[kort677]

Originally Posted by Audacious

Whatever your house was worth in 2005 reduce it by 30% and that is what it is worth today. If you NEED to sell it then another 10% off of that will sell the house.

that might be good advise for wherever it is you are talking about but that would be disastrous advice for people in many parts of FLA.

For example, here in JAX home prices are steady and such heavy discounting would be an insane thing for any homeowner to do, and there are many other places here in FLA where values are holding steady and even going higher.

many people do not understand that one of the most important fundamental facts about real estate values, and that one fact is that the real estate market is very localized and what might hold true for one area cannot be applied to others. One size does not fit all.

So thanks for your offer of info, and to the people who come to places like this looking for advice and info please take any advise offered here or any other place on the internet with huge level of skepticism

[Audacious]

Hi Kort,

The original post was re the North Port area. This area had incredible appreciation 2002 to 2006. Prices were going up 30% and more per year. Not sustainable and not good for the market overall. The average 3-2-2 in 2003 was about 85K in 2005 that house would bring 200K to 220K At current values the same house is worth about 150K to 170K depending on age and condition.

I agree with you 100% that this formula does NOT apply to all of Florida. In fact I also believe that a tremendous amount of the doom and gloom stats, charts, blogs, media etc etc re the national market also do not apply to most of Fl. There are areas in Fl that are still tanking, others that are starting to rise and your market area whch has remained stable.

The Sarasota area had the fastest and highest % of increase in prices and therefore had to experience the hardest fall which it has done. The local rag mentioned how prices are anticipated to drop another 2 - 3% Who cares, that is minimal after the recent correction and I don't think it applies to our area. We are starting to see a little life down here and should be in balance by the middle of next year. One of the major contributing factors to this area was the tremendous amount of spec building that went on here, UNBELIEVABLY! Over the last 10 months those builders have been dumping inventory at super low prices. A new 3-2-2 could be bought for 160K at the beginning of the year. Not anymore, those days are gone but the rsidual effect of the dumping remains. Buyers were thinking that if a new 1200 SF house is 160K then the 10 yr old house should be 80K. A rather skewered thought process that has to work itself out the same way builders faced reality, the same way buyers have to face reality. It will probably take another 6 - 10 mos to sink in. BTW I am NOT a realtor.

[AJ67]

we just took our home off the market, it was on for 5 months and with advice of our realtor there was no real reason to keep it up another month .. the market is really bad here in Kissimmee . Hopefully we will get some much needed property tax relief and the market will begin to pick up..until then i will sit back and enjoy my nice pool !

[kort677]

Originally Posted by Audacious

Hi Kort,

The original post was re the North Port area. This area had incredible appreciation 2002 to 2006. Prices were going up 30% and more per year. Not sustainable and not good for the market overall. The average 3-2-2 in 2003 was about 85K in 2005 that house would bring 200K to 220K At current values the same house is worth about 150K to 170K depending on age and condition.

I agree with you 100% that this formula does NOT apply to all of Florida. In fact I also believe that a tremendous amount of the doom and gloom stats, charts, blogs, media etc etc re the national market also do not apply to most of Fl. There are areas in Fl that are still tanking, others that are starting to rise and your market area whch has remained stable.

The Sarasota area had the fastest and highest % of increase in prices and therefore had to experience the hardest fall which it has done. The local rag mentioned how prices are anticipated to drop another 2 - 3% Who cares, that is minimal after the recent correction and I don't think it applies to our area. We are starting to see a little life down here and should be in balance by the middle of next year. One of the major contributing factors to this area was the tremendous amount of spec building that went on here, UNBELIEVABLY! Over the last 10 months those builders have been dumping inventory at super low prices. A new 3-2-2 could be bought for 160K at the beginning of the year. Not anymore, those days are gone but the rsidual effect of the dumping remains. Buyers were thinking that if a new 1200 SF house is 160K then the 10 yr old house should be 80K. A rather skewered thought process that has to work itself out the same way builders faced reality, the same way buyers have to face reality. It will probably take another 6 - 10 mos to sink in. BTW I am NOT a realtor.

the bottom line is that the old cliches WILL again be valid, like they don't make any more land and so on,
on a side note I've seen that the boston RE market is finally showing signs of life, things like that bode well for FLA because if the can get out of Boston, maybe they'll come to FLA

[ddlove01]

We have a 3/2/2 home built in 2000. Our pool was installed in 2002, solar heated with pool enclosure. We have a custom stone fireplace, fenced in yard, new paint. Our home is on the MLS, realtor.com, and we are advertising in 3 different papers online from our area south to Miami. I know it will eventually sell, I just wish we would've sold for last year when homes with our criteria were selling for close to 275,000. Thanks to the poster that provided the free advertising info. I also listed our house on zillow.com. Thanks and good luck to everyone selling. : )

Originally Posted by kelly3120

ddlove01


can you tell us a little about the area and home?
I've been on the market a little under 2 months and we get 2-3 showings a week. We are in the starter home price range so maybe it's more affordable?

We have a virtual tour and pics as well ...we are on realtor.com, our realtors site, craigs list and word of mouth are working well and our realtor runs adds as needed.

Have a brokers open!!! and June is a happy month for buyers =) I expect it to sell by the end of June

[skypix]

once the property tax problem is resolved, i think it will be alot easier to sell....

[ddlove01]

Crossing my fingers! I really hope they make some sort of decision soon.

[firemed]

Originally Posted by skypix

once the property tax problem is resolved, i think it will be alot easier to sell....

I was just reading this on the tax cuts.
Large tax cuts needed to revive housing market, Broward real estate agents say: South Florida Sun-Sentinel

[gerard143]

i'd keep positive and wait it out. the nations noticing and i read constantly about florida in the regular newspapers in the wall street journal, in magazines, all talking about how much inventories on the market and how prices are dropping. younger people like myself who are sick of central ny winters and ready to make the move. i decided a year ago i wanted to move to florida. i have been setting myself up financially since then and will be down the end of june to look at homes in north port area as they are priced well. i cant believe it but i can find homes in north port nicer then what you can get for the same money here. that is simple amazing and unheard of as florida homes have been so overpriced. high home prices was about the only negative i saw in florida versus here (hurricanes dont scare me off) and now home prices are better in certain spots down there.

my buddy recently moved to tampa and many i talk to want to relocate. we are all sick of insanely high taxes in NYS. Central NY home prices are decent, but thats about it. gas is more, food is more, i dont see salaries any better here, weather is awful, cars rust beyond belief, and the quality of life is dreary and depressing being stuck inside most of the time due to bad weather. I read we get more cloudy rainy days then anywhere in the country. I believe it.

My generation (i'm 27), well most i've met around my age and younger...all agree NY is not where we want to be. The state blocks any hope of new business and jobs being created, and again i'll say property taxes are insane. On a 155k home, taxes are 6 grand a year. 500 a month in just property tax. I know because I almost bought a home here a few months back. The thought of paying 500 a month for life that will only increase for a state that offers just about nothing and suffers from wicked high utility bill costs as well. My little 900 sq foot home im renting averages me 375 dollars a month in winter months utilities.

Sorry NY i am out of here and many more my age look strongly toward florida and the lifestyle it can offer. We see your prices florida.... be patient... we're coming!!!!


I also see a strong base of older workers very near retirement who all look to florida as the place they want to go. Most are about 5-10 years from retirement and just about everyone is planning to live there. I don't blame them.

[info please]

Well I hope you got a good job lined up . your gonna need it down here it's not cheap