When to buy ? (Lee: foreclosures, for sale, new home)

[NY62]

This is a thread for everyone who says wait to buy or buy now. What is the price people want that say to wait? 4 bed 3 bath 2800 sq ft in community on a lake brand new 250 k to much ? 4 bed 2bath brand new in community 200k ? 130 k 3/2/2 on a canal ? just was wondering what is the price point for buying ? alot of folks are saying wait the bottom is not here. That fire sale at coral lakes, shows alot of people thought those were great deals . must have been below market for some to buy two homes at a time. please no talking in circle answers , just numbers.

[NY62]

I did not expect much of a reply.

[memoriesbre]

If I could buy my old home for the price I paid back in 2000, I might consider re-buying it again. We sold it in 2006 for $275,000 and I bet if the new owners were to sell it now they would only get around $175,000. So if I could get it for like, $$129,000 I would really think about buying it now.

[hiknapster]

C'mon, NY62. You're a numbers guy. You know all about markets and timing.

The prices just started to drop, and that is mostly from developers that have to cut their losses. The wave is just starting to crest. With the foreclosures just starting to be auctioned and more and more people putting their houses up for sale, expect the market to go lower.

I think you need some perspective. Back in 1999, in Lee County, you could buy a BRAND NEW home for under $100,000. No kidding. There was a reason for this. The area survived on people that made a living in the service industry and snowbirds in their 55-plus trailer parks.

There were pockets, but for the most part, this area was not wealthy.

Again, this is not Long Island or New York City.

And by the way, do you have a house to sell up there first?

[Donna-50]

In 1999 yes you could get a 3 bedroom brand new 1,000 sq ft home.

Been here since 1993 and haven't seen a trailer park in CC.

If I was looking to buy I think that prices will be low for another year then start to go up. Water lots for $25,000, that is what they were in 1993.

[NY62]

Originally Posted by hiknapster

C'mon, NY62. You're a numbers guy. You know all about markets and timing.

The prices just started to drop, and that is mostly from developers that have to cut their losses. The wave is just starting to crest. With the foreclosures just starting to be auctioned and more and more people putting their houses up for sale, expect the market to go lower.

I think you need some perspective. Back in 1999, in Lee County, you could buy a BRAND NEW home for under $100,000. No kidding. There was a reason for this. The area survived on people that made a living in the service industry and snowbirds in their 55-plus trailer parks.

There were pockets, but for the most part, this area was not wealthy.

Again, this is not Long Island or New York City.

And by the way, do you have a house to sell up there first?

You cant expect to get a brand new home built anywhere for under 100 k , 10 years later. everything has gone up, not just houses. 150 k I would think. People are starting to buy in lee. I know how many homes are for sale, but sooner or later the glut will be gone. fuel oil prices are driving the country under, not the houseing. We will see after the election , what will happen.

[NY62]

Originally Posted by hiknapster

C'mon, NY62. You're a numbers guy. You know all about markets and timing.

The prices just started to drop, and that is mostly from developers that have to cut their losses. The wave is just starting to crest. With the foreclosures just starting to be auctioned and more and more people putting their houses up for sale, expect the market to go lower.

I think you need some perspective. Back in 1999, in Lee County, you could buy a BRAND NEW home for under $100,000. No kidding. There was a reason for this. The area survived on people that made a living in the service industry and snowbirds in their 55-plus trailer parks.

There were pockets, but for the most part, this area was not wealthy.

Again, this is not Long Island or New York City.

And by the way, do you have a house to sell up there first?

Yeah I am selling here. do you want to buy? LOL I dont have to sell first though. on LI there is no more land so really there is no new building, so homes still sell. some areas better then others.

[Catchsnook]

Take it to the bank!

This is not for new built homes.....

that will come July of 2010