Real Estate Bubble Poll (St. Petersburg, Tierra Verde: salary, new home, closing)

[firemed]

Muggy I think we found your drop.

The Herald Tribune reports from Florida. “Prices remain the story in home sales, with Sarasota-Bradenton prices falling 18 percent in October, the second biggest drop in the state. The Charlotte County-North Port market was not far behind, with a drop of 17 percent, from $243,900 to $202,800.”

“Only Fort Myers-Cape Coral took a bigger fall, posting a 44 percent decline in median sales price, from $445,100 to $249,200, the Florida Association of Realtors reported on Tuesday.”

http://www.heraldtribune.com/apps/pb...NESS/611290461

[Muggy]

Originally Posted by firemed

Muggy I think we found your drop.

“Only Fort Myers-Cape Coral took a bigger fall, posting a 44 percent decline in median sales price, from $445,100 to $249,200, the Florida Association of Realtors reported on Tuesday.”
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That is pretty amazing.

I spent $7,800 dollars on rent for the same time period. If I had purchased a $100k house in that market I would have lost $44k (assuming I could sell it today for $100k).

Man, I would have had to buy an $18k house to break even (assuming I had a zero interest loan, no insurance costs, no taxes and no repairs).

That is one serious haircut; you can't be that bald in Florida without getting burned.

[firemed]

Thats one hell of a haircut,

[MyHomeIsInOcala]

I'll say! That was even quicker than I expected to see in any one area at one time!

[firemed]

Originally Posted by firemed

The News Press. “Lee County’s housing market continued to slow in October, with sales and prices down and the inventory of homes for sale still going up. The median price of an existing home sold with the help of a Realtor was $249,200 in October, down 4.7 percent from $261,400 in September. People selling their homes in Lee County have seen prices fall steadily since the median price reached an all-time high of $322,300 in December 2005.”

“The number of homes on the market in the county in October was 13,260, almost five times what it was in October 2004.”

Sales are reported when a contract is signed, not at the closing of the sale. Home builders have reported a large increase in cancellations in recent months. Cancellations are not reflected in the government data, so the reported sales are likely overstated.

[Need_affordable_home]

Originally Posted by josephhawkinson

Apparently you did not read this from todays paper:

The Herald Tribune reports from Florida. “Prices remain the story in home sales, with Sarasota-Bradenton prices falling 18 percent in October, the second biggest drop in the state. The Charlotte County-North Port market was not far behind, with a drop of 17 percent, from $243,900 to $202,800.”

“Only Fort Myers-Cape Coral took a bigger fall, posting a 44 percent decline in median sales price, from $445,100 to $249,200, the Florida Association of Realtors reported on Tuesday.”

Yea, makes no sense to buy a house for more than $25k to $50k in todays market. I have to live somewhere for the time being so my choices is to rent(which I prefer not to) buy a mobile home on its own land(can get lot+mobile home for $30k to $50k in north Florida) or relocate to an area like Oil city, PA where decent houses can be had for under $50k. I will then wait for prices to bottom out. Ok so ill take a small loss on my house but what I lose is more than offset by what I save! The experts predicted a 30% drop but Fort Myers-Cape Coral has dropped 44% and still falling! It could be possible that Florida(at least the northern part) will become very affordable and I may move back to Florida after prices drop all they can. I dont know how much California will drop, but even a 50% drop wont make CA affordable for me except the far northern parts like Yuba city. North Florida likewise will become affordable too.

Suwannee county has some nice houses with mucho acerage, one guy has 18 acres and a small house for $225k(sorry, link not allowed) Thats too much but a drop to $100k or so will be affordable. Checking far north state CA and wow the prices are much higher than north Florida! Theres a handful of houses under $100k now, none are much good.

[Muggy]

I turn this thread over to any other bull or bear willing to occasionally benchmark the votes and post the every-so-often link(s).

This is when the forward scouts go silent.

[Muggy]

I went home shopping today and took some photos. I was going to lay off this thread for a while, but I feel compelled to share some of these. There about 50, so I'll try to post only the good ones...


Downtown St. Petersburg

[Muggy]

Tierra Verde

[Muggy]

Madeira Beach