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Old 07-07-2013, 11:16 AM
 
Location: Toledo, OH
1,725 posts, read 2,990,815 times
Reputation: 1273

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Honestly, nobody can tell you the answer to your question.

I would look around the area right now and going back a couple of years to see where all the foreclosures where. It may take a fair amount of digging, but it that information can be found. Once you find that, and it sounds like you are at least familiar with the area, take a ride through them. The ones that are run down now will more than likely remain that way. New Tampa survived well, as mentioned Palm and Safety Harbor, Westchase, some areas of Lutz, Land O Lakes, and Wesley Chapel.

The building going on right now does not have the higher prices as seen a few years ago. I am not saying they are cheap, but they are certainly more expensive than last year at this time.
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Old 07-07-2013, 01:30 PM
 
1,024 posts, read 1,484,710 times
Reputation: 969
Quote:
Originally Posted by NHborn View Post
No no no, I don't want to end up in the same situation when I bought in Spring Hill in 2007 where if I need/want to sell I cant because I lost 60% of the value of my home. I am looking for a long term home but I want it to be in a "safer" area that's not gonna become a low class renter area if something happens to the housing market.
We were in your shoes last year when we decided to leave Spring Hill. I did a great deal of research about where to live and thought a lot about what happened in Spring Hill so we could avoid making the same mistake. Here's some of the conclusions I drew:
  • Don't purchase in an underestablished area. Spring Hill was experiencing a "boom" when we first moved there back in 2001. Loads of nice, new, inexpensive homes and development were popping up all over the place. It reminded me of Brandon's explosive growth back in the 90's. That should have been a big warning sign. Underestablished areas are a gamble.
  • When people from other areas make negative comments about the area or if the area has established a repuation for being a certain way, don't move there. We were told by a couple of people prior to our moving to Spring Hill that we should probably reconsider. We didn't listen.
  • Research what drives the economy in the area. This is a HUGE part of why Spring Hill suffered so terribly. There isn't much there driving the economy other than retail, healthcare, and construction. When construction dried up … well, you know what happened. An area needs a strong economic backbone to keep their housing market viable.
  • Look at the families that make up the area. Are they living paycheck to paycheck to survive? Did they buy a home that is clearly more than they can afford? I knew many, many people who were buying homes that were too expensive for them. This was a big warning sign. Once the economy tanked and people began losing jobs, foreclosures started happening.

We used our mistakes to help us find a better area, which is what led us to Safety Harbor.

We weren't able to sell our home in Spring Hill. No one was willing to pay what we needed in order to break even, so we ended up renting the place out. This has worked out well for us thus far, but we eventually do want to sell it. Our goal is to get the mortgage down to around 100K and then sell. It's going to take awhile, unfortunately.

Last edited by floridagirl777; 07-07-2013 at 01:42 PM..
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Old 07-07-2013, 01:44 PM
 
Location: North of South, South of North
8,706 posts, read 8,793,188 times
Reputation: 5073
Quote:
Originally Posted by floridagirl777 View Post
We were in your shoes last year when we decided to leave Spring Hill. I did a great deal of research about where to live and thought a lot about what happened in Spring Hill so we could avoid making the same mistake. Here's some of the conclusions I drew:
  • Don't purchase in an underestablished area. Spring Hill was experiencing a "boom" when we first moved there back in 2001. Loads of nice, new, inexpensive homes and development were popping up all over the place. It reminded me of Brandon's explosive growth back in the 90's. That should have been a big warning sign. Underestablished areas are a gamble.
  • When people from other areas make negative comments about the area or if the area has established a repuation for being a certain way, don't move there. We were told by a couple of people prior to our moving to Spring Hill that we should probably reconsider. We didn't listen.
  • Research what drives the economy in the area. This is a HUGE part of why Spring Hill suffered so terribly. There isn't much there driving the economy other than retail, healthcare, and construction. When construction dried up well, you know what happened. An area needs a strong economic backbone to keep their housing market viable.
  • Look at the families that make up the area. Are they living paycheck to paycheck to survive? Did they buy a home that is clearly more than they can afford? I knew many, many people who were buying homes that were too expensive for them. This was a big warning sign. Once the economy tanked and people began losing jobs, foreclosures started happening.

We used our mistakes to help us find a better area, which is what led us to Safety Harbor.

We weren't able to sell our home in Spring Hill. No one was willing to pay what we needed in order to break even, so we ended up renting the place out. This has worked out well for us thus far, but we eventually do want to sell it. Our goal is to get the mortgage down to around 100K and then sell. It's going to take awhile, unfortunately.
It's smart of you to have someone else paying your mortgage for you (renters), so you can eventually sell.
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Old 07-07-2013, 01:55 PM
 
1,024 posts, read 1,484,710 times
Reputation: 969
Quote:
Originally Posted by PriusH8r View Post
It's smart of you to have someone else paying your mortgage for you (renters), so you can eventually sell.
We hope so! It's a little scary, to be honest. Our tenant has been wonderful so far, but I've heard of horror stories of people going through eviction and having their homes trashed in Spring Hill. We were careful in who we selected to rent our place out - she is a personal friend. But when she decides she no longer wants to rent, then we'll need to find someone else like her who will care for the house and pay rent on time. And since Spring Hill is rife with low-life tenants, that will be a difficult thing to do.

We could have walked from the house like so many others chose to do. We have friends who just quit paying their mortgage and went into foreclosure. Do you know they are STILL living in their homes FOR FREE!? This goes on all the time in Spring Hill. Sure, their credit takes a beating, but they don't care - they just rent when the time comes. Meanwhile, those of us who did the right thing are getting screwed with plummetting home values.

It makes me sick, but there is nothing we can do about it other than decide not to add to the problem by joining in with those who walk away from their responsibilities.
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Old 07-07-2013, 02:02 PM
 
Location: North of South, South of North
8,706 posts, read 8,793,188 times
Reputation: 5073
Quote:
Originally Posted by floridagirl777 View Post
We hope so! It's a little scary, to be honest. Our tenant has been wonderful so far, but I've heard of horror stories of people going through eviction and having their homes trashed in Spring Hill. We were careful in who we selected to rent our place out - she is a personal friend. But when she decides she no longer wants to rent, then we'll need to find someone else like her who will care for the house and pay rent on time. And since Spring Hill is rife with low-life tenants, that will be a difficult thing to do.

We could have walked from the house like so many others chose to do. We have friends who just quit paying their mortgage and went into foreclosure. Do you know they are STILL living in their homes FOR FREE!? This goes on all the time in Spring Hill. Sure, their credit takes a beating, but they don't care - they just rent when the time comes. Meanwhile, those of us who did the right thing are getting screwed with plummetting home values.

It makes me sick, but there is nothing we can do about it other than decide not to add to the problem by joining in with those who walk away from their responsibilities.
Yep, I know. Sickening. We have a lazy butt relative who is capable of pulling in well into six figures, but has not paid her mortgage in well over FOUR years and is still living there.....and she justifies it in her own little selfish mind.

Plus she convinced here friend who is wealthy to not pay hers as well and she is still living in her house.
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Old 07-07-2013, 02:19 PM
 
Location: Spring Hill FL
552 posts, read 613,056 times
Reputation: 566
Quote:
Originally Posted by PriusH8r View Post
Yep, I know. Sickening. We have a lazy butt relative who is capable of pulling in well into six figures, but has not paid her mortgage in well over FOUR years and is still living there.....and she justifies it in her own little selfish mind.

Plus she convinced here friend who is wealthy to not pay hers as well and she is still living in her house.
You know we talked about this a while back when I was considering doing the same thing. I found my lender was ready to evict me after 6 months of not paying and nobody wanted me for a tenant when it came to finding a house to rent. Guess Im not a very lucky guy.
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Old 07-07-2013, 03:02 PM
 
642 posts, read 862,373 times
Reputation: 979
Quote:
Originally Posted by NHborn View Post
No no no, I don't want to end up in the same situation when I bought in Spring Hill in 2007 where if I need/want to sell I cant because I lost 60% of the value of my home. I am looking for a long term home but I want it to be in a "safer" area that's not gonna become a low class renter area if something happens to the housing market.
South Tampa would be my #1 pick for this, especially Davis Islands
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Old 07-07-2013, 03:27 PM
 
Location: North of South, South of North
8,706 posts, read 8,793,188 times
Reputation: 5073
Quote:
Originally Posted by NHborn View Post
You know we talked about this a while back when I was considering doing the same thing. I found my lender was ready to evict me after 6 months of not paying and nobody wanted me for a tenant when it came to finding a house to rent. Guess Im not a very lucky guy.
I honestly don't know how she is getting away with it for so long.

It sounds like you are ready to buy again, so I am assuming your credit is okay. Can't say the same for her now.

I applaud you for trying to do some research and get as educated as possible on your next move. A lot of people do not do that, but you are setting a great example of what people should do.....IMO
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Old 07-07-2013, 04:47 PM
 
Location: Spring Hill FL
552 posts, read 613,056 times
Reputation: 566
Quote:
Originally Posted by PriusH8r View Post
I honestly don't know how she is getting away with it for so long.

It sounds like you are ready to buy again, so I am assuming your credit is okay. Can't say the same for her now.

I applaud you for trying to do some research and get as educated as possible on your next move. A lot of people do not do that, but you are setting a great example of what people should do.....IMO
Oh yes I want my next house to be my last house, barring something unexpected happening. Im also thinking about relocating to NH but Im being very indecisive at the moment, pros and cons in each area.
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Old 07-07-2013, 05:07 PM
 
2,710 posts, read 4,390,986 times
Reputation: 2312
Quote:
Originally Posted by floridagirl777 View Post
We were in your shoes last year when we decided to leave Spring Hill. I did a great deal of research about where to live and thought a lot about what happened in Spring Hill so we could avoid making the same mistake. Here's some of the conclusions I drew:
  • Don't purchase in an underestablished area. Spring Hill was experiencing a "boom" when we first moved there back in 2001. Loads of nice, new, inexpensive homes and development were popping up all over the place. It reminded me of Brandon's explosive growth back in the 90's. That should have been a big warning sign. Underestablished areas are a gamble.
  • When people from other areas make negative comments about the area or if the area has established a repuation for being a certain way, don't move there. We were told by a couple of people prior to our moving to Spring Hill that we should probably reconsider. We didn't listen.
  • Research what drives the economy in the area. This is a HUGE part of why Spring Hill suffered so terribly. There isn't much there driving the economy other than retail, healthcare, and construction. When construction dried up well, you know what happened. An area needs a strong economic backbone to keep their housing market viable.
  • Look at the families that make up the area. Are they living paycheck to paycheck to survive? Did they buy a home that is clearly more than they can afford? I knew many, many people who were buying homes that were too expensive for them. This was a big warning sign. Once the economy tanked and people began losing jobs, foreclosures started happening.
We used our mistakes to help us find a better area, which is what led us to Safety Harbor.

We weren't able to sell our home in Spring Hill. No one was willing to pay what we needed in order to break even, so we ended up renting the place out. This has worked out well for us thus far, but we eventually do want to sell it. Our goal is to get the mortgage down to around 100K and then sell. It's going to take awhile, unfortunately.
How would you know people are living pay check to pay check? Do you mean the median income for an area? If that is the case, I can see that to mean something though. Pay check to pay check living can also come from poor management (spending side) and not just the income side. My zip code has a median house hold income of 85K in 2009, probably higher now. People buying house here, I would think, are better off than most other places.
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