Real Estate Bubble Poll (Miami, Fort Lauderdale: insurance, cheap house, for sale)

[Muggy]

Tierra Verde

[Muggy]

Tierra Verde (updated from a few weeks ago)

[Muggy]

Downtown St. Petersburg

[Muggy]

A lot of new members; please place your vote. Thank you!

Benchmark:
No Bubble 2.58%
Soft Correction 37.63%
Hard Correction 43.81%
Crash 15.98%

[Muggy]

Originally Posted by Muggy

Appraisal Fraud
Closing Fraud

This year's 'Secret Santa' is the Secret Service!

http://www.tbo.com/news/metro/MGBXGDH4QVE.html (broken link)

[LeavingFlorida05]

Speculation had a large influence in driving up Florida real estate prices. The speculators are getting out. That's why you see so many homes on the market, but no one buying. People are still moving to Florida (however foolish that may be). Prices will drop because of simple supply and demand. There is too much higher income housing ($500,000+ homes). The average Floridian cannot afford a house like that. There is a lack of $200,000-$300,000 homes.

[Dee2e]

Originally Posted by LeavingFlorida05

Speculation had a large influence in driving up Florida real estate prices. The speculators are getting out. That's why you see so many homes on the market, but no one buying. People are still moving to Florida (however foolish that may be). Prices will drop because of simple supply and demand. There is too much higher income housing ($500,000+ homes). The average Floridian cannot afford a house like that. There is a lack of $200,000-$300,000 homes.

There are tons of $200K-$300K single family homes around here. Of course, they are not beachside! You just have to look in the right places.

[Muggy]

Originally Posted by LeavingFlorida05

There is a lack of $200,000-$300,000 homes.

I agree with Dee2e. There are plenty of homes in that range. What is really lacking though is the quality of homes in that price range.

It'll be interesting to see what the market looks like when I hit the streets again tomorrow morning. I'll be sure to post more photos.

[kimokani]

I am one of the poor souls stuck in the neverworld of cape coral. I do believe this is a correction, but how much is a matter of time. If we really knew, we'd all be playing and winning the lottery. It's all a gamble. I see a lot of the regulars on this thread have been looking deeply into this and I personally only have gut feelings, what I see, and a perpetural headache. I wish I had a more concrete knowledge. I have seen a serious reduction new building in my neighborhood and my next-door neighbor has had his house on the market for about a year. I saw one house that I know they just bought last year, up for sale. With the house prices here and the lack of sales, I already feel trapped. I would like to move for medical reasons but I'm not sure when to go. Do I try now, spring or in a year, or two? I probably would hang loose if I didn't have a reasonable probabilty of going on disability within 10yrs (just trying to prepare). I have a cheap house as far as most homes go, but do I drop my price? Do I wait? If other areas aren't dropping prices as fast as cape coral what does that mean for me? For those who moved, what made those decisions for you? I know basically everyone is in the same boat. I hope I didn't get off the track too much.

[hiknapster]

We didn't have a house to begin with, in August of 2005. It was a no-brainer; we left.