Luxury House Market Dropping (Fort Lauderdale: for sale, tenants, incomes)

[City Guy997S]

Originally Posted by MisterRice

S&D trends show local market for luxury housing is dropping, while there is a void for reasonably priced middle class single family homes that continues to exist. I wonder why no developer has responded to that? There’s clearly demand for middle class housing.

Define middle class homes?

Developers can't build 1500 sq ft homes new for $200,000! The issue starts with the dirt price, then the cost of materials/labor have all risen.

My parents bought a house in this area in the late 70's:
https://www.zillow.com/homes/for_sal...ct/16_zm/1_fr/

Palm Aire Village- 4/2 w/2 car garage cbs built brand new for $44,000! House was like $27 a sq ft including the lot!


Look at this: ghetto off Hammondville Rd
https://www.zillow.com/homes/for_sal...ct/16_zm/1_fr/

Guy wants 150K, rented now for $900 a month. Who would ever think that is a good deal? For him it is fine, he bought the place 4 years ago for 50K.

Want new construction a couple blocks away?
4/2 288K! Nobody is going to pay that to live there!
https://www.zillow.com/homes/for_sal...ct/16_zm/1_fr/

[BNBR]

Originally Posted by City Guy997S

Look at the first house I posted:
https://www.zillow.com/homedetails/1...43205275_zpid/

House sold in 2016 for 8.1, sold 2.5 years later in 2019 for 10.1. Maybe start with facts not what the sunsentinel doom and gloom writes.

As a side note, buyer was Terry Stiles (Stiles Construction, one of of the biggest commercial builders in Broward). Think that guy might be able to make money in real estate? Appears the reason for the sale was he died, widow sold the house.

nobody is leasing luxury cars while living at home......leasing hondas sure but not luxury cars

EVERYONE leases luxury cars. That has nothing to do with anything. It's better to lease luxury than buy. This is nothing groundbreaking or new and tells nobody anything about the market, especially the housing market.

You have to stop feeding the other poster. His nonsensical and misinformed rants mean nothing and are not worth engaging with. I have him on ignore. But since I see what he wrote in your reply... Apparently "price reduced" marketing in a newspaper means the luxury house market is dropping...

[StarryKnight1]

In the most general sense a reduction in price is made because there is not enough demand at the previous point. They’re not going to accept a lower offer just because, they are going to try to make as much money as possible.

Also blocking posters shows one’s lack of a proper argument or counter defense, lowering credibility.

[City Guy997S]

Originally Posted by BNBR

EVERYONE leases luxury cars. That has nothing to do with anything. It's better to lease luxury than buy. This is nothing groundbreaking or new and tells nobody anything about the market, especially the housing market.

You have to stop feeding the other poster. His nonsensical and misinformed rants mean nothing and are not worth engaging with. I have him on ignore. But since I see what he wrote in your reply... Apparently "price reduced" marketing in a newspaper means the luxury house market is dropping...

I think you misread my post.....nobody is leasing luxury cars to live at home with mom/dad.

I agree the depreciation curve on the high line stuff is staggering, if you want to drive a 7 series or S class at least know the cost BEFORE you leave the lot. Leasing defines that cost. I have done both (leasing/buying) so I can see the positives of each option.

[BNBR]

Originally Posted by City Guy997S

I think you misread my post.....nobody is leasing luxury cars to live at home with mom/dad.

I agree the depreciation curve on the high line stuff is staggering, if you want to drive a 7 series or S class at least know the cost BEFORE you leave the lot. Leasing defines that cost. I have done both (leasing/buying) so I can see the positives of each option.

I'd disagree. People do lease luxury cars while living at home with mom and dad. Financial literacy is lacking, massively, in this country. And that's exactly the type of dumb stuff people do. Need to look like a baller in a BMW on the weekends while going to work at Dillards.

Personally, I'll never have another car payment again in my life, lease or purchase. It's dumb. There is no positive to car payments of any kind.

[City Guy997S]

Originally Posted by BNBR

I'd disagree. People do lease luxury cars while living at home with mom and dad. Financial literacy is lacking, massively, in this country. And that's exactly the type of dumb stuff people do. Need to look like a baller in a BMW on the weekends while going to work at Dillards.

Personally, I'll never have another car payment again in my life, lease or purchase. It's dumb. There is no positive to car payments of any kind.

I know a Dr with a bunch of Kartrashian type kids. They are all instagram famous in their minds, lots of "look at me Im cool shots" in places like Vegas/Miami etc. 3 still live at home, no visible work and none of their cars are leased (they are too old!). Clinging to 10 yr old 3 series/C class cars that dad bought them in high school.

But leasing a 320i is less than $400 a month, I'd bet a C250 would be close too!

[BNBR]

Originally Posted by City Guy997S

I know a Dr with a bunch of Kartrashian type kids. They are all instagram famous in their minds, lots of "look at me Im cool shots" in places like Vegas/Miami etc. 3 still live at home, no visible work and none of their cars are leased (they are too old!). Clinging to 10 yr old 3 series/C class cars that dad bought them in high school.

But leasing a 320i is less than $400 a month, I'd bet a C250 would be close too!

Ah yes, the 320i. The BMW for people who can't afford BMW's but need to be seen in a BMW. The Mercedes CLA 250 is the equivalent. It's the fake Mercedes for people who can't afford a Mercedes.

I love your story about the kids in their old C cars from high school. Sounds so typical. Seems Lexus was the car of choice for high school rich kids though when I was that age.

[gixxer1000]

https://www.knightfrank.com/blog/201...e-price-growth

Luxury property prices rose faster in Miami (metro to include Broward county) than any other U.S. city tracked by Knight Frank’s Prime Global Cities Index in the first quarter.

Miami is benefiting from the new State and Local Tax (SALT) deduction laws put in place last year.

Miami is expected to have the second highest appreciation of any of the 45 cities tracked worldwide in 2019.

[ruski]

Originally Posted by BNBR

Ah yes, the 320i. The BMW for people who can't afford BMW's but need to be seen in a BMW. The Mercedes CLA 250 is the equivalent. It's the fake Mercedes for people who can't afford a Mercedes.

I love your story about the kids in their old C cars from high school. Sounds so typical. Seems Lexus was the car of choice for high school rich kids though when I was that age.

Like this?

[blueherons]

Originally Posted by City Guy997S

https://www.sun-sentinel.com/busines...prq-story.html

Back to the thread topic.........Huizenga's mansion just sold in Ft Lauderdale for over 16mm!
Don't these buyers know the whole city will soon be submerged!?!?!?!?

The house was a tear down, great lot but it was a dated residence.

https://www.youtube.com/watch?v=Kf2jWFV6op0

Huizenga hadn't lived there in a couple of decades. The house sat empty at least ten years.

You are correct in that the layout is obsolete but I hate seeing it torn down. It's a couple blocks and across the New River from my house.