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Old 10-18-2013, 07:13 PM
 
Location: SARASOTA, FLORIDA
11,501 posts, read 13,406,343 times
Reputation: 4876

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Quote:
Originally Posted by bentlebee View Post
I don't agree with "overpriced homes never sell"....maybe weird but it just takes one fool to pay for it.

I have seen an investor buying a foreclosed home and just do coscmetic repairs/improvements, just the basic items and trying to flip it with $ 100K on top of what he paid....less cost for improvements I expect the gain would have been $ 70K if sold at lit price...but it didn't sell for that price and was lowered by $ 30 K and still very much overpriced. Another big investor from out of State bought it and rented it out. This investor has bought a huge amount of overpriced properties and the subject one is even having a bad location with the back yard on St. RD 54 that is forseen to be widened. I assume the investor never did any due diligence or had a bad advisor.

That means I have proof that overpriced can sell! And it was more than once....and never expected this to be done by an investor buying maybe 100 or more overpriced homes...all build in 2005-2006.

The rental price ended up to be $ 500 lower than list price to get it rented and I could have told the investor on day one of listing it for rent that the amount it got rented for was the current rent price in the area...and that after at least 4 month of no ren income!

Hi Bentlebee!!!!




I watched a man from Missouri pay 495k for a house in our neighborhood at the beginning of last summer. His wife hated it here and whined herself to death that she wanted to go back to Missouri.

In our streetside chats she would often mention how do you stand it here? We bought this house thinking we would move here and enjoy it for many years to come and we hate it here.

First thing is why on earth would a couple in their late 50s buy a 5 bdr huge house and second why would they buy not knowing if they liked it here or not.

When I asked did you not come here and spend any time before buying. Well, no we have been to Disney, Ft Lauderdale and Key West a few times. Huge mistake.

It is on the market today for 350k.

A stupid loss of money on their part. Took a loss so she could go back home as she hated every minute of being here.

Good thing they kept their home in Missouri.
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Old 10-18-2013, 09:18 PM
 
25,823 posts, read 39,041,770 times
Reputation: 13818
Hi Sunny,


Some peoples decision are so strange and weird to follow... Especially with rentals the most tenants that break their lease are people who move here from Out of state and under the impression that everyone is waiting for them and that life is similar than up North...


Indeed the Disney remark is often heard...like we are all day in Disney mood and we have Mickey and Donald around year round...
Quote:
Originally Posted by Sunny-Days-in-Florida View Post
Hi Bentlebee!!!!




I watched a man from Missouri pay 495k for a house in our neighborhood at the beginning of last summer. His wife hated it here and whined herself to death that she wanted to go back to Missouri.

In our streetside chats she would often mention how do you stand it here? We bought this house thinking we would move here and enjoy it for many years to come and we hate it here.

First thing is why on earth would a couple in their late 50s buy a 5 bdr huge house and second why would they buy not knowing if they liked it here or not.

When I asked did you not come here and spend any time before buying. Well, no we have been to Disney, Ft Lauderdale and Key West a few times. Huge mistake.

It is on the market today for 350k.

A stupid loss of money on their part. Took a loss so she could go back home as she hated every minute of being here.

Good thing they kept their home in Missouri.
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Old 10-19-2013, 08:18 PM
 
Location: Myrtle Beach
3,378 posts, read 7,874,695 times
Reputation: 2926
Quote:
Originally Posted by Sunny-Days-in-Florida View Post
Hi Bentlebee!!!!




I watched a man from Missouri pay 495k for a house in our neighborhood at the beginning of last summer. His wife hated it here and whined herself to death that she wanted to go back to Missouri.

In our streetside chats she would often mention how do you stand it here? We bought this house thinking we would move here and enjoy it for many years to come and we hate it here.

First thing is why on earth would a couple in their late 50s buy a 5 bdr huge house and second why would they buy not knowing if they liked it here or not.

When I asked did you not come here and spend any time before buying. Well, no we have been to Disney, Ft Lauderdale and Key West a few times. Huge mistake.

It is on the market today for 350k.

A stupid loss of money on their part. Took a loss so she could go back home as she hated every minute of being here.

Good thing they kept their home in Missouri.

Common mistake, as you know. We see it here all the time. People vacation here and love it. They move away from friends and family, which they have never lived away from and are shocked to find out that life in Florida is just like life anywhere.

Some people can live without friends and family, some can't. Many do not understand that vacation is almost great anywhere and is different from real life.

Sounds like your neighbor never really gave Florida a chance, and that is ok. It sounds like she will be happier in her old surroundings.

Me.... my family.... we like to mix up our surroundings every few year. LOL
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Old 10-21-2013, 10:54 AM
 
Location: St Petersburg
61 posts, read 161,149 times
Reputation: 37
Some of the bigger investors moved out of the area at the end of 2012 and early 2013. I have one investor (not a hedge fund but buys a LOT) who's still buying but at a slower rate as the "deals" are getting harder and harder for my team to find.
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Old 10-21-2013, 12:12 PM
 
3,313 posts, read 4,295,802 times
Reputation: 1836
Existing Home Sales Plunge At Fastest Pace In 15 Month As Affordability Drops To 5 Year Low | Zero Hedge

Here is some fresh data... so we can finally stop speculating pre-summer articles
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Old 10-21-2013, 01:01 PM
 
Location: Toledo, OH
1,725 posts, read 2,990,189 times
Reputation: 1273
Did you actually read it?

Directly from the article "... affordability has fallen to a 5 year lows as HOME PRICE INCREASE EASILY OUPACED INCOME GROWTH"

This is NOT GOOD NEWS FOR ANYONE!!! Prices will adjust, the market usually does unless Government interferes. If not enough Sell, prices fall. If they sell like crazy, prices rise. Supply and Demand.

All you have been spewing for months is that nobody buys high prices homes, nobody will buy, etc... Drive through the new subdivisions and SEE WHAT IS BEING BUILT!!

There are actually some better articles below the one you quoted. Take a look, it talks about price decreases because of smaller demand. Those are the ones you should be bragging about.

One more thing - Be careful when you take National Articles (Good and Bad) and apply them to Tampa. It doesn't always equal out.
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Old 10-21-2013, 01:27 PM
 
3,313 posts, read 4,295,802 times
Reputation: 1836
You are right, I was driving around to see what's being built. Here is my conclusion - most houses we see under construction now are actually the ones people singed their contracts for during last summer. I also noticed unbelievably high inventory of already "ready to own" homes from each builder and they are more flexible with their prices compare to last year
We will see how all builder will be doing next year. To see how builders were hit we really need to wait sometime. Regular sellers are not getting what they expected so we see houses sitting on the market for months now... Still wondering why Taylor Morrison dropped their prices by $15K within first month for their newer community Arbor Woods .. any ideas?

The reason I posted this article was to show that there are no crazy bidding wars and above asking price situations anymore - the number of sales have dropped. The number of buyers and sellers - not. Prices will be going down too and I think it will happen sooner than later.
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Old 10-21-2013, 02:13 PM
 
4 posts, read 3,195 times
Reputation: 10
Quote:
Originally Posted by EngGirl View Post
Still wondering why Taylor Morrison dropped their prices by $15K within first month for their newer community Arbor Woods .. any ideas?
Florida's economy isn't going to create the money needed for 300-600k homes people in Texas, Georgia, NC and elsewhere are used to.

This is a low class, low wage place. Builders should be on notice that Florida isn't moving toward the higher end, but the lower end and proceed accordingly. I suspect this builder would be selling out in the low 200's.
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Old 10-21-2013, 02:18 PM
 
4 posts, read 3,195 times
Reputation: 10
Quote:
Originally Posted by EngGirl View Post
You are right, I was driving around to see what's being built. Here is my conclusion - most houses we see under construction now are actually the ones people singed their contracts for during last summer. I also noticed unbelievably high inventory of already "ready to own" homes from each builder and they are more flexible with their prices compare to last year
We will see how all builder will be doing next year. To see how builders were hit we really need to wait sometime. Regular sellers are not getting what they expected so we see houses sitting on the market for months now... Still wondering why Taylor Morrison dropped their prices by $15K within first month for their newer community Arbor Woods .. any ideas?

The reason I posted this article was to show that there are no crazy bidding wars and above asking price situations anymore - the number of sales have dropped. The number of buyers and sellers - not. Prices will be going down too and I think it will happen sooner than later.
It's also overwhelming clear that Florida is generating massive amounts of short sales and foreclosures. One look at the amount of homes on Freddie and Fannie in FL is proof. In CA this is no longer the case. They are in recovery while Florida is in stagnation at best.
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Old 10-21-2013, 02:30 PM
 
3,313 posts, read 4,295,802 times
Reputation: 1836
Quote:
Originally Posted by vcnewo View Post
Florida's economy isn't going to create the money needed for 300-600k homes people in Texas, Georgia, NC and elsewhere are used to.

This is a low class, low wage place. Builders should be on notice that Florida isn't moving toward the higher end, but the lower end and proceed accordingly. I suspect this builder would be selling out in the low 200's.
This is what they were selling similar homes in Riverview for (so they should know better the price market and their price target) and this is exactly what their sign says - from $200s.... with the smallest house to be $260K (2000 sq.ft.) without adding any upgrades or lot price... (most lots were over 10K up to $40K)
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