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Old 07-25-2016, 02:52 PM
 
131 posts, read 108,389 times
Reputation: 147

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Thanks for the detail/ and no you didn't mention license. License and permit are used interchangeably which would, if required or issued, create a public record. If defective drywall was replaced under the class-action suit, there would be a record and payment. If defective drywall was replaced the IRS offered a tax credit.
There were incentives to pull a permit if a problem presented itself.
I'm not attempting to discount your ...buyer beware... warning.


Quote:
Originally Posted by EngGirl View Post
Did I mentioned license anywhere in my post? I don't think so. I was talking about the permit.
Since rules varies from County to County within the Florida, I cannot speak about all rules obviously, but most counties I worked with has permit exemption only for minor drywall repair jobs. Like:


"Drywall Minor repairs if value of work is under $1,000 (1&2 Family Dwellings, Not involving Fire-Rated Assemblies) [/SIZE]
http://www.pbcgov.com/pzb/permit/per...otrequired.pdf



And this is what Pasco had to say about permit exemption:
"Drywall Patches and Ceiling Repair Non fire-Rated Assembly Under 250 Sq. Ft. [/SIZE]
http://www.pascocountyfl.net/DocumentCenter/View/7082


Sarasota requires permit if:


"Drywall removal & replacement (3 sheets or more)"
[/SIZE]https://www.scgov.net/DevelopmentSer...urrentPage%3D1


We can google each County individually all day long, or you can just take my word for it. Toxic drywall replacement considers as major work and def requires permit.
License and permit are two different things

 
Old 07-25-2016, 05:00 PM
 
Location: -"`-._,-'"`-._, ☀ Sunny Florida ☀ ,-"`-._,-'"`-.
1,352 posts, read 734,578 times
Reputation: 1300
Quote:
Originally Posted by WickedBad View Post
There are pockets of absolutely inflated house prices all over the TB area....especially so in Sarasota and Manatee counties.
Anything that you can share to substantiate this or is this based on your own gut feeling?

Quote:
Originally Posted by WickedBad View Post
In areas developed by certain builders, they have also colluded with appraisers or their own mortgage arms (vertical organizations) to actually CREATE their own "comparables", and these builders intentionally set their house prices well-above their competition who are building essentially the same square footage houses with very similar features/construction.This artificially inflates all prices, done with the cheerleading and hype of their own real estate sellers.
Perhaps you are living in the past as lenders prior to the last housing bubble were able to select their own appraisers. However in 2010, in response to the housing bubble crisis, the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 required that states enact comprehensive Appraisal Management Company (AMC) oversight and registration programs. Refer to Section 1473(f) of the act for specifics. AMC is a business that administer networks of independent appraisers on behalf of lenders. AMC sits between lender and appraiser. Lenders make a request to an AMC for appraisal. By law the appraisal must be done by a third party who has no interest in the outcome of the appraisal. I'd be interested in any information that you might share that supports your view though, nothing would surprise me these days.
 
Old 07-25-2016, 05:26 PM
 
Location: Spring Hill Florida
12,135 posts, read 13,272,176 times
Reputation: 6010
Somebody is buying those houses.

$300 a month for maintenance?? On what?

Quote:
Originally Posted by Pragmaticus View Post
I have seen you making this same claim a number of times. You logic has several holes:

First, a 350K house owner, carrying a 280K mortgage won't be just paying $1350/month, far from it. First, there is property insurance and tax, that can easily add to $600/month on similar valued home. Then there is maintenance, about 1% of the house value or $300/month. When it is said and done you are looking at $2250/month. No, it is not even close to $1350/month you are throwing around.

Second, how many of those people renting a $1400/month on average can put 20% down? A lot of them can't. Heck, the majority of people can't cover $1000 emergency if their car broke tomorrow. What does this mean? Add to the above figure mortgage insurance of anywhere between $100 to $300/month depending on the down payment. Now we are looking at $2350 to $2650 not to mention HOA and CDD fees that a lot of places have.

No, a lot of people can't afford a 350K home at all in our area. I don't know your definition of house poor but in my book, a household income of at least 100K would be needed to carry comfortably a 280K mortgage. Otherwise, we are back to the movie we just saw and it ain't pretty.
 
Old 07-25-2016, 05:39 PM
 
1,139 posts, read 2,875,318 times
Reputation: 791
Quote:
Originally Posted by EngGirl View Post
I actually noticed the difference in my profession. Fresh from college civil engineers were getting around 38K back in 2004, than it was $45K around 2010, and $53K in 2015. I know two fresh from college engineers who recently started at $55K here in Tampa. Wages are increasing but not as much as home prices

$350K house with 20% down payment is $1350 a month in mortgage. The average rentals are running around $1400 in our area, so it looks like a lot of people can afford $350K.
I think you are mistaken - most people don't or can't afford to put down 20%

20% of $350K is $70K so if you are making $55K it will take you 3 yrs to save that with 60% savings rate and if you just started working (fresh from college), a $350K home is irresponsible purchase.

Given that savings rate is less than 5%, for a lot of people saving $70K would take 5-10 years.
 
Old 07-25-2016, 05:46 PM
 
1,139 posts, read 2,875,318 times
Reputation: 791
Quote:
Originally Posted by Spring Hillian View Post
Why would you think that everybody or even most people earn wages that make such homes out of their realm?

A 30 year fixed rate mortgage at 3.5% would have a payment of approximately $2,250 on a $500k home.

On a $300k home, 30 years, 3.5% monthly payment would be about $1,350.

So, a $300k home could be cheaper than rent.
Sorry, I probably wasn't clear. I was talking about new construction.
 
Old 07-25-2016, 08:23 PM
 
3,313 posts, read 4,315,855 times
Reputation: 1837
Quote:
Originally Posted by Tampaite View Post
I think you are mistaken - most people don't or can't afford to put down 20%

20% of $350K is $70K so if you are making $55K it will take you 3 yrs to save that with 60% savings rate and if you just started working (fresh from college), a $350K home is irresponsible purchase.

Given that savings rate is less than 5%, for a lot of people saving $70K would take 5-10 years.
Did I said someone fresh from college should/could buy a 350K house?

People who buy without down payment shouldn't buy in my opinion... but it's just my opinion. People who cannot save for down payment will not be excited to deal with the reality being a homeowners
 
Old 07-25-2016, 08:37 PM
 
1,139 posts, read 2,875,318 times
Reputation: 791
Quote:
Originally Posted by EngGirl View Post
Did I said someone fresh from college should/could buy a 350K house?

People who buy without down payment shouldn't buy in my opinion... but it's just my opinion. People who cannot save for down payment will not be excited to deal with the reality being a homeowners
Yes. you implied so. you talked about fresh college graduates making $55K a year and in direct co-relation to my opinion on regarding stagnant wages in Tampa area compared to rising home prices.


Quote:
Originally Posted by EngGirl View Post
I actually noticed the difference in my profession. Fresh from college civil engineers were getting around 38K back in 2004, than it was $45K around 2010, and $53K in 2015. I know two fresh from college engineers who recently started at $55K here in Tampa. Wages are increasing but not as much as home prices
 
Old 07-25-2016, 08:41 PM
 
1,139 posts, read 2,875,318 times
Reputation: 791
Quote:
Originally Posted by Iching View Post
Don't get offended but that is a very limited perception - standards are a lot higher and people make money in other place and then buy here.
Not offended. Infact, I welcome such people - they will continue to pay higher property taxes which will go towards upkeep in our County.
 
Old 07-25-2016, 08:42 PM
 
3,313 posts, read 4,315,855 times
Reputation: 1837
Quote:
Originally Posted by Pragmaticus View Post
I have seen you making this same claim a number of times. You logic has several holes:

First, a 350K house owner, carrying a 280K mortgage won't be just paying $1350/month, far from it. First, there is property insurance and tax, that can easily add to $600/month on similar valued home. Then there is maintenance, about 1% of the house value or $300/month. When it is said and done you are looking at $2250/month. No, it is not even close to $1350/month you are throwing around.

Second, how many of those people renting a $1400/month on average can put 20% down? A lot of them can't. Heck, the majority of people can't cover $1000 emergency if their car broke tomorrow. What does this mean? Add to the above figure mortgage insurance of anywhere between $100 to $300/month depending on the down payment. Now we are looking at $2350 to $2650 not to mention HOA and CDD fees that a lot of places have.

No, a lot of people can't afford a 350K home at all in our area. I don't know your definition of house poor but in my book, a household income of at least 100K would be needed to carry comfortably a 280K mortgage. Otherwise, we are back to the movie we just saw and it ain't pretty.
No pointing fingers here, but we have a very knowledgeable realtor here who claims Pasco County taxes are low compare to Hillsborough
I didn't include taxes/insurance/HOA because it really varies from house/area to house/area. These can be anywhere between 200 to 1000, so it could be $1650 a months. The same as 3 bedroom apartments in Wesley Chapel.

As I previously posted, people who cannot save for down payment shouldn't buy a house. I see too many example when people need to sell sooner than they thought or something goes wrong and one family member losing job/getting sick - these people are in the position when they 1) cannot pay for their mortgage and 2) cannot sell to even break even. I have no idea why people act impulsively and buy without down payment. I have news for them - if they cannot save for down payment before committing to a mortgage, they wont be able to save much later on since house comes with other expenses. Totally different story is when people have down payment, but prefer to buy with minimum required. I know people like that who think cash is the king, but it's only good if you are not planning to live in the house long enough, otherwise you will end up paying way more in interest...

Looking at the new communities getting built pretty fast, where home prices start at $300K and go as high as $700 - looks like a lot of people can afford these prices. Look at the Ridge in Wesley Chapel. Within 1 year 15 homes were built and sold, and about 100 are under contract and construction now. They start from $300K+... have pretty high HOA and CDD, high taxes.... (another $1000 a months I would guesstimate). Do we see construction slowing down? No. Why? Looks like there are people who can afford these prices... Mind you prices for 10+ year old houses are also at the same range...

2 professionals shouldn't have a problem getting $100K a year. Heck, some medical professionals (not even doctors) are making pretty good money and there are a lot of them all over the Florida. Nurse and school teacher will be making over $100K... It's doable.

P.S. Highly recommend to read "I will teach you to be rich" by Ramit Sethi. Very good read, especially for people with limited understanding about how money rolls. If it was up to me, I would make this book as mandatory one for all High schoolers.

Last edited by EngGirl; 07-25-2016 at 08:53 PM..
 
Old 07-25-2016, 08:46 PM
 
3,313 posts, read 4,315,855 times
Reputation: 1837
Quote:
Originally Posted by Tampaite View Post
Yes. you implied so. you talked about fresh college graduates making $55K a year and in direct co-relation to my opinion on regarding stagnant wages in Tampa area compared to rising home prices.
LOL
It's two different things I was talking about - I never implied people fresh from college can/should buy $350K houses. All I was saying I noticed salaries were also on the raise within last 12 years.
Let's make it clear, people without 20% for down payment shouldn't buy houses. If it means young professionals without savings should buy for 3-5-10 years, well then it means exactly this!
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