Real Estate Bubble Poll (Tampa, Largo: housing, condos, rent)

[firemed]

Originally Posted by Muggy

You don't have to be a Shores9 apologist, but you do need to clarify: Shores9 has stated before that there are no "fundamentals." So what is it that you agree with? A necessary correction?

Its not all about the dollars here at least not with me.
Now I still don't agree with the other 99%

[Muggy]

Originally Posted by firemed

its not all about the dollars here at least not with me.

Me neither.

I *could* buy a $300k+ house, but I'm not going to. There has to be *value,* and that is something that can only be determined by the end-user.

This has been my position from the start: there is more *value* for me renting. If your value is hearing echoes as you eat ramen in your mcmansion while sweating the Citizens bill, have at it.

When buying costs about the same as renting, I will buy. It's amazing the kind of power the saying "you're throwing your money away" has on people. If you actually sit down and set some parameters - even in a stable or rising market - it makes more sense to rent *sometimes.*

I've said repeatedly: I'm not opposed to owning or appreciation.

I'm opposed to buying at market peak. This is the argument. Where is that? Where is the bottom? This is the huge breaking point between Shores9 and me. In the Shores9 camp housing will always go up. Yes, along with everything else. But it goes down too.

Anyone that believes housing is NOT cyclical is off their rocker. Seriously.
That being said, I look forward to being blasted off this board by Shores9. I mean that.

Show me the stats.

[Nomoresubways]

I myself agree that it is a necessary correction in pricing. It is apparent that wages were not in line with the cost of housing, nor are they even close yet. However, Florida is a strange market when it comes to housing. It's not as simple as taking the average salary and what they can afford. There are so many people that migrate to Florida that are bringing massive amounts of equity they earned during the boom. That plus the ever increasing presence of the baby boomers retiring with their nest egg. My point is that the price of houses in Florida is a much more complex calculation than in most areas of the country for that reason. The reason why I think prices are going to flatten out next year is because you will have enough demand for houses at the lowered prices that it will prevent further price drops. The exception to that being coastal areas where insurance and taxes will price out everyone who isn't a trust fund baby.

I don't think it's right, that's not what I'm saying. I think anyone with an average income should be able to afford an average price but I think at least in Florida that may not happen unless something happens to bolster the average wages.

[Muggy]

Originally Posted by Nomoresubways

I myself agree that it is a necessary correction in pricing. It is apparent that wages were not in line with the cost of housing, nor are they even close yet. However, Florida is a strange market when it comes to housing. It's not as simple as taking the average salary and what they can afford. There are so many people that migrate to Florida that are bringing massive amounts of equity they earned during the boom. That plus the ever increasing presence of the baby boomers retiring with their nest egg. My point is that the price of houses in Florida is a much more complex calculation than in most areas of the country for that reason. The reason why I think prices are going to flatten out next year is because you will have enough demand for houses at the lowered prices that it will prevent further price drops. The exception to that being coastal areas where insurance and taxes will price out everyone who isn't a trust fund baby.

I don't think it's right, that's not what I'm saying. I think anyone with an average income should be able to afford an average price but I think at least in Florida that may not happen unless something happens to bolster the average wages.

I agree with this as well. I have argued this same exact point on other boards regarding NYC. There are literally 1,000's of 20-somethings that are on parental subsidy in NYC.

This is easily observed in Florida as well (different demographic). There are so many people that don't work it's amazing. It's basically non-stop traffic all day long.

It's still possible to overbuild, however. And, there are $1,000,000+ homes that default; I think you see more of that in Florida too.

[firemed]

Originally Posted by Nomoresubways

I myself agree that it is a necessary correction in pricing. It is apparent that wages were not in line with the cost of housing, nor are they even close yet. However, Florida is a strange market when it comes to housing. It's not as simple as taking the average salary and what they can afford. There are so many people that migrate to Florida that are bringing massive amounts of equity they earned during the boom. That plus the ever increasing presence of the baby boomers retiring with their nest egg. My point is that the price of houses in Florida is a much more complex calculation than in most areas of the country for that reason. The reason why I think prices are going to flatten out next year is because you will have enough demand for houses at the lowered prices that it will prevent further price drops. The exception to that being coastal areas where insurance and taxes will price out everyone who isn't a trust fund baby.

I don't think it's right, that's not what I'm saying. I think anyone with an average income should be able to afford an average price but I think at least in Florida that may not happen unless something happens to bolster the average wages.

Nomoresubways are you a babyboomer ? I have been here all my life and I don't know where all the boomers are, but they'er not here. There are some, but not in large numbers. The biggest thing about sales is creating a sense of urgency. (the boomers are coming ) Get in now.

[shannon94]

Wow !! Home prices are dropping in Florida???? I can't believe it!!! lol (You know what I'm saying Muggy)

[bamboosmom]

Oh gosh, we all know that home prices were/are dropping because people are desparate. We weren't desparate luckily. We kept our price and got what we wanted. It all depends on how your home shows also and what your home has in it. People are dropping their prices because they need to.
If you are trying to sell a basic Florida home here in Port Charlotte, Punta Gorda with no frills and dills then you will not get the higher selling price.
The homes with the amenities still sell for more. Common sense will tell you that. It's like comparing a diamond to a rhinestone.

[bamboosmom]

I really don't think there will be much more of a decline in home prices unless the person selling is really desparate. You can't tell people to lower the prices. We weren't going any lower than what we were asking and got our price.
I guess in Charlotte County where I am, the homes are more affordable than let's say Naples, Sarasota and other towns surrounding my county. People will see that and then homes will sell here. The buyers that bought my home said our price was so affordable. They were looking at Naples and homes on the east coast of Florida before finding mine. It's just a matter of what a buyer is looking for. If I want a home bad enough I sure as heck wouldn't sit around and wait to see if the price is going to drop. If you can afford it, then go for it, I say. You can not predict anything anymore. If you snooze you loose!

[firemed]

Originally Posted by bamboosmom

I really don't think there will be much more of a decline in home prices unless the person selling is really desparate. You can't tell people to lower the prices. We weren't going any lower than what we were asking and got our price.
I guess in Charlotte County where I am, the homes are more affordable than let's say Naples, Sarasota and other towns surrounding my county. People will see that and then homes will sell here. The buyers that bought my home said our price was so affordable. They were looking at Naples and homes on the east coast of Florida before finding mine. It's just a matter of what a buyer is looking for. If I want a home bad enough I sure as heck wouldn't sit around and wait to see if the price is going to drop. If you can afford it, then go for it, I say. You can not predict anything anymore. If you snooze you loose!

But what if someone wanted a rhinestone. Would it be worth more then a diamond ?

[Shores9]

Muggy Its good to have you back. You’ve only missed 5 pages Can we re-cap?

Mr T wants 10% back on his house – did he get cheated?

MyHomeIsInOcala is watching her clothes spin clockwise while she spins the optimistic realtor world counterclockwise

The ABC Action News breaking story: in a bold statement ABC action News CALLS the market saying “Now’s a good time to buy” and “buyers can really “Clean Up”.

But Shakespeare said it best


Hamlet, 1603

This business is well ended.
My liege, and madam, to expostulate
What majesty should be, what duty is,
Why day is day, night night, and time is time,
Were nothing but to waste night, day and time.
Therefore, since brevity is the soul of wit,
And tediousness the limbs and outward flourishes,
I will be brief:
More on real estate tonight