I am moving to Port St. Lucie but will be working in Boca Raton....Is this a good idea? (Miami: appointed, short sales)

[LingLing]

[quote=CJFlorida;2831560] Great deals fly off the market!QUOTE]

According to you, there is no good deal in this market because they flew off the market so fast. Interesting!!

Hi, Tiffanyp83,
Driving is going to be hectic. On top of that, Copernicus suggested additional uncontrollable factor, the other careless drivers. Although the great deals flew off the market fast nowadays (which I doubt very much), you can always find a great deal close to where you work. Don't be afraid to lose the deal. Do spend time analyzing and negotiating. This market allows you to do that!

[LingLing]

Hi, Tiffanyp83,
I don't know your financial situation. I think it is a good time to buy if you can find a dream home with a dream price. However, from what you have described, I am not sure that you should buy a house now. Owning a house came with a lot of financial responsibilities. Even you got a great deal now, the property tax will be assessed against the market value as determined by the county. The insurance cost will be determined by the replacement value. Can you handle that? Well, just something for you to think about it.

[jhlcomp]

We haven't seen the bottom of the housing market yet. And the commute is a bear unless you chose to car pool which many are doing.

[JRTRR5]

Tiffany, I am thinking of moving to Port St. Lucie. Is New Port Isles nice? Who is the builder?

[FlaLadyB]

I have no idea when you posted this message but I will jump in here. I used to live and work in Boca Raton and now live and work in Port St. Lucie. Drive the TURNPIKE only as the trip up and down I95 is all construction and you will be in full blown road rage by the time you get to or from work. The gas will eat you up, but I think you already know that since the distance is not short. I still drive down to Boca and back and make it in about an hour, but then again...I also know better than to start a drive back to PSL at 5pm....count on a much longer drive since the traffic will always be heavy. I also am not known to drive 55mph either.

As for house prices - you won't find much in Boca for $179,000. As far as the market still crashing? I do believe it has done that already. Actually the Palm Beach Post just reported a slight rise in housing prices. What is happening now is the forclosures are still coming but there ARE people buying- especially short sales where they can find a really nice home at a really great price. Buying it takes a while - several months- because the banks had no idea what was going to happen and were not prepared with.. what do we do now?...but can be well worth the wait.

As for builders, they are cutting prices and including everything- as you saw- and you get a brand new home. I watched what they were doing in Newport Isles myself. I also know a lot of the homes in there were purchased by investors and those people are looking to get out at below what they paid for their homes. I am over in Traditions...a mile or two away from there. Yes, the same thing happened here with the speculators. Somehow I don't feel empty houses around me although there are some. Where I am I see mostly full houses and people STILL moving in all the time.

Move back to Boca? ummm... no. I go back and immediately hear the rude people and horns blowing and say... well, I like it ..but

Jobs in Boca vs PSL - yes...big difference. I also know a lot of people drive to work out of this area- some as far as Lauderdale. Would I do it? Depends on the job and how much they paid me.

[nkodream]

Not sure where this post stands with regards to time but here's my experience with commuting in the past from PSL to Boca three times a week for college....FORGET IT!!!!!
I would pray every day that I would just make it home alive!!! That's the truth...

I would also suggest to NOT purchase a home in Port St. Lucie regardless of the price or the deal....it is becoming a very undesireable place to live hence the many homes/deals on the market. Many people realize it's not what it was cracked up to be and cannot wait to get out or just left, hence the overabundance of foreclosures there.

They have issues with traffic, schools, infrastructure, city planning/zoning....

I couldn't think of one good reason to tell you to move there....Beware.

[PATRAIN]

My wife and I sold our home in PSL for 312,000.00 in 05'. It's on Zillow.com for 220,000.00. We built it for 180,000.00...that included a hugh pool with 30 feet of waterfalls.....My brother in-law bought a townhome last March for 212,000. and 1 year later the builder is asking 160,000.....sales are horrible and getting worse. P-L-E-A-S-E RENT AND DO YOURSELF A FAVOR. 2 OF mY BROTHER-IN-LAWS COWORKERS just walked-away from there homes because of the amount of loss vs. mortgage......They both work and can make the payments but chose not to. My b-i-l- is thinking of walking-away from his townhome to. Jobs are scarce and crime is rising..........As for the people saying go for it on some of these blogs....they just may be realtors pumping up the market and they are known as realtrolls. If you want to know more about the prices falling.......make a new thread....

[FlaLadyB]

Originally Posted by nkodream

Not sure where this post stands with regards to time but here's my experience with commuting in the past from PSL to Boca three times a week for college....FORGET IT!!!!!
I would pray every day that I would just make it home alive!!! That's the truth...

I would also suggest to NOT purchase a home in Port St. Lucie regardless of the price or the deal....it is becoming a very undesireable place to live hence the many homes/deals on the market. Many people realize it's not what it was cracked up to be and cannot wait to get out or just left, hence the overabundance of foreclosures there.

They have issues with traffic, schools, infrastructure, city planning/zoning....

I couldn't think of one good reason to tell you to move there....Beware.

The reason there are so many forclosures and such has nothing to do with being in Port St. Lucie. The entire country is in the same position not just one area. People moved to PSL to find a less expensive home in a growing area. Many moved from Broward and Dade counties to get out of the crowded conditions and find a house instead of being squeezed in to a apartment. Yes, they may drive to jobs in other areas like WPB, Boca and some to Ft. Lauderdale, but they knew that up front and decided that moving further north was still their choice.

The reason for forclosures is simply that people got in to mortgages they now can not handle. The market changed and so did the value of what they purchased.

It has nothing to do with traffic- they are building new roads and bridges on a constant basis right now. PSL got a blast of new people and are catching up as any newer area has to do. If you lived in Jupiter some years back - I DID - you would have seen the same thing. Growth = new roads, new schools, new way of looking at everything.

I will say that people coming up from Broward and Dade where they were used to everything being at their disposal 24/7 and on every corner had to take a moment to realize that it's not the same way here. But, then again, THAT is the exact reason they were moving, to get away from the chaos.

It's a bit of an adjustment, but having a bit more space to stretch your arms out isn't all that bad!

[mgaines8]

Port St. Lucie is a nice area and it is home to a lot of commuters. I lived in SLC for 4 years. I agree that renting is a great option for you since you are new to the area. I would not suggest you buy right now since you don't have a lot of savings. If you have never owned a house, the cost of home ownership is more than mortgage and utilities. It is maintenance, furnishings, property taxes, insurance. Homeowners insurance in FL is NOT CHEAP. Even if it is a new home, there may be things you still end up paying for that aren't covered in case of a problem.

Ask these questions before buying... How long do you plan to live there? Would you be able to afford the home if you had a job change and had to relocate (if the home didn't sell)? My husband's company bought our house when we left. It was in a gated community, had top of the line appliances, finishes and etc. However, almost 2 years later, it is still for sale. At auction, the highest bid was less than 1/2 of what I sold it to the relo company. The relo company still owns it and is trying to wait out the market lull.

There are probably rentals in Newport Isles or Tradition that would allow you to determine if you like the commute. Other areas to entertain as living options would be Palm City, Stuart, or Jupiter. They may cost more upfront but they would probably balance out with the cost of gas, wear and tear on your car. Just a thought...

[kevinbonds]

All you people crack me up. Especially the ones who say not to buy now.

Historically homes nearly double in Value every 10-15 years. Yes we had a crazy market for a few years. Yes prices may go down further. My point is a house isnt a stock, You choose a home that fits your taste and budget. If you buy a house and you can afford the payment who cares if in the short term the value goes down. Thats life, but if you can afford the payment and plan on living there permanantly like most poeple do then 10-15 years from now all this talk will have blown over and the market will have corrected.

If you buy a house and your mortgage is close to what you could rent for, then what's the difference? You got to pay to live somewhere.

My opninon is if you want to buy a house choose one you can afford, and buy it. I love how everyone was an expert when the market was going up, now everyone is an expert when the market is going down. Any investor will tell you when everyone is saying buy you sell, when everyone is saying sell you should buy. If you buy a home now and keep it long term you cannot loose.

PS Newport Isles is a mess. 70% investors and they are rented to anyone that has a pulse. Prices will fall there simply because the neighborhood is a perfect example of idiots buying homes and thinking they could flip them six months later for double. They all got stuck, foreclosures everywhere, and some seriouse thugs reside there.