Questions around Housing prices and jobs/economy (Orlando, Oakland: mortgage, lawyer)

[traysea]

Hi everyone.
I moved away from Orlando (Oakland) in 03' for numerous reasons. My husband and I have talked about moving back every since. Now the job I would want to have if we ever moved back to Orlando, has opened up (I work for a very large company) and I am going to apply.

Assuming that I get the job, then I must worry about all the things most of you on this board are cautioning about. We visit 3x a year and from the outside still like what see (minus the cookie cutter subdivisions.. hate those.. ). Traffic might be bad but when we are driving around it doesn't seem any worse then greater Cincinnati.

Are housing prices really dropping? I am starting to seriously think if we move back to rent a house for a while instead of buying. I am also thinking it would still be much cheaper to buy land (even if we shell out 125k for .25 acre) and build our own house using friends in Orlando to help us sub out work and for us to be our own PM on the job.

The problem is we are going to sell our existing house (which is like 3000 SF) and will be lucky to get 315k for it. We'll walk away with very little so naturally we'll be house poor going back to Orlando. I really don't want to go backwards in my living standards. Not rich, but make good money. Don't want to live in a subdivison. I have my sights on some property not on the market yet in Oakland.. but that is another story and I need to work through that when I am in town next week!!

Just wanting to get some insight on those that are already there.

Two other major concerns, House Insurance costs and Taxes. (More reason to build so we can insure we build a quality house to at least conform to latest codes -- vs. buying an older home for less money but with less hurricane code materials etc).

I am freaked out, excited and in need of a little insight from those out there!

that I am naturally concerned about jobs/economy. It seems like it is moving in right direction but my hubby is working on his bachelors in design and I hope for a good career for him.

I work for global company so I dont have to rely solely on Orlando's economy.. but it would be nice for Orlando to continue to grow and get past these growing pains!

Thanks, Tracey

[SKB]

"Are housing prices really dropping? I am starting to seriously think if we move back to rent a house for a while instead of buying."

Yes they are dropping.

Best idea to rent.

[Nirvana-Guy]

Originally Posted by traysea

Hi everyone.
I moved away from Orlando (Oakland) in 03' for numerous reasons. My husband and I have talked about moving back every since. Now the job I would want to have if we ever moved back to Orlando, has opened up (I work for a very large company) and I am going to apply.

Here is the honest version:

-Jobs: Wages have been stedily going DOWN (see other thread about that in this forum) in FL. IN Central FL, where we have a massive surplus of workers and a massive invasion of illegal aliens taking all the jobs is causing wages to go down. It's been a trend since about 2002 and is still going. I am a BA worker (white-collar) and it is taking people several months to find a new job here. Un-skilled work is easier to find than skilled work or professional work.

Because of the massive population, job growth is NOT keeping up with the pace. So we constantly have a layer of our communities unemployed or desperate for work, taking jobs for much less than what they SHOULD be paying.

Many jobs may not require you to speak Spanish at first, but they will change the description propably fire you for not speaking Spanish. It is a true slap on the face on every American who is not Hispanic.

-Economy: FL's Republican government ensures the economy is strong with lower taxes and stopping predatorial trial lawyers and junk lawsuits. This helps the local economy grow. The growth in jobs, however, has been in the tourism and hospitality industry and these jobs don't pay very much. That is a problem.

Now the biggest economic problem we are having in FL now is the Insurance industry. Lawmakers have done about everything they can to lower insurance rates, but they are a problem. Companies are not insuring homes or are leaving the state altogether and that is not good. The insurance companies rae retaliating against FL lawmakers by leaving the state or not insuring. It is a crisis and with the upcoming 2007 hurricane season, everyone is on edge.

-Housing: Speculators have inflated local market prices so much, even with the $15,000 price drops across the board, the home prices are still un-attainable. Ex. homes in the ghetto (north Hiawassee or Semoran blvd or Goldenroad in East Orlando) are STILL selling for $240,000 - $270,000. A total rip-off, granted you would be living in the ghetto and someone would be selling drugs under the tree on your front yard. Not good at all.

The tendency is for prices to drop more and more, so hang on and do NOT buy now. Time is on your side.

-Taxes: lawmakers cannot agree on what to do about property taxes. They are sky high, they suck, and local counties are wasting the majority of the money anyway.

Overall, there are some problems, but if you really wnat to move back here, go for it. Oh and Orlando is VERY sprawled and has gotten MUCH more violent since 2003, so be careful when you come down to check it out.

[sunstate]

I have to agree with the above post. I have been looking for work (as a paralegal) or months now. Most firms require spanish as a second language. I do not speak spanish.

I have had my home on the market for months now and have it listed for 10k under appraised valuse. No contract yet.

I have been working hard at either selling the home or staying if I can find work. No progress on either front so far (after four months). Yikes!

[rholborn]

Yikes, I feel badly for Sunstate with the house being on the market for 4months!!! Can i help with advice sunstate?
anyways, you can get a lot for your money here, more than other parts of the country. you need to plan on a vacation, and take a drive with someone that knows the area well! feel free to send me a private message, and i can help answer detailed questions for you!

[backtofla]

nirvanaguy, you are one of the most negative posters here. to the OP, beware, some posters here post negatively on purpose, to some how make themselves feel better, or perhaps, trying to talk themselves into moving somewhere else, usually not florida's fault, but they like to blame a state. how convenient.

there are a couple parts of orlando that are bad, and since you have been here before, you probably know where these bad parts are. you are not going to get mugged.

and as far as speaking spanish, i know some companies like for you to know a little, but i have never heard of it being a requirement.

[jeffm]

Have you ever lived in another part of the country other than Florida? If so, where??

[carolac]

I have been a paralegal since 1986 here in Orlando, and I don't speak Spanish. There are a few personal injury firms in Orlando which cater to the Hispanic population and require it, but the majority of firms do not. If you'll PM me, I'll direct you to the local paralegal association where job openings are posted, and to the Orange County Bar Association paralegal division. You don't say in your post if you have experience with a degree or are a new graduate. It is very, very difficult sometimes for a new graduate with a paralegal degree with no legal experience to get a foot in the door.

The legal field is different towards its new paralegal graduates than corporations. Corporations scout for talented graduates with no experience. Not so with the legal field without an "in." BUT, there are some corporations that may hire with no experience. I'm sorry to say that there are some new graduates who never got into the legal field, but that's not only in Florida. I blame that on the colleges cranking out graduates without fully informing them as to job prospects and not having a real placement program. For many job openings, there are so many strong, experienced paralegals applying for the job, employers will of course take the best.

Originally Posted by sunstate

I have to agree with the above post. I have been looking for work (as a paralegal) or months now. Most firms require spanish as a second language. I do not speak spanish.

I have had my home on the market for months now and have it listed for 10k under appraised valuse. No contract yet.

I have been working hard at either selling the home or staying if I can find work. No progress on either front so far (after four months). Yikes!

[DadofTwo]

well the job market depends on the area you are looking for ....some areas have high demands and are not service jobs....i would say it hasn't changed that much since '03. I wouls ay buy if you can ...rent has gotten pretty high as well and could be more than a mortgage. Have you considerd n lake county? it is beautioful up here and homes are larger w/ more land and cheaper than orlando area ...the commute is manageable .... we have our house up sale for job relocation and live in the a historic area of homes ....good luck

[emb2519]

I am sure that you are absolutely intelligent enough to not rely on what anyone on this board advises you to do - and absolutely do your own research. There is nothing more exciting (at least to me) than seeing a real estate market react to supply and demand and level out. As the supply has gotten out of line with the demand a free market will always level off. That is exactly what we are experiencing right now. When this happens you should say Yeah because you are moving into this market and have an excellent opportunity to buy while prices are down and reap the benefits when it heads back up again. It's silly to think that now is not the time to buy - anyone who knows anything of economics can answer that question for you. I would be happy to give you some websites where you can find some good solid statistical information regarding the job market, real estate market, and the economy of Orlando as a whole. .