Not a pretty sight and could be just as bad as the sub-prime. Most estimates I read show about 70% of alt-a's expected to default. There should be some real housing bargains coming up, but you will probably need cash for most of 'em because banks will once again be in deep trouble.
great post. One correction though, Alt-A is coming in fall to a theater near you.
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Old 06-12-2009, 10:49 PM
 
Location: Pittsburgh, PA
1,303 posts, read 2,664,799 times
Reputation: 1131
Quote:
Originally Posted by Wild Style View Post
You would be shocked. In downtown Miami a ton of "investors" are still purchasing up units. They are purchasing foreclosed homes too. I am not sure why they would purchase something that is still falling in value but they are. I assume many of these know nothings think that prices are going to go back up one day? It will go up one day, when we are all long dead and gone.
Real estate is only as valuable as the price someone is willing to pay for it. Some are wrongfully still viewing real estate as an investment, despite the ongoing losses being endured by current "investors" who are losing equity by the day.
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