port st lucie home have they hit rock bottom? (Orlando: short sale, foreclosed)

[stevep111]

Here is a rumor that I am hearing. Some people are buying up homes and instead of fixing them they are going to tear them down and build new. A lot of the houses were left to deteriorate so bad that they can't be fixed. I saw a report on the news yesterday that there are plenty of qualified buyers (not specifically in Florida) that are attempting to buy but are having a hard time getting people to loan money. I assume by qualified they have a job, a downpayment and can afford the house note.

[TriMT7]

Originally Posted by stevep111

Here is a rumor that I am hearing. Some people are buying up homes and instead of fixing them they are going to tear them down and build new. A lot of the houses were left to deteriorate so bad that they can't be fixed. I saw a report on the news yesterday that there are plenty of qualified buyers (not specifically in Florida) that are attempting to buy but are having a hard time getting people to loan money. I assume by qualified they have a job, a downpayment and can afford the house note.

It wouldn't be worth it. Even a tear down can still be had for $70 - 80K in PSL right now..... there are still PLENTY of buildable lots for bargain basement prices right now. It would just be extra hassle to buy a house that already has a home on it --- and then tear it down.

[MB2]

Originally Posted by TriMT7

It wouldn't be worth it. Even a tear down can still be had for $70 - 80K in PSL right now..... there are still PLENTY of buildable lots for bargain basement prices right now. It would just be extra hassle to buy a house that already has a home on it --- and then tear it down.

I agree with TriMT7 !
Houses in PSL are a dime a dozen, and it will stay like this for some time to come.
No, I don't believe that it hit "rock bottom" yet....but it's very near.
There are so many homes for sale, rent....some are UNFINISHED and just boarded up.
People are also still sitting on plenty of lots they can't give away, but still have to pay taxes on.
If you read the newspaper and the courthouse notes (which are lately several pages long), you will see that so many homes STILL go into foreclosure....every single day.

And, here is something mind blowing, IMHO....when I was talking to some of my friends, they filled me in on what some people are doing in PSL right now.
Some people are stuck with a high mortgage, and either don't want to pay or can't anymore. So, if it's in the one name, they chose to let the house go into foreclosure.....but turn around, and buy a much cheaper home ! (Resulting in a much lower mortgage payment !)

How they can pull something like this of, is beyond me !????????

So, the housing market is saturated from 3 sources: homes not even finished (but HAD to be build), homes in foreclosures, or from people just WANTING to sell their house for one reason or another.

To "clean" up this influx and inventory will take years, IMHO, and I don't see prices going up anytime soon. Just way to many properties competing on the market.
So, if one can secure a loan, has a down payment and good credit rating....they should take their time.

A good point was previously pointed out as well. Due to most homes just sitting on the market, they are deteriorated or starting to.
If one goes in smells and sees mold (due to electric/ air conditioning shut off), it will cost you a hefty bundle of money to get that cleaned up. (No, bleach alone will NOT do the trick....lol....airducts have to be cleaned, inside the walls ...etc)

Also a question to ask is (especially with approx. 5 year old homes)....have those been in the 2004 hurricanes ? And, exactly WHAT type of damage did it sustain back then ?
Some of them were never really "fixed", believe it or not, because so many, many contractors left the area, building material was scarce and people were left with just fixing things themselves. (We were one of them !)
So....where those homes ever "really fixed" ???

I mean, us people living for years in FL just KNOW on WHAT to look for, and WHAT kind of questions to ask, if planning on making a house purchase.
But, people moving in from other states have no idea. (And, it's NOT their fault, really)

I am very familiar with the area...but even I would NOT head out without a knowledgable, honest realtor.....which gives you the "heads up" on the good, the bad and the ugly !

[stevep111]

Here is the way we judged houses when we looked around. First we considered the age of the home. We did not look at any homes that were more than Three years old. Second when we went into these homes we were immediately able to tell if they were built well by seeing if they had cracked floors. Depending on how the floor is poured (all floors settle to some point) but good ones do not crack to the point that the tile has to be replaced.

In some homes you could tell right away that they were cheaply built because they had vinyl floors. I asked one of those home showing whores (Not all Real Estate people are like that) why vinyl and I was told that it was the builders policy because all floors crack or it gives the new owner a choice in what kind of tile they wanted. I knew both were wrong answers because not every house I went into had cracked floors. Most were by one builder. Again you only need to look down when you enter a home to tell if you want to buy or not. If the place is moldy you will be able to see that right away especially around the window seals.

The last thing you need to consider (well it should actually be first) is the other houses in the area. Drive down the street and count the dumps. I saw a street with several beautiful homes but there were almost as many places that looked right out of Sanford and Son. I remember the first time I looked the agent took me into a neighborhood and I stopped her right away and told her I didn't even want to see any houses in that neighborhood because my Wife would not go for it. It was a complete waste of time.

The neighborhoods we liked most were Tradition, the area around tradition and Torino. There are some great places in the Becker rd area but you have to look.

[miltysmum]

Does anyone know about Verano? The builder has built everything else in PGA Village, but concerned that once the golf course is built and development turns over, the HOA dues will skyrocket. We're coming down in June to look around. Seems to be many homes that were bought up by speculators that now are in short sale.

[FRANKLIN]

I have a one acre lot in Indian River Estates which is much nicer than PSL. Big lots, no traffic, closer to Fort Pierce and, best of all, 10 miles to the beach.

Frankie C

Moderator cut: No advertising or signatures allowed.

[verobeach]

PSL RE is at an all time low. Problem is... when you go to sell... It's still Port St. Lucie. Don't expect any big gains.

[runswithscissors]

ditto MB2.

Nobody can tell you the bottom. Foreclosures were on hold until January and now they are increasing again. MORE houses are supposed to go on the market, there have been plenty held back that aren't listed.

You should get yourself "prequalified" for a mortgage, get a lender who will finance you. Then start looking. If interest rates start going up, which I strongly doubt, then you can buy something. A normal sale. If you look for a short sale it can take many months in limbo and you still can get your offer refused. It's a mess.

You can go on a site called Trulia, put an address in, and down the bottom click on "view all comparibles"....there's two columns.

Click on the left hand one where it says SOLD comps. The right hand column is "for sale" comps.

You can see the ACTUAL sold prices and HOW MANY SOLD EACH MONTH.

This gives you a heads up as to if the market is moving....you can also check the tax collector site for similar info.

[FRANKLIN]

Does Trulia list land sales or just homes?

[runswithscissors]

Originally Posted by FRANKLIN

Does Trulia list land sales or just homes?

I just checked they have a selection on the selection list on the left for land/lots.