Port Saint Lucie, FL Stay or Go? (Cape Coral, Palm Beach: coupons, renting)

[SKB]

Originally Posted by Wendyb0077

Just curious of how people are feeling about Port Saint Lucie. I am a Real Estate Broker (Oh my goodness! Almost as bad as a lawyer!) We have one of the most beautiful places in the country to live. Yet! All I have been seeing for the past couple of years are people wanting to move out of here to places like GA, NC, TN, SC, etc... Why are the buyers not buying. Are you waiting for the bottom to drop out. The rates are good and the prices are down. Help me out here! I really care and hope to hear from you all. Thanks!

I saw PSL and I was not that impressed, it seems like there is not much there except thousands of homes for sale, it is quite shocking actually.

As far as your other question, of course buyers are not buying, no one is, its the sheep mentality and I am glad for it. Most people don't have a clue about how the credit bubble happened. I will be buying when prices make sense again. It could take a while though, I am in no hurry and I have a nice cheap rental.

[nanwalt3]

I too am one of those awful Real Estate Brokers,... and we all watched the market be destroyed by greed....
The Builders were wrong to sell multiple homes to investors, these investors would be their main competition within 2yrs, and they could afford to sell these homes for less then the builder could 2yrs later, given the price of the land and the building costs.

Mortgage Co.'s took high risk buyers and put them into homes with 100% financing, so the buyers couldn't NOT afford to buy at those terms. Of course, when the payments went up, mainly because of the property taxes and insurance increases firstly, these buyers had nothing to lose by walking away from the property. The only money they had in the deal was some mortgage payments they had made.

Sellers, didn't want a true market analysis of their home, they felt they had the right to ask whatever they wanted. Most of these Sellers decided to sell by owner, if you wouldn't agree to list their property at an inflated price. Of course there were other real estate agents that would list the home for whatever the Sellers wanted them too, but after 30 yrs. in Real Estate, I feel that is the exception to the rule. Most hard working, professional, career minded real estate agents and brokers take their job seriously and feel obligated to be fair to both sellers and buyers. I wouldn't want to overpay and I wouldn't want a buyer that I'm working with to overpay either.

[momix5]

Not all real estate brokers are evil! The gentleman who sold my house in NY is a god send.

[Prettygyrl777]

Originally Posted by Lilybeans

So the pendulum swings and now buyers don't want to pay fair prices either, eh?

Not true- I don't mind paying a fair price for a home. But I am smart enough (and I've lived here long enough) to know when I'm being cheated. PSL is probably one of the worst (or best?) examples in the state of Florida of the real estate bubble bursting. If I can get in at 130k, then good for me. I should mention though that I was thrilled when the woman quoted that 169k price- that was as good as "sold" to me. But not wanting to sound excited- I really had to consider that, "yes, I could by this house right now but it seems to me that I'm in a position to wheel and deal here..... and dammit I will do just that!"

I'm buying my home because I want to LIVE IN IT- not because I want to make a quick buck and flip it on someone else later on. Good riddance to the speculators- some of us actually just want to live here.

[Lilybeans]

Originally Posted by SKB

I saw PSL and I was not that impressed, it seems like there is not much there except thousands of homes for sale, it is quite shocking actually.

That is an accurate description of Port St. Lucie.

[julz]

I moved to PSL 10 months ago.Having lived in S.Fla. for 15 yrs. I was tired of the traffic,crime, and strip malls. I hear many people here complain about those very things and had I lived here 10 yrs. ago I might be doing the same.Actually, 10 yrs. ago I would never have considered living in PSL.At this time in my life I am content with this lifestyle.I don't miss the pan handlers,the industrialism, or the sirens blaring all night.I can see why PSL might not be attractive to the younger generation and work is definately an issure worth considering but I am very happy with my decision to move to PSL.

[markas214]

Originally Posted by Wendyb0077

Yes, I am one of those people and I have worked damn hard to help Many hundreds of people through my 25 years of selling RE. I sold in the NJ market in the early 80's with 16% interest rates and people still bought homes. Yes, the prices were less, but home ownership is the best way to go. I know of homes for sale in PSL that are close to $100K 3/2/1's and little starter homes. The Builders are putting new home CBS packages of the mid 100's. The people are holding out! Now the bottom diver's(investors) are looking to pick up investment homes and the buyers that should be buying are holding off. That's why I asked the question!

OK. Here's another take. I visited Cape Coral around 7 years ago and could have bought a triple lot 240x150 for $10,000. I decided the area was too barren and I didn't want to live there. Apparently others felt the same at that price because there were thousands of lots priced similarly. Now the lot prices are 500% higher while homes are nearly triple. There are also thousands more homes for sale than there were then. Why because suddenly tens of thousands of people want to live in Cape Coral now that it is 3 times more expensive?

First there are a finite number of people wanting to live in Florida. I'm one but not in a hurry. That number didn't magically increase by 3000% in the past 5 years. Secondly incomes in Florida are horrible. They are nearly half of what many other areas pay. Again, we didn't have some magic increase in the number of upper income individuals move to Florida to suddenly support the building od tens of thousands of half million dollar homes. Third, speculators came in and artificially created a demand that could never be sustained by either full time residents or snowbirds.

People were conned by the real estate and financial industries into buying homes way beyond their means. They were fools. Now the fools are taking a bath and what is left are prudent individuals who are smart enough to wait. The patient will be rewarded in a year or two when homes "valued" at half a million dollars begin selling for there historical affordability which is about half what it is now.

I agree that new homes in the 120s should be selling easily. Perhaps the people who would have bought at that price and actualy wanted to live there has declined. Maybe they can't afford the inflated taxes and insurance. Maybe they bought over their heads and ruined their credit. Maybe they lost their jobs in the construction/real estate industry.

Finally home ownership is a myth unless you pay cash. Home ownership doesn't exist when your house is worth less than you owe. Only a fool is buying in a falling market. You can thank all the unscrupulous vultures in the real estate industry who swooped in and made a killing and seriously damaged your industry. I don't know if you were a participant in the giant Ponzi scheme of buy and flip. If not you will definately have some lean years ahead while those opportunists who got into the industry for a fast buck are weeded out. Eventually though things will stabilize and true professionals will be back to offering fair and honest service.

[MB2]

Originally Posted by SKB

I saw PSL and I was not that impressed, it seems like there is not much there except thousands of homes for sale, it is quite shocking actually.

As far as your other question, of course buyers are not buying, no one is, its the sheep mentality and I am glad for it. Most people don't have a clue about how the credit bubble happened. I will be buying when prices make sense again. It could take a while though, I am in no hurry and I have a nice cheap rental.

I am pretty much with you on this.
We are renting right now, and will continue to do so for the next year or two.
Yes, we just KNOW, that the market WILL further drop. (It will take years alone, to sell off all the inventory PSL has !!!! Thousands!!!!)
We all work hard for our money....and we decide, how and where it is going to be spend.
So, if I can get my hands on a house, previously priced at such and such (mostly way overpriced anyway).....dropping to an amount, I can actually afford.....I would, and that's what we are waiting for.
We owned a home in PSL, and were happy to have sold it, when we did.
PSL is alright, I guess...but certainly not, what WE were looking for.

We had a family buy land on our street, when we lived in PSL. House construction started soon after.....the family never moved in, and the home is sitting there for sale......for about over 1 year now.
Way to much to chose from, way to many foreclosure, way to many owners are still playing hard ball with unrealistic prices.
Just drive around in PSL......and you'll see, what I am talking about.
You will see signs reading :"Must sell...close of losing home".
That's how desperate of a situation it became.
People will leave in the middle of the night, abandon their homes, letting it go into foreclosure. (We've seen it happen TWICE!)
People (buyers) are just getting way, way more careful these days, and really start doing some "homework" first, instead of rushing into something, they might not be able to afford.
That's at least what we are doing this time around.

[Wendyb0077]

I'm not one of those Re Brokers that played the flip game. I just continued on my merry way and kept on selling. I did my homework for people and they made the decision. Yes, I agree with you this market is a big mess and it will take time to get it straight. There are still good deals out there.Great input I appreciate your information.

Originally Posted by markas214

OK. Here's another take. I visited Cape Coral around 7 years ago and could have bought a triple lot 240x150 for $10,000. I decided the area was too barren and I didn't want to live there. Apparently others felt the same at that price because there were thousands of lots priced similarly. Now the lot prices are 500% higher while homes are nearly triple. There are also thousands more homes for sale than there were then. Why because suddenly tens of thousands of people want to live in Cape Coral now that it is 3 times more expensive?

First there are a finite number of people wanting to live in Florida. I'm one but not in a hurry. That number didn't magically increase by 3000% in the past 5 years. Secondly incomes in Florida are horrible. They are nearly half of what many other areas pay. Again, we didn't have some magic increase in the number of upper income individuals move to Florida to suddenly support the building od tens of thousands of half million dollar homes. Third, speculators came in and artificially created a demand that could never be sustained by either full time residents or snowbirds.

People were conned by the real estate and financial industries into buying homes way beyond their means. They were fools. Now the fools are taking a bath and what is left are prudent individuals who are smart enough to wait. The patient will be rewarded in a year or two when homes "valued" at half a million dollars begin selling for there historical affordability which is about half what it is now.

I agree that new homes in the 120s should be selling easily. Perhaps the people who would have bought at that price and actualy wanted to live there has declined. Maybe they can't afford the inflated taxes and insurance. Maybe they bought over their heads and ruined their credit. Maybe they lost their jobs in the construction/real estate industry.

Finally home ownership is a myth unless you pay cash. Home ownership doesn't exist when your house is worth less than you owe. Only a fool is buying in a falling market. You can thank all the unscrupulous vultures in the real estate industry who swooped in and made a killing and seriously damaged your industry. I don't know if you were a participant in the giant Ponzi scheme of buy and flip. If not you will definately have some lean years ahead while those opportunists who got into the industry for a fast buck are weeded out. Eventually though things will stabilize and true professionals will be back to offering fair and honest service.

[Wendyb0077]

Many of the buyers bought with special financing just because they wanted a home. $100% Mtg's No money down... New construction It sounded great to these people. Then a reality check. The real tax bill comes in. The one they bought with was on vacant land, then slam... Now a bunch of hurricaines and our good old Homeowners insurance went through the roof. Now the lender has to add all this on your monthly payment, plus the shortage from the previous year. Yipes!!! the payment doubles in some cases and there is now no way for these people to pay the payment. So, no equity or neg equity, no real money into the deal and people start moving out during the night. The lenders will help you to a point. They don't want to be in the Real estate business. There are other reasons for the Mess in PSL, but this is the jist of it.

Originally Posted by MB2

I am pretty much with you on this.
We are renting right now, and will continue to do so for the next year or two.
Yes, we just KNOW, that the market WILL further drop. (It will take years alone, to sell off all the inventory PSL has !!!! Thousands!!!!)
We all work hard for our money....and we decide, how and where it is going to be spend.
So, if I can get my hands on a house, previously priced at such and such (mostly way overpriced anyway).....dropping to an amount, I can actually afford.....I would, and that's what we are waiting for.
We owned a home in PSL, and were happy to have sold it, when we did.
PSL is alright, I guess...but certainly not, what WE were looking for.

We had a family buy land on our street, when we lived in PSL. House construction started soon after.....the family never moved in, and the home is sitting there for sale......for about over 1 year now.
Way to much to chose from, way to many foreclosure, way to many owners are still playing hard ball with unrealistic prices.
Just drive around in PSL......and you'll see, what I am talking about.
You will see signs reading :"Must sell...close of losing home".
That's how desperate of a situation it became.
People will leave in the middle of the night, abandon their homes, letting it go into foreclosure. (We've seen it happen TWICE!)
People (buyers) are just getting way, way more careful these days, and really start doing some "homework" first, instead of rushing into something, they might not be able to afford.
That's at least what we are doing this time around.