Buy or wait (Miami, St. Lucie, Lee: loan, real estate, foreclosures)

[NY62]

just to give some people an idea of what is going on in other places, we are buying in the cape and selling here on long island. We were in Home depot buying paint, and the lady told us she had ten people in so far today buying paint, that were selling and moving to florida. Now that is just one depot out on LI.We listed our home and are waiting to show it untill we are done painting, we already have 5 people trying to get in before. I dont know what the future is but I can tell you one thing , the people up north got hit hard with the home heating oil this winter[ last price 3.89 gal] . and are sick of it. up here we see the problems down there in the market as oportunity not doom and gloom. Housing up here in alot of places did not tank, just kinda leveled or went down by 10 % . but down there they went way down,30, 40 50 60 %. so for us up here it is a no brainer. Just wanted to let you all know what is going on up here will affect you. when it breaks and that could be this summer or fall, the best properties and deals will be gone. buy now you have your pick, buy later best picks are gone. just an opinion but think about it.

[121804]

Originally Posted by justNancy

I totally agree with you. Internet boards are discussions and never to be used for making important life-changing decisions, but they often provide helpful information that leads to valuable resources. I mean, if you have a pain in your chest or a lump somewhere, message boards might give you some ideas & suggestions, but they're not substitutes for a doctor or an X-ray. The same goes for real estate or any other important decisions. You gather information, do some research, and then try to make a wise choice based on your personal needs.

justNancy & kdzgon- Glad to know that there are posters on this forum who know not to take what is written personally

This is a public opinion forum. Plain & simple. Take what you read as you want, but don't rely on what other people are writting as the only source but they should not be the only source one uses.

The scare tactics, which go both ways, are ridiculous. The whole "if you don't buy NOW you are screwed" mentality is silly. That was the speel regurgiated by our realtor 18 months ago. Funny, b/c the same house we were serious about is still for sale, just about $50k less now.

But, there are definitely some great deals out there & some of those deals are gone. Many who are retiring or looking for a 2nd home are probably in their glory b./c of what they can get for their money.

There are also people who have no right to buy right now b/c they are not in the financial position to pay for the upkeep of a home & mortgage.

Just b/c it is a good deal does not necessarily make it a good decision.

If the home works for the individual; they (not their realtor or mortgage broker!!!) have done a budget & they know they can afford to pay basic bills...heck, if ya like what you see & are happy...go for it!

No one has the perfect answer. But to buy without doing extensive homework other than asking opinions on internet sites or calling a few realtors & not doing a line by line budget is stupid.

If you can afford & are happy..congrats Enjoy!

[actordad]

Am thinking of moving to Pelican Preserve in Ft. Myers. Does anyone know anything about it.

Actordad

[aphro23]

I would say buy now. I can't see it going any lower than what they already are esp the short sales and foreclosures. I'm selling my condo at Bellamar at Beachwalk at a HUGE loss. It's a 3/2/2 with approx. 1190 sq. ft , 2nd floor unit, close to clubhouse, shopping beaches in a really nice safe area of Ft Myers. If interested pls email me at aphro777@aol.com

[Jennifer823]

NY62, thanks for the uplifting post! Just my opinion, but I think that the market has hit bottom here in SW FL, and as soon as the inventory is sold things will pick up. I've been seeing fewer for sale signs here in the Cape. (Maybe that's just people taking their homes off the market? I don't know, but there are fewer!)

[AVOCA1]

ny62. Your heating oil may be high but, have you done your DD on Insurance in Florida?
You had better do some research on the Whole package. Buyer beware!

[NY62]

Originally Posted by AVOCA1

ny62. Your heating oil may be high but, have you done your DD on Insurance in Florida?
You had better do some research on the Whole package. Buyer beware!

Yes I have . add that and the taxes and it still does not equal my taxes. 1000.00 last month on oil and I still owe 750. and my tank is not full.

[justNancy]

Originally Posted by actordad

Am thinking of moving to Pelican Preserve in Ft. Myers. Does anyone know anything about it.

Actordad

I'll put my 2 cents in here, since nobody else has responded. I haven't lived there, but it looks like a very pretty over 55 community. I am not sure if WCI manages it now, but I'll give you a small hint from a local. Many years ago WCI began building communities in SW Florida such as Pelican Landing, Pelican Bay, Pelican Sound, Pelican Marsh...you get the picture. In fact, there was a court battle with Pelican Strand (back in 98 I believe)which is not a WCI community. All I know is I drove by one day and its name had changed to The Strand.

Of course they also have names like Tarpon Bay & Wildcat Run. I'm not in real estate, but I used to sell furniture so I got to know just about every gated community in the Fort Myers/Naples area.

Anyway, in my opinion, WCI has always built/managed very nice communities in this area.

[hiknapster]

WCI.

Yes, they were a very respected builder. We have a very dear friend that has worked for them for years and is now terrified she will lose her job.

As of Friday, they were trading at $3.56 a share. Last quarter, they had $339.2 million in write-downs. That's where builders are, even good ones, in this market.

[Catchsnook]

Some area's in SW Florida have been harder hit by the bubble than others.

My prediction is....THE END IS NEAR.

I mean NOW is the time to buy....for the next 6 months. I think you will start
to see houses selling again and construction will begin 2009/2010.

There is a big inventory....but there are a whole lot of people that want to
live in Florida over the next few years. The Baby Boomers are packing their
suitcases and moving away from the NE.