Orlando: Is it really the best city to invest in housing in 2017? (Sanford: real estate, condo)

[kyle19125]

Originally Posted by bmw335xi

I moved from SF to Orlando and I owned my condo in SF outright

You really should travel more Kyle, your fantasy about living in these cities cant be healthy, if you think 6 figure jobs flow like water and allows you to rent or buy nice big homes, then you should move to see for yourself lol

I can pretty much guarantee I have traveled and lived in more places than you, and the vast majority of people living in other cities aren't anywhere near six figures but still managing to live quite comfortably as evidenced by their thriving economies. Just because you couldn't hack it doesn't means it equates to the staus quo.

[lovemyfl]

Originally Posted by bmw335xi

Having previously been in the mortgage industry, I can say regulations were needed because there were too many ways to qualify buyers for properties they couldnt afford... greed from both MLOs and buyers played a large part in the collapse

But who allowed this??? SOMEONE told the banks they had to give out mortgages qualified or not. Who headed this department, Mr. Barney Frank, from the Clinton administration onto Bush who asked him 17 times if everything was alright and he said "everything is fine!" Somebody explain that.

[lovemyfl]

Originally Posted by james2441139

Let me give me a little background. I have been living in Orlando for about 2.5 years, working in civil engineering field, which pays pretty well. My wife is in the same field too. We live in a rented 2/2 condo in Oviedo, and I work in Lake Mary (short distance, about 20-25 min taking 417). My wife works close to Lake Eola. No kids/pets. We are looking to invest in a house. It will be our first time home buying.

I have read several Zillow and Forbes reports and all of them mentioned Orlando being a number 1 spot for first time home buyers in 2017. Looking around 275-325K single family homes. However, when I search historical prices in Zillow for areas in Oviedo, Lake Mary, Sanford (these are the areas mainly we are interested in), I see that houses lost BIG time values around 2010/11. One house for example is in the market for 300K now, but it was sold in 2011 for 92K! I have seen price histories in some other states and none of them lost so much value as in FL. That makes me a bit nervous investing in a home now in Orlando, especially as a first time buyer.

What do you experts think, is Orlando home price going to lose value a lot in a depression again? Should we hold off buying for now and continue in the rented condo? Are the Zillow reports (saying Orlando number 1 to invest in housing this year) just eye wash? Any predictions, any advice will be very welcome.

You were looking at the housing bust. Everything went cheap all over the country. This will not happen again.

[bmw335xi]

Originally Posted by kyle19125

I can pretty much guarantee I have traveled and lived in more places than you, and the vast majority of people living in other cities aren't anywhere near six figures but still managing to live quite comfortably as evidenced by their thriving economies. Just because you couldn't hack it doesn't means it equates to the staus quo.

I doubt that and like I said I paid cash for my condo, HOA/taxes/insurance were much lower than my houses in Orlando. It really came down to what city do I like more. The thing you fail to realize is $100k is not the median income, not even for households let alone per capita lol. Keep fantasizing yet sit on your butt complaining from home. It cant be healthy for you to be so miserable yet think places like San Francisco are utpoias of $100k jobs for most people and affording you to purchase a nice place to call home, nope, but you are too chicken to step up and do it. Nothing is more irritating to me than a whiney person who only complains about their life, but wont do anything to change it. If you truly believe what you say, it should be a no brainer to pack up tomorrow and move there lol.

[bmw335xi]

Originally Posted by lovemyfl

But who allowed this??? SOMEONE told the banks they had to give out mortgages qualified or not. Who headed this department, Mr. Barney Frank, from the Clinton administration onto Bush who asked him 17 times if everything was alright and he said "everything is fine!" Somebody explain that.

Nobody told people to do anything, it was greed on both ends. Most MLOs make money from commission. The more deals you make the more momey you make, you dont do deals than you go broke. If you competitors are saying yes when the buyer says I want to buy this $500k house knowing they cant afford it, who do you think the buyer will choose? The MLO who says no you cant afford ot or the one who says yes that's no problem!

You are giving too much credit to politicians, I worked in the industry and my mentor was the vice president of this company (not giving out names). People will work within the frames of what is legal, but not always what is ethical. Sure politicians have blame for allowing such practices to go on though. I guess it's accurate to say blame can be found everywhere from the borrower to the mlo to the law makers to bankers etc.

[chopchop0]

Originally Posted by lovemyfl

But who allowed this??? SOMEONE told the banks they had to give out mortgages qualified or not. Who headed this department, Mr. Barney Frank, from the Clinton administration onto Bush who asked him 17 times if everything was alright and he said "everything is fine!" Somebody explain that.

Ever heard of countrywide financial? Barney Frank had nothing to do with greedy banks writing liar loan mortgages like it was going out of style

[chopchop0]

Originally Posted by kyle19125

I can pretty much guarantee I have traveled and lived in more places than you, and the vast majority of people living in other cities aren't anywhere near six figures but still managing to live quite comfortably as evidenced by their thriving economies. Just because you couldn't hack it doesn't means it equates to the staus quo.

and of course you ignored the links I posted previously. You can deny it till the cows come home but fl is far more affordable to buy a home relative to its lower salaries than more liberal leaning places like Austin, tx or Portland or Seattle.

[RonaldusMagnus]

Originally Posted by bmw335xi

Nobody told people to do anything, it was greed on both ends. Most MLOs make money from commission. The more deals you make the more momey you make, you dont do deals than you go broke. If you competitors are saying yes when the buyer says I want to buy this $500k house knowing they cant afford it, who do you think the buyer will choose? The MLO who says no you cant afford ot or the one who says yes that's no problem!

You are giving too much credit to politicians, I worked in the industry and my mentor was the vice president of this company (not giving out names). People will work within the frames of what is legal, but not always what is ethical. Sure politicians have blame for allowing such practices to go on though. I guess it's accurate to say blame can be found everywhere from the borrower to the mlo to the law makers to bankers etc.

The gatekeeper to the entire scheme was the govt enabling FANNIE/FREDDIE to let banks take risk off. That opens the barn door for the practices you rightly point out. But make no mistake, banks are not in the biz of handing out bad loans, but they will underwrite till the cows come home when that risk is removed from them. So the MLO guys were an offshoot of the gigantic demand created by the govt opening that barn door. The exotic securities surrounding it created by Wall St. also an offshoot. The free market was no longer a market but rather a bastardized market with false demand. Everyone fed off the trough and greed took over no doubt, but we must remember who left the door open.

[RonaldusMagnus]

Originally Posted by chopchop0

Ever heard of countrywide financial? Barney Frank had nothing to do with greedy banks writing liar loan mortgages like it was going out of style

He absolutely did, bc without Countrywide wouldn't even exist in the monstrous form it came to be without the gatekeeper of Fannie/Freddie fertilizing the ground. You must understand the entire thrust of guys like Frank with the help of Franklin Raines at Fannie was political grandstanding and "upping the home ownership %" by dipping further and further down into B and C quality borrowers.

[boy3365]

Originally Posted by RonaldusMagnus

The gatekeeper to the entire scheme was the govt enabling FANNIE/FREDDIE to let banks take risk off. That opens the barn door for the practices you rightly point out. But make no mistake, banks are not in the biz of handing out bad loans, but they will underwrite till the cows come home when that risk is removed from them. So the MLO guys were an offshoot of the gigantic demand created by the govt opening that barn door. The exotic securities surrounding it created by Wall St. also an offshoot. The free market was no longer a market but rather a bastardized market with false demand. Everyone fed off the trough and greed took over no doubt, but we must remember who left the door open.

While I tend to place responsibility on consumers as well, I do get what you are saying. This is exactly what is happening with student loans. The government backs up ever increasing loan limits, so the colleges raise tuition and essentially build resorts to entice you to choose them over the other college.

On another note...
https://amp.theguardian.com/money/20...tgage-bankrupt