[HockeyMom72]

I have seen everything from free cars to free boats included with the sale of property. One place we looked at has come down $120,000 since October. They offered to pay closing costs. Now I saw one developer offering to pay the mortgage, property tax, and association dues for one full year. They will pay the closing costs also.

Is it really this bad? I know it is bad just about everywhere, including here in New York, but I have never seen anything like THIS. Is all this just a "scam"? Or am I being cynical?

We are "potential" buyers so I really would welcome the feedback.

[jbravo]

Yes, it's really this bad.
And, it's bound to get worse.

[firemed]

Its very bad. There are alot of homes just sitting. The developers placed a bet and are losing. I have never seen it this bad. sales people are telling people anything to sell a home. Developers will give them cars, Trips and cash. I don't know why they just don't pass it on to the buyer. Florida just priced out most of the potential buyers from other states.
Developers are looking to sell their projects, and they need to do whatever they can to appeal to prospective buyers,’ said David Levin, a housing industry analyst in Delray Beach. ‘Some developers who anticipated selling…at prices that are no longer realistic are repackaging their projects and trying interesting marketing tactics to sell units.’”

“Even at just 5 percent down, a buyer has to cough up $20,000 on a $400,000 unit, a big investment for some. Eric Feldman, a real estate agent in Hollywood, said that the monthly carrying charges on a $400,000 townhouse could be a burden, too.”

[MrTudo]

Look at what prices were 5 years ago, then 2 years ago and then you decide.

Not just real estate but the taxes and insurance to go with them.

It's just no longer the deal it used to be.

[121804]

There is a major builder in Charlotte County that is paying closing costs. Bank of America [throughout the US] is also now paying closing costs.
Around here, some of the more expensive homes or people who are in no need to hurry are not budging much on homes. Other than that, there are a TON of listings that say "price reduced" & we see more every week say that, etc. We've told our realtor that we want as much as closing costs picked up if we go through an individual buyer, storm shutters & gutters. But, we've hit a point were we are not going to buy for a long time due to the excessive inventory & worry about HOI & taxes. Rent is expensive but better than worrying about digging out of a mortgage if we decide to move in the next 2-3 yrs, which is probable & what the heck will happen should this be a bad hurricane season. Our worry lies in HOI & taxes, not so much the price of the homes anymore.
Regardless, single family home building is still going on a lot & that is another reason we are deciding to wait. Maybe we will get burned in the end, but right now, still to unknown around here. The inventory is so high that silly things are going to start to happen. Guess if one knows for a fact that where they are moving will be permanent, than some of the deals right now could just be that- a really good deal.

My question is what time frame should one look at to see the average cost of a Florida home to see if they are paying too much overall regardless of price reduction.

[PG77]

It's that bad. And if we get another bad hurricane season, its probably gonna get even worse.

[MrTudo]

Charlotte Cnty is a DEAL in comparison to Broward and Palm Beach Cnties......moneywise.

No comparison. Not only money but check the stats on census.gov too.

[121804]

What exactly under census.gov?

There are more than a good amount of 1600sq under ac, 3/2/2's going for between 179-199 & most of them are new. My question is & always will be: what do people do to earn a living in Charlotte County

[firemed]

Originally Posted by 121804

What exactly under census.gov?

There are more than a good amount of 1600sq under ac, 3/2/2's going for between 179-199 & most of them are new. My question is & always will be: what do people do to earn a living in Charlotte County

Build houses !

[dreamofmonterey]

Regardless, single family home building is still going on a lot & that is another reason we are deciding to wait...
________________________
wow- sounds like a major surplus and they are STILL building? Thats not good. Too much supply will never justify the asking price.