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Old 11-30-2014, 06:59 PM
 
Location: North of South, South of North
8,706 posts, read 8,810,792 times
Reputation: 5073

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Anyone paying attention has seen the increase in our home pricing over the last two years. Now a family member and my wife checked out new builds in Clearwater, just off 611, around Union. Pricing is about 500k-$1M. Don't know what was there before, but there are high tension wires running through the area and a wall seperating it from the older parts. There is no mature landscaping/trees. The pricing with all that considered seems pretty high to me. $752,000 for a 3,000 sq ft home with nice, but not over the top amenities.....pools extra.

So it gets me to thinking. What the heck was the pricing here years ago when things were on fire? If this example is indicative of the pricing then, it seems like that would not have been affordable for many folks, yet it must have been considering the growth. I am curious if people think we yet to reach the previous levels, are now at previous levels or are now going over previous levels.

My mind is just blown at the pricing of a place like that, gated or not. If I were to pay that kind of money, it better be in a mature landscaped area like Woodlands or Lansbrook and on the water or golf course.

It is going to be interesting to see what happens with the Tampa Bay pricing in 2015.
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Old 11-30-2014, 07:52 PM
 
5,556 posts, read 5,060,183 times
Reputation: 3944
Quote:
Originally Posted by North_Pinellas_Guy View Post
Anyone paying attention has seen the increase in our home pricing over the last two years. Now a family member and my wife checked out new builds in Clearwater, just off 611, around Union. Pricing is about 500k-$1M. Don't know what was there before, but there are high tension wires running through the area and a wall seperating it from the older parts. There is no mature landscaping/trees. The pricing with all that considered seems pretty high to me. $752,000 for a 3,000 sq ft home with nice, but not over the top amenities.....pools extra.

So it gets me to thinking. What the heck was the pricing here years ago when things were on fire? If this example is indicative of the pricing then, it seems like that would not have been affordable for many folks, yet it must have been considering the growth. I am curious if people think we yet to reach the previous levels, are now at previous levels or are now going over previous levels.

My mind is just blown at the pricing of a place like that, gated or not. If I were to pay that kind of money, it better be in a mature landscaped area like Woodlands or Lansbrook and on the water or golf course.

It is going to be interesting to see what happens with the Tampa Bay pricing in 2015.
Heh. Not a good sign, IMO. When you see stuff like this, look out below. Saw this happen in a development around here at the top of bubble 1.0. It had a separate area where the homes were $500,000 plus. As if. When real estate cratered, even the folks who paid $250,000 were steamed when some of the homes in their 'hood sold for $85,000.
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Old 11-30-2014, 08:17 PM
 
1,024 posts, read 1,487,407 times
Reputation: 969
History will repeat itself. Get ready for another bubble to pop.
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Old 11-30-2014, 08:22 PM
 
3,313 posts, read 4,305,634 times
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I see all indications of new bubble which will bust within next few years. I see houses what were sold during last bubble -> foreclosed -> sold again for the same or even higher (!!!) price than during last bubble. And people are happy they are spending these money now!!!

Look at pretty much ANY new construction and compare these prices to last bubble and think.

By the way, prices are no longer going up and in fact there are so many houses on the market for months sitting and sitting. There are no bidding wars which is another indicationg of market being overprices.

I am not sure about you people, but gas prices going down and interest rate being pretty much at the same level for a year tells me about very unhealthy ecomony. Something is coming...
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Old 11-30-2014, 09:05 PM
 
5,556 posts, read 5,060,183 times
Reputation: 3944
Quote:
Originally Posted by floridagirl777 View Post
History will repeat itself. Get ready for another bubble to pop.
Yep. We're just entering that "freeze-up" stage, the one where it's a standoff between sellers who are holding out for "their price" and buyers who just shrug and walk away, willing to wait. If I was a seller right now who needed to sell, I'd take the first halfway decent offer that came my way and consider myself lucky.

Numbers just came out today from the National Retail Federation for the four day Thanksgiving holiday period. Off by 11% from last year.
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Old 11-30-2014, 09:15 PM
 
Location: Tampa, FL
876 posts, read 1,623,605 times
Reputation: 743
I'll let you all know when we buy our next house. If history is any indicator the market will crash the next week.
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Old 11-30-2014, 09:26 PM
 
Location: Westchase,Fl
12 posts, read 13,619 times
Reputation: 35
Quote:
Originally Posted by floridagirl777 View Post
History will repeat itself. Get ready for another bubble to pop.
My husband and I were talking about it this morning. We moved to Tampa 8 months ago and noticed how fast home prices are increasing. I think we will wait until the next bubble burst to buy a home.
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Old 11-30-2014, 09:46 PM
 
3,313 posts, read 4,305,634 times
Reputation: 1837
Quote:
Originally Posted by baynight View Post
My husband and I were talking about it this morning. We moved to Tampa 8 months ago and noticed how fast home prices are increasing. I think we will wait until the next bubble burst to buy a home.
This is exactly what you need to do if you can wait! Good choice! Interest rates will not go anywhere and the bubble will bust, it's just the matter of time.
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Old 11-30-2014, 10:19 PM
 
131 posts, read 107,976 times
Reputation: 147
Funny, in Pinellas the County guesstimates the value of homes, whether up or down, and the local municipalities in Pinellas county structure their budgets on these projected numbers. This year the County projected an increase, though in both high and low markets the value has decreased. Some municipalities increased fees for garbage, water, building and whatever, to cover their bacon and the increase in expenditures that they planned on spending based on the projection. There's a lot of overpriced houses on the market, most the result of speculators that bought up abandoned and foreclosures with investment dollars looking for a larger return than the banks and bond markets were paying. There's a lot of coastal property for sale. The price of insurance, the difficulty acquiring flood insurance is driving the prices down in low lying areas, which reduces the availability of affordable housing. There's a lot of property on the coast and in low lying areas that won't be worth squat in 10 years.....something to think about.
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Old 11-30-2014, 10:31 PM
 
Location: Sunny Florida
7,136 posts, read 11,008,830 times
Reputation: 9460
It does seem like another crash is coming. The market just seems strange. In my neighborhood there are now seven houses for sale and usually we have only two or three. Before the last crash people scoured this neighborhood weekly waiting for a house to come on the market. Then when a house did get listed buyers had to act quickly because there were often multiple offers and bidding wars despite the prices being much higher than they are now. One neighbor said it took them two years to buy a house here, but now we have houses sitting. In fact, one of the nicest houses in our neighborhood went on the market about a month ago and has not had one offer yet. In the past when a cream puff like this one went on the market it'd sell almost immediately. None of us can figure out why this house has not sold because it is model perfect, well maintained, and priced well, but we all think it's a sign of bad things to come. It's all a bit scary.
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