I am moving to Port St. Lucie but will be working in Boca Raton....Is this a good idea? (Fort Lauderdale: real estate market, foreclosure)

[CJFlorida]

Originally Posted by Lilybeans

I think the market is pretty low right now. I personally think it's near the bottom, and homes will start selling, although there is a lot of inventory.
Just this week I've seen two real estate contracts, and I've talked to surveyors and engineers who tell me that their business is starting to pick up. All of that leads me to believe that buyers are starting to move a little.

Wow, this is so wrong. You need to read the housing bubble blog and research the numbers. They have been correct for 3 years now.

The bulk of the ARMs will reset the next 12-18 months, the foreclosures have barely started. The lendors have just started to tighten standards. The inflation of food, gas and other staples is just starting to take its toll. Job losses are accelerating as we enter this recession. The process of price drops will only accelerate over the next few years.

Prices in Pt. St. Lucie will be a lot lower in 12 months, and even lower in 18 months. Prices have 20-60% left to fall, depending on the area of Florida.

Please OP, do the research and do not rush to buy right now!! There are always dead cat bounces during any housing crash, don't be fooled. The long term trend is way, way down.

[LingLing]

Hi, Tiffanyp83
I like PSL. However, I think driving to Boca is hectic. I am not interested in getting into the argument about buying or renting. Because of the market we are in, there are many opportunities to fetch a beautiful house with a beautiful price. However, each person's financial situation is different. No matter in what kind of market, only to buy a house if you can afford easily and only to buy a house that fits your life style. Finally, only to buy a house if you plan to stay for more than five years. Don't buy a house just because you like it. The house is too far away from your job. It doesn't fit your life style and it can cause you headache.

[Lilybeans]

Originally Posted by CJFlorida

Wow, this is so wrong. You need to read the housing bubble blog and research the numbers. They have been correct for 3 years now.

I'm just telling you what I've seen with my own eyes. I doubt prices will get a whole lot lower.

[doggiebus]

If PSL is the place you want to live, I would suggest getting a job closer to PSL. Or live closer to Boca. I have known people that did drives like Miami to Palm Beach, Naples to Miami Beach, or Coral Springs to Miami Beach. But after a while it gets old and people change jobs to be closer to their work or the place they live.

But then if you like sitting in traffic more power to ya, do the drive. I would rather be doing something else with that time than sitting in traffic. Just my opinion.

[wpbmom]

I could absolutely never do that drive twice a day. But that's me!

[Denise in Fla]

Good luck with the commute, I can also think of better things to do with my time instead of dealing with the traffic and idiots on I-95.

[Wendyb0077]

Tiffanyp83... Don't let anyone push you into buying a home that far from work. That ride gets old quickly and the gas is going to kill your budget. You may be better off staying closer to your job. Some of the builders in PSL have great deals right now. They pay closing costs and want to give you the world. But, are you saving enough on this home to make up for the gas and that long ride. It is up to you. Good Luck!

[doom1001]

You're gonna be putting around 700 miles a week on your car if you work 5 days a week just getting to and from work,that drive is way too far to seriously do for an extended period of time,after a couple of months you'll start going nuts.I worked about 40-45 miles away from my house for about a year and after a while I started hating it,and the thing is I like driving.Mapquest says Port St.Lucie to Boca is 74.9 miles that is a long way.I wouldn't tell you not to buy the house,I would just tell you that you would have to decide between the house or the job.Consider finding a job closer or forget the house as that drive will beat you and your car up.If it was Port St Lucie to West Palm,that would be more doable!!

[HappyTexan]

Originally Posted by Lilybeans

I think the market is pretty low right now. I personally think it's near the bottom, and homes will start selling, although there is a lot of inventory.
Just this week I've seen two real estate contracts, and I've talked to surveyors and engineers who tell me that their business is starting to pick up. All of that leads me to believe that buyers are starting to move a little.

This is not true. There's still loads of ARM resets that will be happening through 2008.

There's no harm in renting for a year.

[Lilybeans]

Originally Posted by HappyTexan

This is not true. There's still loads of ARM resets that will be happening through 2008.

There's no harm in renting for a year.

Two different issues. ARM resets may cause values to remain down, but what I was saying is that buyers seem to be starting to stir, realizing that now is a good time to start buying.

ARMS will be resetting for years-they don't just stop in 2008. Heck, mine has been resetting yearly since I got it.