Here comes the home price freefall! (Fort Myers, Port Charlotte: mortgage, loans, real estate)

[justNancy]

Originally Posted by hiknapster

I read the article, so I know about the developer's bankruptcy and Denny Grimes selling the homes.

Interesting about the size of the $86,000 townhomes. Did you get a square footage?

And thanks for reporting back!

Yes, I have the complete list. The townhomes ran from $86,000 to $119,000. They lower priced ones are 1129 s.f. and go up to 1386 s.f. Don't get me wrong - the apartment I'm now renting is about 850 s.f. but it's on one level. The townhouses were very narrow. I'm a little confused. For example, the houses selling for $134,000 looked tiny. The sheet says "Living SF" but does not say "under air." The homes looked much smaller to me than 1,600 s.f. The 3 bedroom, for example, had one room without any closet and was about 9 x 10. To me, that's a bonus room. The lots were .17 although I can't find that written anywhere. I had to do some research when I got home and looked up other homes for sale in the community. Still they were very pretty homes. However, as I said before, there are plenty of other bargains on the Cape. I printed out a list of 82 homes from the MLS last night, all under $150,000.

Between the property taxes, insurance and HOA, I don't know how anyone can carry a mortgage. Where I live in Bonita, several people are paying over $8,000 a year in property taxes. My whole street is for sale.

[New England Yankee]

Don't misquoate me.I said we probably could have gotten the house for less today,or something to that avail.
It just goes doesn't it,that houses that are currently selling are lower than a few months ago,even in the north.Our house in NE sold for a lot less than it would have at the height of the market.
We sold for less and bought for less.
It would have been the same now.
Cape Coral is in very big trouble as is some parts of Ca.
Yes this is a bad time in our economy.
Renting is a good option.We didn't want to rent.
I hope you have saved wisely.
We did.

P.S/the skyscaper bit,was about our area and how it is still moving ahead.I hope it continues but nothing is certain in life.
Always save for a rainy day.

[2goldens]

Closed for temporary Moderator review

[2goldens]

Originally Posted by hiknapster

Engle Homes went bankrupt and sold the properties to a private equity group for $13.5 million. Now, Denny Grimes and Company is selling the homes at a major discount - just $86,000!

"There have been a lot of sellers discouraged because they think there are no buyers out there. But this has proven that buyers exist if you have the right product at the right price," said Denny Grimes.
http://naplesnews.com/news/2008/mar/...mps-nearly-60/

Good for Denny Grimes. I see he's managed to keep his head above water. I stumbled across something that he said he in the beginning of 2005. He warned that the housing boom wouldn't last, and he's a real estate broker.

And no, I've never met the guy.

Anyway, prices are starting to tumble. The new townhomes are going for $86,000. The article doesn't mention the single family home prices, but I researched it and they are going for $133,000.

I want to re-open this thread. We all have to play nice and get along with each other. Feel free to contact me as your Moderator if there are any problems. We are all adults so lets behave like we are! OKay?

[journeyfarms]

the foreclosures and bankruptcy by builders is just beginning. The banks are the worlds worst property managers and they will hold on and pray some fool buys for way to long then give up and give the property away. There are going to be LOTS of bargains coming up, at MUCH lower prices and we won't see the bottom for a couple of years or longer. Just as everyone could not wait to get in on the ever higher flipper prices going on now people cannot wait to dump their house and move on no matter how much it costs them and the same goes for the banks. the banks are probably much worse RE managers than individuals. I have been through 3 of these drops over the years and it is always the same story.

[aphro23]

Originally Posted by journeyfarms

the foreclosures and bankruptcy by builders is just beginning. The banks are the worlds worst property managers and they will hold on and pray some fool buys for way to long then give up and give the property away. There are going to be LOTS of bargains coming up, at MUCH lower prices and we won't see the bottom for a couple of years or longer. Just as everyone could not wait to get in on the ever higher flipper prices going on now people cannot wait to dump their house and move on no matter how much it costs them and the same goes for the banks. the banks are probably much worse RE managers than individuals. I have been through 3 of these drops over the years and it is always the same story.

a couple of years???? What are you kidding me? I predict by 2009 the latest! and that's early '09. I agree we won't see the prices come back that were at the peak in 2005, but they can't go much lower than what they are. Are condos going to become cheaper than cars???? Get real.

[justNancy]

Originally Posted by aphro23

a couple of years???? What are you kidding me? I predict by 2009 the latest! and that's early '09. I agree we won't see the prices come back that were at the peak in 2005, but they can't go much lower than what they are. Are condos going to become cheaper than cars???? Get real.

I spoke to a real estate agent today who told me to wait at least 6 months before buying. She might have another agenda, however. My property manager is very ill and she was just hired by the owner to manager his rentals.

Still, why buy a home just before hurricane season?

[NY62]

Originally Posted by justNancy

I spoke to a real estate agent today who told me to wait at least 6 months before buying. She might have another agenda, however. My property manager is very ill and she was just hired by the owner to manager his rentals.

Still, why buy a home just before hurricane season?

??????? When should you buy homes ?only after nov and before june???

[Floridanative2]

Originally Posted by NY62

??????? When should you buy homes ?only after nov and before june???

lol. I bought my house July 99 BC-(before Charlie). The insurance companies are affraid now to insure homes in Fl. Shame. In 99 I was paying $600 something per year, now it is over $1700 per year!
BTW, I saw a 4BR/2B on a half acre for $75,000 for sale. Prices are still dropping.

[justNancy]

Originally Posted by NY62

??????? When should you buy homes ?only after nov and before june???

I might sound silly to you, and I pray for all of us that we have a quiet season, but after a bad couple of storms, people often are willing to drop the price a little just to get the heck out of Dodge (or in their Dodge. lol)

Seriously, I guess if you are heavily insured it doesn't matter, although some repairs after Charley & Wilma took years. When I visited my Dad near Palm Beach a year after they got pounded in 2005, there were still a lot of blue tarps on the rooftops. I don't own now and, although I have some insurance licenses, I know little about property insurance. Is there a waiting period?