Selling house and I have questions about price. (Miami, Port St. Lucie: condo, home sales) - Port St. Lucie - Sebastian - Vero Beach - Florida (FL) -St. Lucie, Martin, and Indian River counties (Treasure Coast) - Page 8 - City-Data Forum

pslhomie · 04-22-2013, 05:35 AM

I want to thank everyone for their opinions. Every one of them have been helpful. You're correct LingLing I wanted opinions and history from people about their experiences in buying and selling. It makes us all more educated (which is what we need to be in the coming market) buyers and sellers. Why anyone would resist that is beyond me.

JimT7406 · 04-22-2013, 07:27 AM

Buying and Selling experiences right now in PSL.

1) Properties agressively priced are gone in days. The person trying to buy a property to live in is in competition with cash investors looking to rent it out or repair and flip it.If a property is listed way under the market, you can count on it being bid up over the list price due to the amount of buyers out there.
2) Selling is the same, price it right it is gone if not wait and see where the market is going.
3) There will always be sales above and below the range and they are not really going to help you in determining your value. Where the range for the majority of the sales are is where your value lies.
4) Impulse buying is silly, there are enough home to pick from that meets most people needs.
5) Market values are increasing ever so slowly and again way behind what is going on further south. It will be interesting to see where it is a year from now. Really do not see anything in PSL that can drive prices up on their own?

JERSEY MAN · 04-22-2013, 08:03 AM

I was in the models at GHO homes in bedford in tradition last week. Spoke with the sales people, and I was dragging my feet as to buying in a lackluster market. Before I walked out the door about a half hour later the price that was posted dropped 30K and they would throw in a premium lot. To me if it was a sellers market they wouldn't have done that. The sales pitch started as" We are busy", "The market is hot now" and other pitches. I've been there and done that about 20 times in my life for investments and living. My view is the same as the above poster, a small rise. Existing home sales were just released on CNBC and they are down for the month of march, 0.6 percent and they were down in the southeast region of the country.

pslhomie · 04-22-2013, 10:51 AM

Yeah it's hard to guage. One story says inventory is low and the next says foreclosures are about to flood the market. I have no idea what is going on. My best guess from looking around is that people who want to actually buy homes to live in are finding that the foreclosures and short sales are not meeting their needs so they are either waiting or building. People try to steer (as in the cattle) you into a certain direction making you think they are correct.

I am not a bull with his parts taken off nor am I a sheep. Don't need a cowboy or a sheep dog to ride heard on me.

JimT7406 · 04-22-2013, 12:38 PM

Except for St Lucie county most areas to the south are in a hot resale market with new construction to boot. You cannot judge the entire real estate market by what goes on just here. New home construction is going slowly here even though the same new home is priced 30% to 40% below what it would cost further south. Again and until the areas south become unaffordable, not much will happen here in terms of any real increase in the value of your home. Limited jobs, restaurants, shopping and entertainment all add to the slow crawl here.

pslhomie · 04-22-2013, 01:02 PM

But see this is not what the subject was about (and I am guilty as much as anyone of deviating from course). It is about the experiences of buyers and sellers not whether the market is hot or not.

pslhomie · 05-29-2013, 10:21 AM

I have continued doing research on property values in PSL and have found something very interesting. It actually costs more to build a home in PSL now than it does to buy an existing one. If you figure the lot will cost around 12-20k and the average cost per square ft to build is somewhere between $80 and $90 then it would not make sense to have a house built.

Now I see that builder stock is going up and it might be the next best thing to buy but it is very confusing to me as to why this is. One would think that existing home sales would be going thru the roof and prices would be rising knowing that it is cheaper to buy an existing home.

Am I wrong? Are my facts incorrect? Let me know.

FlaLadyB · 05-30-2013, 06:28 PM

I will give you some great examples

ALL the pool houses that a client looked at on 5/13 are GONE-- price to $135.

There is a cbs POOL HOME new on the market today for only $106,900 in Morningside area-foreclosure- 2000 sq ft under air, screened pool and on the golf course. How long do you think that will last in todays market?
Bet its gone in less than 5 days if not sooner. Contact me if you want more info -- and I am trying not to advertise.... but gee... they dont come along very often!

FlaLadyB · 05-30-2013, 06:29 PM

Quote:

Originally Posted by JimT7406

Except for St Lucie county most areas to the south are in a hot resale market with new construction to boot. You cannot judge the entire real estate market by what goes on just here. New home construction is going slowly here even though the same new home is priced 30% to 40% below what it would cost further south. Again and until the areas south become unaffordable, not much will happen here in terms of any real increase in the value of your home. Limited jobs, restaurants, shopping and entertainment all add to the slow crawl here.

One of my builder friends has sold 35 NEW construction homes so far this year alone... thats not bad....

pslhomie · 05-31-2013, 06:49 AM

Well that is a good sign. The houses over on Morningside are nice but they are mostly 80's construction. If it has been updated recently it is a great deal but if not then plan on putting in lots of money to bring it up to date. Also I have heard rumors that when you buy a house that was built before the current codes and you do an upgrade of any size then you have to bring the entire house up to modern code. If this is true then it could mean that price is not so good after all.

Two houses in my hood about the same square footage of mine recently sold for around 180k so I think I have recovered close to what my original investment was but it still needs to go up another 35k or so before I break even. Those houses from what I can tell were listed in the 155k range. This is another good sign.

One other question. If you put your house up for sale and someone offers what it is listed for do you have to accept? What if you want to list it just to test the market and see if someone will come up to the price you really need to sell at?