[Baja Boomer]

Originally Posted by kelly3120

ohh no the boomers have money outside of 401k's and stocks.

Kelly, where is the data that supports your supposition? Give us some quotes and sources, please. Not opinions, not anecdotal evidence, but hard data. What percentage of boomers are financially well off? I'd like to see that data.

Thanks.

[firemed]

Originally Posted by kelly3120

blah blah blah ...stats! STats are silly ....

Homes are in floreclosure because of people like this ... a kid we know who makes around 60 a year went out and bought a 250 priced home STUPID!!!! ...but he was approved! STUPID! That's why foreclosures happen and I am of the "me me me" generation so expect more foreclorse due to lack of finacial planning and patience. Floreclosures happen because people buy homes they shouldn't and their mortgages eat up half of there income( no offense to anyone!) ...not because homes won't sell! ...but dude go find a forclosed home ...we looked at some , but many were in bad condition. Now here's my question ...A FLORECLOSURE ...pretty much the lowest prices available and you are sitting here waiting! GO BUY ONE Mr. STAIR MASTER!

Floreclosures happen because people invest in homes when they have shaky jobs ...show me STATS on how many Florclosures take place because people can't sell.

see those stats on % that have lowered mean nothing. We have lowered, doesn't mean we will settle for way under our asking price(lowered by 2000 dollars yippeee). EVERYONE IN ALL MARKETS lower after amonth of being on the market because it causes a new buzz and interest.

well dude I hope the chiefs win and that you find that dream price of yours, but most likely you will still be waiting for prices to drop more after I have children and retire( and I'm in my early 20's!). =)

...won't happen in Florida and definitely NOT TAMPA!
TAMPA IS HOT!!!

Like I said most boomers will be bailing out thier kids.

[JimKing]

This is getting silly now. Denying that Florida real estate is in trouble for years and years is just plain ridiculous. Sure, you may have made out just fine, and other people may have done great.

But the trouble is wide spread, long term, and undeniable. Most of the junk loans have not even reset yet. Over the next 24 months, the vast majority reset and payments increase substantially. The wave of foreclosures has not even begun. Many others are holding on, just barely, waiting for a rebound that is a decade away, not 6 months away.

No, Florida house prices will not drop a ton all together. It will be a long, long spiral down over the next 5 years or more. Long term, all the factors of the insane run up come together to pressure prices down for as far as the eye can see.

I'm not wishing for this...or hoping for it...I have many friends holding Florida real estate. But the truth is the truth, no matter how unpopular it is.

I am thrilled that you are doing so great in real estate Kelly, but that does not change the fact that lots and lots of bad times are coming for many, many others. They were not all stupid, they were not all greedy. Some just got caught up in the realtor/mortgage bank/appraisal scam and are now in deep trouble.

[JimKing]

Tampa is hot??? Huh?

I can rent hundreds of houses for $1500-2500 that are on the market for $300,000-700,000. That is more than double what the historical norm is. And the inventory is growing and growing. There are hundreds of houses begging for buyers in Lakewood Ranch, New Tampa, everywhere.

Tampa is about as hot as Rosie O’Donnell .

[MyHomeIsInOcala]

Only being realistic...

We can not rely on Baby Boomers, that is like putting all your eggs in one basket. Many of them only have small SSI or Pensions and their home's equity... They did not start to save in IRAs or 401Ks when they where young, and banked on a retirement fund from the company that they worked for.

They could make out if their home is in NYC or some other High end Metro and paid off, otherwise they do not have enough to move to FL and buy our Cinder Block Housing. Many are being wooed to southern GA with Low Taxes and Cheaper Housing (Still have great weather and near by beaches).

Many have no health insurance outside of Medicare and have to pay for Medications.

I am not saying that they will live on cat food and Old Milwaukee, but a lot of boomers can not fully retire and afford to be here.

I know my parents where going to move to Florida, but have decided on Central GA. A few acres and a nice new brick home for under $125K. They could not touch that here now.

We truly need higher end employment, more high tech & engineering based work. What good is a Degree if you can not find gainful employment here?

I see a rise in foreclosures, but that is due to low pay, poor finance and qualifying guidelines over the past 3 years... People will bite if you tell them they CAN buy that $250K house with a combined income of maybe $20 an hour, and still keep that new car, pay for daycare, taxes, insurance and utilities.

Ignorance is Bliss, or so I have heard throughout my lifetime.

Yes, I like peeking around the corner and looking on the Bright Side... Any house will sell with time and priced right for the current market rhythm (No matter what city, county or state it is in).

NOTE: I agree with firemed on the point that parents (boomers) will and are bailing out their adult children.

[JimKing]

Every financial advisor survey says that most boomers are grossly underestimating their retirement needs. And those are folks who had decades of great times, low gas prices, pensions, affordable health care, affordable real estate, no outsourcing, less global competition, etc. Just imagine the condition the next generation will be in.

And as far as Tampa being hot....There are 10,825 available properties in Tampa, FL according to the MLS and an estimated 2000 more for sale by owner. And over 1000 vacant rental units.

Those numbers have doubled in the last 18 months and are going up every month.

[LingLing]

In support of Kelly3120, only very small percentage of wealthy boomers (there are a lot of them, am I right?) will be needed to support the housing market in Tampa or south Florida. I mean a decent house with nice view and good security feature. Definitely not anything randomly on the street. This will definitely have influence on overall Florida economy and housing market.

[nychiefsfan]

Originally Posted by JimKing

Tampa is about as hot as Rosie O’Donnell .

[cariad]

Originally Posted by Hondax

If we don't have a recession I think Florida will hum right along with it's "dead cat bounces, "false bottoms", and "high cost of living",....... BECAUSE....we still have 77 million baby boomer's set to retire with 8,000 per day turning 60 years old. Bubble or no bubble, Florida will receive wave after wave of retiree's with plenty extra lured to TN, NC, SC, GA, AR, TX, NV, UT....etc.

Think Again, most of us baby boomers have extra because we never bought more house than we could afford. I know it's unthinkable now, but our children often had to share a bedroom and anything over 1500 sq. ft would give you cred as the elite of the neighborhood. Our home and product buying habits are much different than the younger generation today.


We have no intention of changing our habits now and wasting money on interest, taxes and insurance, especially to live in less house than we could afford before. Don't hold your breath waiting for the boomers to make it all go away.

[MyHomeIsInOcala]

Originally Posted by cariad

Think Again, most of us baby boomers have extra because we never bought more house than we could afford. I know it's unthinkable now, but our children often had to share a bedroom and anything over 1500 sq. ft would give you cred as the elite of the neighborhood. Our home and product buying habits are much different than the younger generation today.


We have no intention of changing our habits now and wasting money on interest, taxes and insurance, especially to live in less house than we could afford before. Don't hold your breath waiting for the boomers to make it all go away.

Excellent point and Thank you for sharing!!! ++