port st lucie home have they hit rock bottom? (Oak Ridge: real estate, foreclosures)

[hatemiami1170]

i live in miami and let me tell you i went to psl and was blown away from not only the prices of home but how nice people are! respectful drivers and courteous as well! i would be loking to buy a home but my question is has the house market hit rock bottom to me it has to be? and im hopefull that in the future prices well go up ! i love the place i have a family and it would be great to get away from south fla!!!!! i ove it so much im willing to commute from psl to hallandale for work until i find something closer! south fla sucks

[julz]

We moved here from Broward 2 yrs. ago.We were tired of the craziness also.My husband still commutes to Broward for work and doesn't mind a bit.I don't know how much the home prices will drop but there are some great deals out there.

[stevep111]

From what I can tell the average price of a new home that has been sitting empty and is between 2000 and 2500 square ft is around $180,000. There seems to be a large amount of homes that were built between 2005 and 2007 that are still empty so you have a big choice on those. There are a ton of foreclosures left however the more desireable neighborhoods are beginning to dry up as far as they go. Still not anywhere near turning from a buyers market to a sellers market but it is getting closer.

You can find deals every day for a New or Foreclosed home for way cheaper than $180,000 but you will have to remember that you might have to put at least $30 to $50k into them in order to rehab all of the damage caused by the previous owners and the mold that is surely growing in them due to no power or AC. If you do plan on moving to PSL, take your time and look around as we did. It took us almost 6 months to pick out a house. We spent nearly every weekend in PSL looking and saw just about every type of home we could get to in just about every neighborhood.

You should also consider the builder. I was surprised how one builder that is very popular in PSL built such crappy homes. Once you have been in 5 or 6 of those you will begin to recognize them and will not want to go in.

Almost every foreclosed home we went into needed a ton of work. Most needed to be completely gutted inside. That would not be a problem except that it is vey hard to find people in the area that do that kind of work. One would think that these people would be everywhere but they are not. Bottom line, PSL is a great place to buy a home. For the most part the homes are being priced correctly and pretty soon property values will go back up because the secret is out.

The fact that PSL is expanding with companies building in the area and will bring outside workers to fill certain needs, will only serve to drive up prices more. Eventually that is. Right now is the perfect time to buy.

[Dave_n_Tenn]

I believe the prices have flattened, some are still not competitive (price) with the market
but value exists, and many bargin priced homes are getting multiple offers. Investors are back in the market.

[stevep111]

Dave what part of Tennessee are you from? I grew up in Oak Ridge and Knoxville

[Dave_n_Tenn]

Originally Posted by stevep111

Dave what part of Tennessee are you from? I grew up in Oak Ridge and Knoxville

We have a second home in Townsend.

[stevep111]

That's up 321 right?

[Synergy1]

I would like to see you to first look around in PSL as we did . We moved here in 2005 after buying our home and lot in 2004. No matter what the price of our home we plan to stay here forever. We had a home in Broward County foor many years and it was similar to Philly. We looked for a home in Vero Beach and WPB but decided to live in PSL because of the price and how people treat each other. It is very nice here..

Yes, as a whole the people are really nice here in PSL. We were originally from outside of Philly and it did take me around 2 years to get accustomed to how nice the people are here. I couldn't believe it at first and thought something is wrong but the nicety spreads like fire and how would believe it that sometimes, I am nice too hahahahaha


I am not a realtor but I do invest in real estate holdings on a part time basis. I believe the time to buy is when you feel most comfortable in purchasing, have a large or small amount of money put down on a home and foreclosures can be a risk. You can buy a foreclosure that has termite damage along with swarming nests and that would be a disaster.

[Dave_n_Tenn]

Originally Posted by stevep111

That's up 321 right?

yup.... ole lamar Alexander Pkwy.

[TriMT7]

Well, regardless of what will constitute the "bottom" people ARE buying. A Co-worker just called to say that they bought a 4 bedroom house in PSL for under 100k. Some work is needed, but they are very happy. Sometimes I wish I could handle the hour commute to WPB from PSL because I could have had an awesome house for the same price, but I can't!!

For now, I'll stay in my 5 minutes from downtown house in WPB.