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Old 11-08-2022, 02:53 PM
 
130 posts, read 79,677 times
Reputation: 191

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I don't think it was cash rich people driving up costs. I heard repeatedly from different people some guy moved from California sold his house there for a million, paid $350,000 for a house only worth $300,000 here because he had a mil from selling his other house or similar stories with new York. Once interest rates go up their new York house will drop this dropping values here. But a lot of the increase here was a one time pandemic thing we got a huge influx of people from Seattle, Cali, and new York that has higher real estate prices. Hopefully things will adjust here to be more affordable though Florida is the poverty state for working people so it will never be affordable in absolute terms but at least get back to where it's manageable and workers aren't leaving the state in droves.
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Old 11-10-2022, 06:12 AM
 
Location: Sarasota County FL
19,781 posts, read 7,818,716 times
Reputation: 14570
Quote:
Originally Posted by 1rainman View Post
I don't think it was cash rich people driving up costs. I heard repeatedly from different people some guy moved from California sold his house there for a million, paid $350,000 for a house only worth $300,000 here because he had a mil from selling his other house or similar stories with new York. Once interest rates go up their new York house will drop this dropping values here. But a lot of the increase here was a one time pandemic thing we got a huge influx of people from Seattle, Cali, and new York that has higher real estate prices. Hopefully things will adjust here to be more affordable though Florida is the poverty state for working people so it will never be affordable in absolute terms but at least get back to where it's manageable and workers aren't leaving the state in droves.
Just my opinion, but I think Florida's affordable days are behind us...unless you want to live nearer the center of the state. The price growth rate has cooled, & even reversed for a few weeks this Summer, but now they are moving up again. My area just had a record-high sfh sale.

Covid spiked demand, but work-from-home, retiring baby-boomers, stock market rise, also fed demand, & continues.

I've known a lot people who have made a comfortable living here over the past 40 years. My 3 best pals from college (Florida) have all made Millions in medical sales here. 2 of their kids are making $400k+/yr. selling genetics services. My Real estate pal just traded in his '08 Porsche 911S for a '22...good realtors are raking it in.

It's mostly the low-end hospitality, construction, & landscaping jobs that pay poorly, & there's a LOT of them here. Those workers are not getting rich up North either.

Workers are not leaving the state in droves, they are coming here right now in droves, due to Ian. Most are doing B2B work since they are not allowed to do most B2C contracting. I've never seen so many work trucks.
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Old 11-10-2022, 11:23 AM
 
124 posts, read 68,132 times
Reputation: 159
There is opinion, then there are facts it seems to me:


Buying a home in Manatee County, (one of the most developed areas not the City of Sarasota) reveals that 66.3% of homes here sold below asking price last month.


Are houses selling? well yes indeed...hyping the market is, and has been overblown and many professionals in the business of banking will tell you the truth - not agents/sales people.


For instance only...but interesting indication: On yesterday November 09, 2022



"Online real estate broker Redfin is cutting 862 employees and shutting down its instant-cash-offer subsidiary RedfinNow, another casualty of two-decade high interest rates stoked by the

Federal Reserve’s fight against inflation.

The job cuts amount to 13% of Redfin’s workforce, the company announced in a regulatory filing. Redfin also laid off 470 employees in June, blaming slowing home sales.


Redfin has slashed more than a quarter of its workforce since April 2022 on the assumption that the housing downturn will last “at least through 2023,” it said in the filing." (credit AP wire)



I think (and know) that big banks are also slowing lending (the lifeblood of the mortgage business, NOT cash buyers) . Bankers can see the downturn....so can the Fed
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Old 11-10-2022, 08:15 PM
 
130 posts, read 79,677 times
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Affordability ended in the 90s but we are going to fall down to the new normal. Prices are super inflated here. Real estate agents make big money until a down turn and they make zero for several years.

Up north it's possible to get a job somewhere without any special qualifications and be able to afford to rent some place on your own even if it may eat most of your income. Here your whole paycheck won't rent a place.

And the quality of the homes is junk. These are the smallest most cheaply built homes in the country selling for sky high prices. My dad's house was built in the 90s. It's already falling apart. It's total junk. By contrast in Cincinnati houses built in the 1800s still standing but even new homes are much larger and better built for a fraction of the price here.

If you look at national averaged Florida houses are slightly below national average. But anywhere else a typical house is two stories and a basement, a huge living room etc. Here a house is tiny with the cheapest materials. If it's a normal size house the people living in it must be millionaires.

I don't see us going back to the 80s when it was cheap but maybe back to 2015 or something.
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Old 11-11-2022, 06:50 AM
 
Location: North Port, FL
232 posts, read 258,031 times
Reputation: 243
OTOH you pay outrageously hig property taxes in Hamilton County, then there's the city income tax. Anyone have good hints for finding houses for sale other than Zillow et al? I have a number of options-get mobile home replaced, sell as is and move, or move to Tennessee. I'm in North Port and would stay in this area if possible. Flooding is a major concern, but given Ian I have to get out of this tin can death trap mobile home I inherited.
Moving back to Ohio is not an option.
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Old 11-11-2022, 08:57 AM
 
56 posts, read 24,700 times
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Quote:
Originally Posted by thunderstruck666 View Post
OTOH you pay outrageously hig property taxes in Hamilton County, then there's the city income tax. Anyone have good hints for finding houses for sale other than Zillow et al? I have a number of options-get mobile home replaced, sell as is and move, or move to Tennessee. I'm in North Port and would stay in this area if possible. Flooding is a major concern, but given Ian I have to get out of this tin can death trap mobile home I inherited.
Moving back to Ohio is not an option.
Hi thunderstruck:

So sorry about the loss of your inherited Mobile Home, but glad you are okay. Mobile Homes are a challenge in Florida and I would not feel safe in one here. But that is just me.

Do you have family or friends in Tennessee? Sometimes that helps with relocations, a couch to snooze on while we research housing and jobs. Also helps as locals will know the areas to stay out of.

I am presuming your Mobile Home was insured. If yes, work with Insurance Company and move. But you may have reasons for needing to stay in Florida.

I do, family and a need in my retirement to hopefully spend as much time as I can while I can. As I age, I want to stay in Florida unless family moves. Hope not, relocating is so stressful in my old age.

As far as Real Estate Agents, “trusted” referrals are best. Maybe ask a neighbor, folks you know. Way too many “online” scams and the companies who own these websites have no way of knowing who is a scammer. But that is just me, like to deal with folks “in real life” and keep my “guard up” online.

I hope you update us as you can and you are in my thoughts.
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Old 11-11-2022, 10:10 AM
 
Location: North Port, FL
232 posts, read 258,031 times
Reputation: 243
I didn't lose it, I didn't phrase that very well. If I get it replaced with a new one it would be insurable and a whole lot safer. However, it has survived for over 40 years. The ones here that weathered the storm OK are new ones. One had the skirts blow off but that was it. Problem now is finding someone to fix the one I have. There's no way to get it replaced prior to start of next hurricane season and that's the part that has me so aggravated.
Thanks for the kind thoughts. I do have a friend in TN who has done a few walkthroughs with me while he showed me with Google Duo. He bought his house there w/o ever having stepped foot in it, doing similar with his realtor.
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Old 11-11-2022, 05:42 PM
 
2,997 posts, read 2,592,538 times
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The stock market had a big bounce this week but cryptocurrency has been imploding big time. Sarasota Magazine had an interesting aricle that our area is a hub for "crypto entrepeneurs". I wonder if the crash in crypto will effect real estate prices in our area?

Sarasota Is a Hub for Cryptocurrency Entrepreneurs

https://www.sarasotamagazine.com/new...cryptocurrency

Sarasota, a place best known for its white sand beaches and its world-class arts scene, has become a destination and an incubator for some of the biggest players in the young and hungry Wild West of crypto.

-------------------------------------------------------------------------------------

The historic crypto bubble: Bitcoin is now the fifth-biggest wipeout of all time, BofA says, with a shocking chart of the last 50 years in finance

https://www.google.com/amp/s/fortune...-bofa-ftx/amp/

Bitcoin has dropped 77% from its trading peak in November of last year to the latest blizzard of the crypto winter: FTX’s implosion and bankruptcy.
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Old 11-12-2022, 09:38 AM
 
124 posts, read 68,132 times
Reputation: 159
Sarasota has been home to Investment scammers for a very very long time !


Art Nadel - (jailed, dead), plus his local SRQ associates many of whom have morphed into other businesses like real estate, some commercial banking, and of course good ole Mortgage Loan Officers....LOL...


Many others, some have left town to other fertile (er, chumps) ground. Some were jailed like a female accountant I think...


Then you had the scam of ESuites, locally and in Clwatr...


Stock promoters (read pump and dump lol) one guy who was a slick dotcom local promoter who was seen on TV shows such as CNNfn and others, got banned for LIFE in the industry. (His wife is still a bigtime real estate hawker/sales person here in Sarasota - I real piece of work)


Additionally we have a plethora of companies re-located here from out of state which hype and sell very bad variable annuities and the really bad products associated with "LongTerm Health Insurance" - most of which is junk and borderline criminal lol...not to mention that criminal crap of selling well-above market rate insurance-backed junk where ("your investment can never go down in value" LOL) This place is ripe with fools it seems and it's getting worse.


Oh well....not MY problem !
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Old 11-12-2022, 01:49 PM
 
Location: Venice Florida
31 posts, read 15,223 times
Reputation: 74
Quote:
Originally Posted by thunderstruck666 View Post
I didn't lose it, I didn't phrase that very well. If I get it replaced with a new one it would be insurable and a whole lot safer. However, it has survived for over 40 years. The ones here that weathered the storm OK are new ones. One had the skirts blow off but that was it. Problem now is finding someone to fix the one I have. There's no way to get it replaced prior to start of next hurricane season and that's the part that has me so aggravated.
Thanks for the kind thoughts. I do have a friend in TN who has done a few walkthroughs with me while he showed me with Google Duo. He bought his house there w/o ever having stepped foot in it, doing similar with his realtor.
It’s unclear from the post and the responses whether you have insurance on the current damaged mobile, but IMO replacement at the current costs of a new more secure manufactured home would not be allowed under an insurance claim, if available. Only the costs of repairing the damage.

Also unclear is, if the mobile is in a co-op or in a lot rent situation. If you own a portion of the land in a co-op then do what you can to recover whatever you can without bothering to repair the home. Even if you can rebuild via insurance, you will be dropped if you proceed with a claim and no other insurance company will be available to cover the home for you or any purchaser/owner.

While it will be hard to accept, at least you will recover some of the value of the land ownership if you can find a buyer with the skills to conduct the necessary repairs. You may find someone to repair the home but not easily and not cheaply considering the amount of mobiles that suffered similar damage looking for the same services.

Regarding Tennessee, there are some areas that are still affordable but they are getting scarce as well.

I have no idea of your age, your budget, or credit worthiness but if you can salvage a 20% down payment from what’s left of the mobile home I would think your best bet would be to move as soon as you can sell.

If you have a knowledgeable friend willing to do some scouting in Tennessee, they are most likely your best bet for shopping homes. Not just with a realtor but also by driving through areas looking for for sale by owner homes, and by looking through the county assessor to find homes with Lis Pendens or in foreclosure, or just distressed properties that may be held by estates or by absentee owners who have incentives to sell more cheaply than active owners.

Although you would rather stay, is obviously not in another mobile and those are the only homes that will be sacrificed at reasonable prices considering the current market and the amount of people who lost homes and are now searching for rentals and any type of cheap replacement for what they’ve lost.

Also consider renting in Tennessee for 6 months to a year. Most markets are dropping in price and will throughout 2023.

Best of luck, whatever you decide.
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