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

[lostbuyer]

Originally Posted by Mike Peterson

Please explain to me how this is proof of anything except proof that it was listed too high to start with.

I think that was the point mike that alot of properties are overpriced,and due to the market conditions they are starting to fall....so how is that not proof of the housing collapse??...they use to sell for x amount now they sell for a percentage less,that certainly seems like evidence to me....

[nychiefsfan]

Originally Posted by SKB

Chief, Here is some proof that the prices are starting to reflect the housing crash.

Here is a home MLS # R2745442 that just took a 30% haircut from it's peak price. I had been watching this particular property.

Turn Key Home Builders New Homes for Sale

Originally listed for 384,900 it just sold $269,100 on May. 30, 2007.

Check out TCPalm Real Estate St Lucie county real estate sales May 24.

That's some good researching! Sales were down 39% in the area you're looking at, SKB.

Fort Pierce- Port St. Lucie 315 519 -39%

[bls5555]

Originally Posted by lostbuyer

I think that was the point mike that alot of properties are overpriced,and due to the market conditions they are starting to fall....so how is that not proof of the housing collapse??...they use to sell for x amount now they sell for a percentage less,that certainly seems like evidence to me....

of course it is evidence, some people just for some reason choose not to see these things.

[nychiefsfan]

Originally Posted by rstate

Here's a question for everyone on this post. Do you think you're a
1) real estate expert
2) real estate intermediate
3) real estate novice

and do you think you can predict the bottom in the market that you live in (within 5-10%) and if someone offered to sell you a house today at your predicted bottom price, would you feel confident enough to buy it?

1) real estate expert NO
2) real estate intermediate NO
3) real estate novice YES That's why I read as much as I can and study the market to the best of my capabilities.

do you think you can predict the bottom in the market that you live in?
No one can predict the bottom until it's already passed.

if someone offered to sell you a house today at your predicted bottom price, would you feel confident enough to buy it? Definitely. I firmly believe that prices will drop to 2003-04 ranges. I'm willing to pay a little more than that, but not where they are right now.

[nychiefsfan]

Originally Posted by LMB

You're good! We built a home in Orlando 12 years ago. Sold recently for exactly double.

So, a house usually wouldn't double in price in 3-5 years like it has in the Tampa area.

[nychiefsfan]

Tampa plans to slash payroll

The mayor says the cuts will be significant, but the numbers are uncertain.

By JANET ZINK
Published June 26, 2007

TAMPA - Mayor Pam Iorio this week will announce layoffs of city employees in response to the drop in revenue caused by state property tax reform.

The exact number of employees to be let go wasn't available Monday, but some employees worry that it could be as high as 100, according to Martha Stevens, president of the Amalgamated Transit Union Local 1464, which represents the city's general employees.

Hillsborough: Tampa plans to slash payroll

"Five years from now you will be very happy you're in this business and located in Tampa. Nothing alarming in this region," Yun said over a brown-bag lunch to about 75 real estate agents.
Business: Housing market will come back

My translation: The Tampa economy isn't doing as well as Lawrence Yun thinks...

[Mike Peterson]

Originally Posted by lostbuyer

I think that was the point mike that alot of properties are overpriced,and due to the market conditions they are starting to fall....so how is that not proof of the housing collapse??...they use to sell for x amount now they sell for a percentage less,that certainly seems like evidence to me....

If I have a home that is worth $200,000 and list it for $800,000 and then it sells for $200,000 it only proves one thing. It was listed at too high a price.

You didn't show where homes like it had sold for more previously. I am not saying they didn't but there is nothing in your post to show that.

.

[MrTudo]

Originally Posted by nychiefsfan

if someone offered to sell you a house today at your predicted bottom price, would you feel confident enough to buy it? Definitely. I firmly believe that prices will drop to 2003-04 ranges. I'm willing to pay a little more than that, but not where they are right now.

That would be good. We are interested in buying a house in the Lake Placid area. We don't need to sell out house in Port Charlotte but have a lot of equity in it ( 6 figures ), despite the downturn and can think of a LOT of other places the money would do better for us rather than as a potential rental nightmare which I have no interest. Last night we were thinking about what we paid for it in 2003, what the house we are interested in Lake Placid cold for IN 2004 and how much room there might possibly be in order to make us happy and also make the appropriate offer to the seller there. They have a listed price of DOUBLE what they paid for it.

Now we'd be tickled to death to get double what we paid. But that ain't gonna happen. The house in LP has been listed for 7, going into it's 8th month. It's waterfront. Only issue is, does this house in Lake Placid have comcast cable. If so, and if the seller wakes up and decides to be realistic, then the seller and real estate person there will likely make a new sale.

What's realistic?

Now to find a realtor in that area and let the joust begin.

[Mike Peterson]

Originally Posted by bls5555

of course it is evidence, some people just for some reason choose not to see these things.

Please show me where in his post he showed that they used to sell for more.
He showed where it was listed at too high a price but not that they used to sell for 30% more.

[lostbuyer]

Originally Posted by Mike Peterson

If I have a home that is worth $200,000 and list it for $800,000 and then it sells for $200,000 it only proves one thing. It was listed at too high a price.

You didn't show where homes like it had sold for more previously. I am not saying they didn't but there is nothing in your post to show that.

.

you answered the question yourself mike...I dont know how else to explain it to you its pretty obvious....