So many properties, what's the down side? (Port St. Lucie, St. Lucie: short sales, real estate)

[Fishboy Brian]

I've done a search of properties within 50 miles of Port St. Lucie on realtor.com, setting the property criteria at 3\2\2, single-story, swimming pool, waterfront, less than $150,000. I came up with 32 such listings, several of which have to have been worth three or four times the amount I see they're listed.

So, there are SO many great looking properties in the Port St. Lucie area I have to ask what I should look for and what I should stay away from. Any advice is welcome.

[Lilybeans]

Try to stay away from abandoned neighborhoods- places where the majority of homes are vacant or in foreclosure.

Make sure you check for mold- a lot of homes have had the power off for a while.

Look for an area that does not have half started homes. An established thriving neighborhood is what you want.

Remember, homes are worth what you pay. If you buy a house listed for $150,000,it is not worth $450,000.

Make sure you know what the taxes are. Waterfront homes can have high taxes and require flood insurance. If they are part of an HOA, make sure you know what the payments are and what the delinquencies are.

Also, if plan on having a boat, and ocean access is important to you, make sure your boat can fit under any fixed bridges.

[verobeach]

Not all neighborhoods are created equal. Location.. location.. location.

[irin73]

You should go around the neighborhood at diferents times in a day, that will give you an idea, depends also what exactly are you looking for, like verobeach said location or maybe you want to be near to the comercial area. Check also the taxes in the area.

[julz]

If the home is a short sale/foreclosure be prepared to "sit it out".We looked at several sales that offered the homes at prices that the banks had not agreed to sell for.We waited for months only to be told the bank took the highest bidder which was well over the price the home was listed for.I know of others that got great deals going with foreclosures but only because they weren't in a hurry and were willing to take on "fixer-uppers".I guess it all depends on your situation.

[FlaLadyB]

Do not go by Realtor.com. It's not up to date. AND.. do your work and SEE the area where those homes are located first. Photos are great but they don't tell you what is next door or down the street and can be very deceiving.

Short sales and foreclosures are DIFFERENT. A REAL foreclosure means the bank already or is about to own it. A short sale is a home where they stuck a price on it and don't yet know what the bank will finally accept....unless.. its SAYS Bank approved Short Sale. A short sale you can sit and wait for months and hope you get the house... or miss out on ones you can buy now. Some sales accept multiple offers, others don't. You have to understand what you are doing and what kind of sale it is to be better informed on what you're in for.

MOST are sold "AS IS", which means if anything is wrong.. sorry charlie, it's yours and won't be fixed. Be sure you have the house inspected and have the right to cancel the contract if the inspection comes up with more than you can handle.

[Fishboy Brian]

That's good and appreciated advice, FlaLadyB. My wife and I own property in another state where we have hoped to retire and build a home in another year or so. What we want is a well-founded neighborhood in a place where I can wear a short sleeve shirt 365 days of the year. We want to be comfortable with the climate, but also the availability and cost of health care.

We've educated ourselves over the past five years about all the things you've mentioned as they relate to the state where we own property. There are short sales everywhere and it's looking like purchasing something may be more cost effective than building new. Certainly, we would need to explore all possibilities before making a final decision.

If we buy something already built, my hope would be to get a break on the sale price by accepting some need for reconstruction or improvements. I'm handy around the house and would look forward to working on the electrical, plumbing, interior finish, or landscaping to bring the home up to what we want.

We expect to pay between $140 and $160 per square foot to build something new, but it looks like we could pay half that in Florida and get something we could have remodeled or do the work myself. What I need now is a clear view of what's available, where it's available, the pitfalls to look for, and someone to help with the questions as they arise. I'm finding a great deal of help from this forum, so I appreciate your help and best advice.

Thanks a bunch,
Brian
Lynnwood, WA (the rainy left coast)

[JimMe]

Originally Posted by FlaLadyB

Do not go by Realtor.com. It's not up to date. AND.. do your work and SEE the area where those homes are located first. Photos are great but they don't tell you what is next door or down the street and can be very deceiving.

Short sales and foreclosures are DIFFERENT. A REAL foreclosure means the bank already or is about to own it. A short sale is a home where they stuck a price on it and don't yet know what the bank will finally accept....unless.. its SAYS Bank approved Short Sale. A short sale you can sit and wait for months and hope you get the house... or miss out on ones you can buy now. Some sales accept multiple offers, others don't. You have to understand what you are doing and what kind of sale it is to be better informed on what you're in for.

MOST are sold "AS IS", which means if anything is wrong.. sorry charlie, it's yours and won't be fixed. Be sure you have the house inspected and have the right to cancel the contract if the inspection comes up with more than you can handle.

Could you elaborate on your statement that Realtor.com is not up to date. Are you saying the houses listed may no longer be available?

[FlaLadyB]

Originally Posted by JimMe

Could you elaborate on your statement that Realtor.com is not up to date. Are you saying the houses listed may no longer be available?

Yes,,, I am. I had a house that was contingent that still appeared on Realtor.com for months. I still got calls on it even though it was taken and no longer available.

[justNancy]

Originally Posted by FlaLadyB

Do not go by Realtor.com. It's not up to date. AND.. do your work and SEE the area where those homes are located first. Photos are great but they don't tell you what is next door or down the street and can be very deceiving.

I agree. I'm not a real estate agent, but I've seen several properties listed, even on the MLS, that are no longer available. That's why I always "Google" the address or see if it's listed on Yahoo, Zillow and Trulia, which still isn't any guarantee. If an agent has his/her own site, I assume the status will be changed to "contingent" or "sold" or "inactive" so I also checkout the agent's site. Once you have an address, it shouldn't be too hard to figure out if the listing is active.

However, as FlaLadyB pointed out, the expression "a picture is worth 1,000 words" doesn't apply when it comes to real estate. When I lived in SWFL I saw a listing and called the agent. I was very specific that I only wanted to see homes that backed up to woods, a preserve or a lake, not another house. She sent me more pictures and asked if I wanted to make an appointment. Instead I decided to drive there by myself. She was right. It didn't back up to another home. It backed up to WalMart!