MUST READ ARTICLE: Mountains of homes still listed for sale in South Florida (houses, buying)

[DOGG]

Supply Is Good Prices Are Comming Down. Why Do People Want Prices To Rise More.

[elfyum]

Originally Posted by unixpilot

I'm not sure I follow your logic... You bought in 2005 @200k, you guesstimate you can sell now for minimum of 250k leaving you with an cool 50k profit.

What you conveniently leave out is your "opportunity costs" from owning this home for 2 years:

Property Taxes for 2 years.
HOI for 2 years
Maintenance costs for 2 years.
Realtor fees for future sale and closing costs.

Not to mention that those zipcodes (33161 or 33162) aren't exactly desirable areas.

Add up the TRUE costs and your tidy 50k profit shrinks down significantly.

But spoken like many South Florida homeowners in the red.....YOU ONLY LOSE MONEY WHEN YOU SELL

Sorry honey - not stupid enough to live in a "HOA" type place.
Are you a "racist"? I ask because 33161 & 33162 are very nice areas (have you looked at the homes &/or selling prices?) NO, it's not whitey-ville. If you have a problem with that, so sorry for you.
I believe if you own a home, you pay taxes no matter where you live.
What maintenance costs?
I also believe that anytime you buy or sell a house, you pay closing costs & realtor fees.
Are you sure you are familiar with practices in the US? (You're not some ET just trolling the boards? )

[lauralei2]

Prices seem higher but are not skyrocketing like before. I live in 33330, our house, the smallest in my community, with no upgrades and we still couldn't afford to buy it today (we bought in 1994 and I thought $140K was so expensive).

33162 has some lovely homes especially near City Hall. I used to live on 159 terr (2/1) small, but the home had lovely wooden floors.

[unixpilot]

Originally Posted by elfyum

Sorry honey - not stupid enough to live in a "HOA" type place.
Are you a "racist"? I ask because 33161 & 33162 are very nice areas (have you looked at the homes &/or selling prices?) NO, it's not whitey-ville. If you have a problem with that, so sorry for you.
I believe if you own a home, you pay taxes no matter where you live.
What maintenance costs?
I also believe that anytime you buy or sell a house, you pay closing costs & realtor fees.
Are you sure you are familiar with practices in the US? (You're not some ET just trolling the boards? )

Maybe you need to read more carefully, I said HOI, which is a acronym for Home Owners Insurance. And also, most home owners have maintenance costs, evidently you don't.

Good gravy, now your accusing me of being "Racist" because I just stated that those zips are not exactly desirable areas in Miami?!?!? I have driven around there several times, AND IN MY OPINION, they are not nice areas. Nothing racist about it.

I was simply responding to your original post, which you left out several key financial factors, in which you "claimed" that your real estate deal far exceeded typical gains from other financial investments.

To which, you replied with a series of "rollseyes" smileys and insults. Whose the troll again?

[elfyum]

Originally Posted by lauralei2

Prices seem higher but are not skyrocketing like before. I live in 33330, our house, the smallest in my community, with no upgrades and we still couldn't afford to buy it today (we bought in 1994 and I thought $140K was so expensive).

33162 has some lovely homes especially near City Hall. I used to live on 159 terr (2/1) small, but the home had lovely wooden floors.

THANK YOU!!!!

[tallrick]

Originally Posted by DOGG

Supply Is Good Prices Are Comming Down. Why Do People Want Prices To Rise More.

This is a question I have never gotten a good answer to. Perhaps someone can educate me as to why some people want the real estate bubble to grow and grow.

[CiXeL]

because alot of people want to get rich quick

[SKB]

Originally Posted by elfyum

OMG! You people are too funny! Yes SALES have fallen! SALES have fallen!!!
You might not sell your house for 6 months to a year or MORE! But the PRICES are still HIGHER than they were in 2005!!! Hell-o! What is so hard to understand?! By now I think you people must be joking! And also, NONE OF YOU LIVE HERE!!! As in MY area!!! But the article/prices are for most of Dade. YES SOME AREAS HAVE GONE DOWN!!! But "down" is relative.
Ok - this is my last example & then good luck to you all. I give up. Can't talk to someone that has closed off!

We bought our house in 2005 for 200k. Follow closely now...

Please look in the zips 33161 or 33162 for a 3 bedroom 2 bathroom on an 8100 sq ft lot.
If you find one for 200k I will give you a million dollars.

House down the street (basically the same size - smaller house, bigger lot)
sold for 285k a few months ago.

Ok - are you still with me?

If we were to sell our house today, the ABSOLUTE LOWEST we would get is 250k.
And that is if we said f*ck it, we really wanna move.
Otherwise we'd easily get between 260 & 275.

Now - are you still with me? Time to do a little math...

Even if we only got 250k, that's 25k per year of appreciation.

That's ten percent per year!!! Thus at the ABSOLUTE CHEAPEST, we just made 20% on our investment.
It might take a year to sell, though the lower priced houses sell faster, but we have still made 20% in 2 years - AT THE LEAST.

Give me a stock with that kind of return, & I will buy. (In fact I HAVE stock that gets that good a return - which is why I have it! )

But we didn't BUY for that reason. We bought to have a home.

So we've won twice!!!

Houses have sold because (like you were in 2005) there are still some suckers left in the market.
Good thing you are actually bought it to live in it as when the market finishes crashing you will be underwater in it.
Don't worry in another 30 years it may be worth 200,000 again.
If you actually think you are going to hold on to your paper money you are crazy.
Are you still with me???

It is the bad attitudes and arrogance of people like YOU that keeps me from feeling badly for you.
I look forward to buying my home in your area for 150,000 Fall of 2008.

SKB

[vvolin]

Lots of terrorism on this thread, I must say. Sounds like some people just try to scare someone else. But from what? Yes, prices have gone down in the last year and half, but that affects you only if you bought 2 years ago or less. Houses are on the market 6+ months? Because they are priced wrong. If they are priced right, they sell. I may have to sell my house soon (I hope so, since I am one of those minority Europeans who can see beyond the sunny beaches....). I bought it for 257,000 in 2000, built a pool right away. My neighbors with about a same value house sold their 1 year ago for 750,000. Good for them. I will likely place mine on the market so that I can get it for around 600,000 (maybe 599,000 sounds better). Will I think at what my neighbors made 1 year go? Clearly not, I will think instead of what I have made in the last 7 years! And then I will move up to the NE with my cash ......

The trick is, as always, to price your home right. To see beyond your emotional attachment. It is not about being greedy, like someone here said. It is about being naive, thinking that buyers will see your house with your eyes.

Forget what the neighbors made. You did not win the lottery either last Sunday, did you?

[CiXeL]

terrorism??
thats a REALLY overused word