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Old 07-24-2016, 06:52 AM
 
Location: -"`-._,-'"`-._, ☀ Sunny Florida ☀ ,-"`-._,-'"`-.
1,352 posts, read 733,194 times
Reputation: 1300

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Quote:
Originally Posted by Leenme View Post
If Pinellas is such a desirable location why are the folks along the shoreline selling out?
The map does tell a story.
Pinellas County FL Single Family Homes For Sale - 3,631 Homes | Zillow
Guess there can be lots of reasons why, but it's interesting to see that there are lots of buyers. Comparing the two, there are most homes sold along the cost than there are for sale. Also interesting is there are relatively few homes sold "inland", especially compared to those that are on the market.

 
Old 07-24-2016, 08:15 AM
 
33 posts, read 41,013 times
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Quote:
Originally Posted by bobandsherry View Post
Are you aware of the condition of the home in 2009 and what improvements may have been made since then? Just asking as many homes sold for a "bargain", but were left in shambles as people were foreclosed on. These homes often required substantial investment to repair and/or improve them.


The home was new construction back in 09.
 
Old 07-24-2016, 09:14 AM
 
Location: -"`-._,-'"`-._, ☀ Sunny Florida ☀ ,-"`-._,-'"`-.
1,352 posts, read 733,194 times
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Quote:
Originally Posted by ChicagobywayofTampa View Post
The home was new construction back in 09.
Without specifics it's hard to say if there's a sharp rise in price or normalization. Off the top of my head, the $179K may have been the base and the final home may have many upgrades. Or perhaps the buyer at $179K came in and made lots of improvements. Or it could also be the with relatively few buyers (or people in position to be a buyer) lots of homes were discounted just to get them off the books in order to survive. Knowing what you know now I guess you really wish you bought back in 09, eh?
 
Old 07-24-2016, 09:29 AM
Status: "Brexit bound" (set 29 days ago)
 
3,722 posts, read 2,024,028 times
Reputation: 5312
Quote:
Originally Posted by Leenme View Post
If Pinellas is such a desirable location why are the folks along the shoreline selling out?
The map does tell a story.
Pinellas County FL Single Family Homes For Sale - 3,631 Homes | Zillow
Oh,that's easy.
Because the shore is where all the money is so the market there is always going to be the busiest.
 
Old 07-24-2016, 10:04 AM
 
Location: Westchester County, NY -> Pinellas County, FL -> Dutchess County, NY -> Denver?
348 posts, read 359,505 times
Reputation: 339
Quote:
Originally Posted by Roscoe Conkling View Post
Oh,that's easy.
Because the shore is where all the money is so the market there is always going to be the busiest.
Yep. The peasants have to live inland just like in California. This guy complaining about the house costing 250k.
 
Old 07-24-2016, 11:00 AM
 
22 posts, read 14,718 times
Reputation: 36
Quote:
Originally Posted by bobandsherry View Post
I guess I'm in the minority too as I agree with you. The housing "bubble" of 2008 was caused by many factors, but mostly due to poor credit standards. Banks, through the US Administration, were encouraged to make loans to anyone (Obama thought that all Americans deserve the opportunity to own their home). Standards became VERY loose, no down payment, no income verification, sub-prime lending, etc. This then lead to a feeding frenzy as anyone who "deserved" to own a home, did. With $$$ in their eyes they thought it was the easy road to riches with 10-15% returns "guaranteed".

We all saw what happened, those who had no money in the home bolted. Those who had no income bolted as well. Those who had sub-par credit had really nothing to lose either and bolted too.

On the other side, most who had put a substantial down payment, had reasonable income (and savings) and good credit all did what they needed to - they had "skin in the game" and didn't want to lose it.

Prices are "up" over the prices in the low of the housing crash but still below the historical "bubble" for most homes. I'm sure some are above a reasonable market but by and large most are getting back to their "normal" market levels - as long as reasonable credit standards remain in place the market should hold it's own.




Credit standards don't buoy housing markets, or cause the current over-priced market all around Tampa Bay. PERIOD.This market is not fairly priced per sq foot at all....and it's certainly not due today because of sub-prime lending.This market today is fanned by irrational exuberance and even lies perpetrated by real estate sellers who have a license in the state of florida to contract buyers and sellers, but who are otherwise "used car salesmen" with no fiduciary duty to anyone...the higher the price, the bigger chunk of change they receive....they have a vested interest in boosting prices and bidding wars.These "used car salesmen" with licenses are not your attorney, doctor or accountant.
 
Old 07-24-2016, 12:01 PM
 
3,313 posts, read 4,312,664 times
Reputation: 1837
Quote:
Originally Posted by ChicagobywayofTampa View Post
The home was new construction back in 09.
Not sure about all areas but in Wesley Chapel 2009 was super slow for new constructions.
I know at least two homes built in Wesley Chapel in 2009 that have toxic drywalls.
 
Old 07-24-2016, 12:09 PM
 
Location: -"`-._,-'"`-._, ☀ Sunny Florida ☀ ,-"`-._,-'"`-.
1,352 posts, read 733,194 times
Reputation: 1300
Quote:
Originally Posted by Pumkkin View Post
[/b]
Credit standards don't buoy housing markets, or cause the current over-priced market all around Tampa Bay. PERIOD.
Not going to get into a debate, but credit standards do buoy the market.... by lowering standards you introduce an influx of otherwise unsuitable buyers. The relationship of supply and demand comes into play, with more buyers and a somewhat limited supply prices are driven up, including paying above list to secure a home. It becomes a feeding frenzy. Do you disagree with that?

FYI - this paper is interesting reading for those truly interested in the cause of the housing bubble. We currently have 2 of the 4 causes still in play (low mortgage rates and low short-term interest rates). Irrational exuberance is still held somewhat at bay, but may be creeping in. The last piece of the puzzle is relaxed credit standards (which I pointed out as a primary cause). As I stated originally, as long as reasonable credit standards remain in place the market should hold it's own. Hopefully lesson learned on that for a while.

Enjoy the day.
 
Old 07-24-2016, 12:26 PM
 
Location: -"`-._,-'"`-._, ☀ Sunny Florida ☀ ,-"`-._,-'"`-.
1,352 posts, read 733,194 times
Reputation: 1300
Quote:
Originally Posted by EngGirl View Post
Not sure about all areas but in Wesley Chapel 2009 was super slow for new constructions.
I know at least two homes built in Wesley Chapel in 2009 that have toxic drywalls.
Yep, the Chinese Drywall was a huge problem, and estimates are 60,000 to 100,000 homes in the US were built with that drywall. While somewhat dated, as of March 2014 Florida made up 56% of the 4,051 cases that were reported to the Consumer Protection Safety Commission. So there is a pretty large proportion of homes in Florida with this problem drywall, and anyone buying a home built or remodeled in 2001-2009 should be sure to check for this.
 
Old 07-24-2016, 12:27 PM
 
33 posts, read 41,013 times
Reputation: 43
Quote:
Originally Posted by bobandsherry View Post
Yep, the Chinese Drywall was a huge problem, and estimates are 60,000 to 100,000 homes in the US were built with that drywall. While somewhat dated, as of March 2014 Florida made up 56% of the 4,051 cases that were reported to the Consumer Protection Safety Commission. So there is a pretty large proportion of homes in Florida with this problem drywall, and anyone buying a home built or remodeled in 2001-2009 should be sure to check for this.


Thanks for the info.
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