Housing Bubble Popped but why aren't the prices reflecting it? (Tampa: real estate, property taxes)

[kort677]

Originally Posted by SKB

I don't agree that anytime is the right time. Just ask friends of ours that bought in February and now their same home is selling for 17,000 less than what they paid for it. What will that amount look like by fall or next year? They put 113,000 down on this property. Do you think they will still be happy when this entire amount gets literally eaten up by depreciation? In 2002 this same home was selling for 225,000 they paid 365,000, what do you think it will be selling for when this crash is over? I bet this home will be worth in the area of 252,000 that means they would have lost their entire down payment. Yes sure they might live in it for 20 years and one day it might be worth what they paid again. So what, if we wait and buy the same home for 252,000 and put 113,000 down we will have a smaller mortgage, smaller taxes and a smaller insurance payment. I want to buy a home to live in it to, but I am not willing to risk losing that kind of money. I will be renting and waiting this one out.

your view is too short term, how will they feel 5 years, ten years down the road when their values will more than likely be higher, one thing that is certain, if you do not buy at some point in the near future you will miss the boat.
after I bought my second house I suffered a bit because for 2 years I was out on paper about 20% of it's value, but it didn't matter because I wasn't selling, now 15 years later it is worth almost 300% more than what I paid.

Sometimes you must endure a little pain in order to get the pleasure.
some areas may never fully recover their values but if you buy a decent house in an area that is solid you shouldn't try and time the market, leave timing to the speculators, if you're ready to buy and can find a good deal, do it!
Your mileage might vary

[Audacious]

Originally Posted by kort677

your view is too short term, how will they feel 5 years, ten years down the road when their values will more than likely be higher, one thing that is certain, if you do not buy at some point in the near future you will miss the boat.
after I bought my second house I suffered a bit because for 2 years I was out on paper about 20% of it's value, but it didn't matter because I wasn't selling, now 15 years later it is worth almost 300% more than what I paid.

Sometimes you must endure a little pain in order to get the pleasure.
some areas may never fully recover their values but if you buy a decent house in an area that is solid you shouldn't try and time the market, leave timing to the speculators, if you're ready to buy and can find a good deal, do it!
Your mileage might vary

That boat is making ready to "get underway"

[Muggy]

Originally Posted by kort677

if you do not buy at some point in the near future you will miss the boat.

Can you show me the math for that statement, please? Are you a realtor? Are you planning on retiring with your housing money? You argue from a standpoint of pressure and fear; it's a typical investor/realtor tactic and I'd simply like you to show me your math.

You should know that the last person I argued like this with eventually saw the light and is now trying to sell their investment houses. If you're right, this person is making a large financial mistake.

Again, please help everyone following along and show us the math. Please don't say something stupid like, "all of the boomers are coming with fistfulls of dollars." We're way beyond that silliness here. If you can, please provide you analysis of all of the fraud in Florida, as well as the high inventory, insurance crisis, and tax problems.

My guess is that you are a speculator or seller and you might lose some serious cash.

Added: O.k., you're neither a realtor nor speculator, just another "real estate always goes up" guy...

Kort, please interpret these graphs for me:

[SKB]

What I like the best about this site is everything here is permanently recorded. I will enjoy pulling this thread up in the fall time and we will then see who is really winning this debate.

The only boats that are sailing are the ones that are selling for next to nothing on Craigslist, in a last ditch attempt to try to save a REO from happening. These same boats were purchased with the monopoly money that was withdrawn from the house ATM machines.

If you really want to take on some serious debating on the prices of homes and what is happening with the market, I challenge you to go over to thehousingbubbleblog.com and have a go at it.

[firemed]

Originally Posted by SKB

What I like the best about this site is everything here is permanently recorded. I will enjoy pulling this thread up in the fall time and we will then see who is really winning this debate.

The only boats that are sailing are the ones that are selling for next to nothing on Craigslist, in a last ditch attempt to try to save a REO from happening. These same boats were purchased with the monopoly money that was withdrawn from the house ATM machines.

If you really want to take on some serious debating on the prices of homes and what is happening with the market, I challenge you to go over to thehousingbubbleblog.com and have a go at it.

Ben is the Man !!!!
Hovnanian Enterprises Inc., parent company of Lee County’s largest residential builder, reported Friday that it is writing off $8 million worth of sales and land values in Lee County for the second quarter.”

“Hovnanian CEO Ara Hovnanian said the $8 million includes two ‘bulk sales’ of scattered lots in Cape Coral and Lehigh Acres. He didn’t give a dollar figure for either deal but said that one of them involved the sale of lots the company now values in the low $20,000s per lot — down from $80,000 at the height of the market. ‘The contract price came in slightly below that level.’”

“With the lots priced at today’s prices, he said, ‘All of a sudden we’re back in the environment where we can have affordable housing. I think that’s a good indication of what vacant lots in Cape Coral are worth today.’”
There are lots of first homes out Cape Coral also.

The News-Press: Real Estate

[UKOK]

Originally Posted by kort677

your view is too short term, how will they feel 5 years, ten years down the road when their values will more than likely be higher, one thing that is certain, if you do not buy at some point in the near future you will miss the boat.

That is what realtors were saying in 2004 / 2005. Buy now or be FOREVER priced out of the market. Yeah ok.

[UKOK]

Originally Posted by Muggy

You argue from a standpoint of pressure and fear; it's a typical investor/realtor tactic and I'd simply like you to show me your math.

You should know that the last person I argued like this with eventually saw the light and is now trying to sell their investment houses.

No, he argues from the point of someone who has recently bought a house, or is just about to. He can't afford to see your point because then he would have to admit he overspent bigtime. Head in sand = better sleep at night, me thinks.

[kort677]

Originally Posted by Muggy

Can you show me the math for that statement, please? Are you a realtor? Are you planning on retiring with your housing money? You argue from a standpoint of pressure and fear; it's a typical investor/realtor tactic and I'd simply like you to show me your math.

sorry to disappoint you but I am just a simple shlub who is buying a house for myself and my family to enjoy, I'm not afraid to buy a house today (actually it will probably be tomorrow) and I have no super stats to offer, just my anecdotal experiences derived from my life experiences.
I've bought 2 houses in the past, in some of the worst real estate markets possible and I've never lost a penny, on my second house I am sitting on an almost 300% profit.

You're so stuck believing your view is the only right one that you can't accept that your conclusions might not be the only correct one.

maybe all your stats, charts, and expert opinions are right, but maybe they're not, who cares?

Remember all real estate is local and every location will not share the same characteristics, for example some desirable areas will maintain value regardless of what happens in other areas, and some less desirable areas that have been over built and over bought by speculators may never recover.

your theories might be right for wherever it is you are and my optimism might be misplaced, only time will tell, and lastly it's my money and I'll p*ss it away any way I please.

[kort677]

Originally Posted by UKOK

No, he argues from the point of someone who has recently bought a house, or is just about to. He can't afford to see your point because then he would have to admit he overspent bigtime. Head in sand = better sleep at night, me thinks.

like I said, maybe I am wrong for the short term, but it doesn't matter because I will be living in and enjoying my new home and historically real estate has always been a good value, so I might suck wind for a few years, but in the end, many years down the road, either I or my heirs will at some point sell this house for a tidy profit.
Too many of you take this way too seriously, you guys act like you're ready to duke it out with anyone who refuses to share your views, lighten up, it's only money!

[UKOK]

Originally Posted by kort677

like I said, maybe I am wrong for the short term, but it doesn't matter because I will be living in and enjoying my new home and historically real estate has always been a good value, so I might suck wind for a few years, but in the end, many years down the road, either I or my heirs will at some point sell this house for a tidy profit.
Too many of you take this way too seriously, you guys act like you're ready to duke it out with anyone who refuses to share your views, lighten up, it's only money!

Nah, I'm not that serious about the market. I am, however, serious about my money, pi$$ing it away is not in my nature. I would never sleep at night!

Best of luck in your new house.