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I just got back from a few weeks in Florida (down your way) with my sister in law to look for a home. After lots of looking, she has decided against it. The reasons listed below are why.
1. Property taxes on a average loveable home exceeded $5000 per year on most homes. That is ridiculous! How do you fine people do it?
2. Insurance on the same home would run $2300-$3300 per year. And this is not with a major company either. Most of those offering coverage would go belly up if a major storm came through into the biliions. For those of you with equity in your homes, this is something you may wish to review. Most insurance companies still providing coverage in S. Florida are weak at best.
3. We mostly looked in Wellington and were amazed at the contrast. In many of the subdivisions, the developers placed multiple family units, basically extensions of a maximum security prison, early release plan, in the same areas, or across from nice plush homes. Were the locals passing out free crack cocaine when they did this? It makes no sense. You turn the corner "run for your life." I see many neighborhoods in Wellington going under the way of ghetto life very soon. Some of the town home complexes and apartments were so bad they looked like something from 3rd world counties.
4. The overall sentiment of the area was depressing. You can feel and sense the sad struggles and deteriorating conditions there. Beautiful homes sitting to rot, while others try their best to save their pride and keep their homes nice.
5. It was also evident that many of the homes had multiple families living in them, likely due to the economic situation. Some had 10-15 kids, with cars lined up and down the street, all packed into a single home. Buy a home next to one of these and your life is bound to be interesting.
6. Out in the country, wow. Homes rotting right before your eyes. We visited many homes were things were left to implode, while families were literally camped out trying to survive until the home sold. Very sad. We visited one home that never got finished, but was beautiful and two "lock smiths" who claimed to be fixing the lock on their door, had a truck full of building materials they likely were stealing from the 75% built home as we drive up. They got super angry and stormed off.
All in all, Florida in my opinion is going to be in tough shape for many years. No quick turn around there.
If you're thinking of moving that way, figure in $800-$1000 per month in reserves for taxes and insurance for a decent home. Sorry, but that is just un American in my opinion.
I just got back from a few weeks in Florida (down your way) with my sister in law to look for a home. After lots of looking, she has decided against it. The reasons listed below are why.
1. Property taxes on a average loveable home exceeded $5000 per year on most homes. That is ridiculous! How do you fine people do it?
2. Insurance on the same home would run $2300-$3300 per year. And this is not with a major company either. Most of those offering coverage would go belly up if a major storm came through into the biliions. For those of you with equity in your homes, this is something you may wish to review. Most insurance companies still providing coverage in S. Florida are weak at best.
3. We mostly looked in Wellington and were amazed at the contrast. In many of the subdivisions, the developers placed multiple family units, basically extensions of a maximum security prison, early release plan, in the same areas, or across from nice plush homes. Were the locals passing out free crack cocaine when they did this? It makes no sense. You turn the corner "run for your life." I see many neighborhoods in Wellington going under the way of ghetto life very soon. Some of the town home complexes and apartments were so bad they looked like something from 3rd world counties.
4. The overall sentiment of the area was depressing. You can feel and sense the sad struggles and deteriorating conditions there. Beautiful homes sitting to rot, while others try their best to save their pride and keep their homes nice.
5. It was also evident that many of the homes had multiple families living in them, likely due to the economic situation. Some had 10-15 kids, with cars lined up and down the street, all packed into a single home. Buy a home next to one of these and your life is bound to be interesting.
6. Out in the country, wow. Homes rotting right before your eyes. We visited many homes were things were left to implode, while families were literally camped out trying to survive until the home sold. Very sad. We visited one home that never got finished, but was beautiful and two "lock smiths" who claimed to be fixing the lock on their door, had a truck full of building materials they likely were stealing from the 75% built home as we drive up. They got super angry and stormed off.
All in all, Florida in my opinion is going to be in tough shape for many years. No quick turn around there.
If you're thinking of moving that way, figure in $800-$1000 per month in reserves for taxes and insurance for a decent home. Sorry, but that is just un American in my opinion.
William
I have a 1.5 acre lot in Loxahatchee with a 1700 sqft home which I consider lovable. Purchased in April 2007, taxes are about $3500/yr and insurance is $1500/yr. I have all the land I want, my neighbors are nice and it is generally quiet. It is unincorporated so you can end up with bad neighbors but that is life. On the other hand there is no nazi HOA telling me I have to move my truck into the garage before nightfall or else....
Yes there are a lot of foreclosures but that is not only Florida. Tour the country more.
Yes, there are bad neighborhoods next to good ones but that was my experience in Missouri, New Mexico etc.
Yes, if you are looking for your new-age sterile existence in a $800,000 home next to "likeminded individuals or couples", you can find it here but it will cost ya.
Real people live here so there is crime - crime happens everywhere though.
You are generalizing - that is almost always wrong.
Finally, what is unamerican is living segregated in high-price communities where only the privileged are allowed by virtue of pocket depth - best land, best surroundings, cleanest water etc. only for them. Get a life and get off your high horse.
I have a 1.5 acre lot in Loxahatchee with a 1700 sqft home which I consider lovable. Purchased in April 2007, taxes are about $3500/yr and insurance is $1500/yr. I have all the land I want, my neighbors are nice and it is generally quiet. It is unincorporated so you can end up with bad neighbors but that is life. On the other hand there is no nazi HOA telling me I have to move my truck into the garage before nightfall or else....
Yes there are a lot of foreclosures but that is not only Florida. Tour the country more.
Yes, there are bad neighborhoods next to good ones but that was my experience in Missouri, New Mexico etc.
Yes, if you are looking for your new-age sterile existence in a $800,000 home next to "likeminded individuals or couples", you can find it here but it will cost ya.
Real people live here so there is crime - crime happens everywhere though.
You are generalizing - that is almost always wrong.
Finally, what is unamerican is living segregated in high-price communities where only the privileged are allowed by virtue of pocket depth - best land, best surroundings, cleanest water etc. only for them. Get a life and get off your high horse.
My $0.02.
Right on! I'll be down next week to buy your neighbor's home. I hear pitbull breading and salvage cars is lucrative these days.
My observation was well founded. I had no preconceived notion going in. If you want to endorce neighborhoods going to hell, while being taxed to death, then have at it. If their going to tax you $5000 per year for your little hutt, the least they could do is clean up the neighborhoods! Then people are more inclined to accept higher taxes.
William,
It's too bad you had a bad experience down here.
1. Taxes in most communities are under 2% of the assessed value a year, this really isn't bad. All the tax numbers you saw on the web were based off of old inflated prices and have gone down drastically as the homes resell at the markets reduced price.
2. Insurance is higher, not much you can do about hurricanes and tropical storms...
3. I'm not sure where 16-2000 sqft townhomes are considered maximum security prison, that just doesn't really even make sense.
4. Wellington was hit very hard by the market crash and it shows. When you asked on the forum if anyone recommends the area no one really jumped out and told you to focus there search there. Many neighborhoods there are having problems and it's unfortunate. When the short sales start disappearing so will the low income renters. What many people don't understand is that during a short sale a seller nets nothing from the sale so they don't care who they rent too it's just income for them.
There are many great communities down here that offer nice neighborhoods and homes that would have worked out great for your sister in law. I sent you lots of nice properties and you seem to have ignored those.
I'm guess I'm kind of confused you wanted a pool home close to the beach what were you doing in Wellington anyway??
Right on! I'll be down next week to buy your neighbor's home. I hear pitbull breading and salvage cars is lucrative these days.
My observation was well founded. I had no preconceived notion going in. If you want to endorce neighborhoods going to hell, while being taxed to death, then have at it. If their going to tax you $5000 per year for your little hutt, the least they could do is clean up the neighborhoods! Then people are more inclined to accept higher taxes.
Did you drive around Jupiter maybe looking for a home? It would not match your gloomy description and it is in PBC. How about the Caloosa neighborhood, Palm Beach Gardens, Juno Beach etc.? There are plenty of nice places to choose from.
Again you are generalizing - not everyone breeds pit bulls and has a car junkyard - I certainly have not seen any on my street and all the houses and lawns are nice.
How do you propose we clean up the neighborhoods? Maybe ship all the poor out of the county so you can feel safe in your Wellington bubble? Or put a lid on the natural transiency the coast experiences as a whole?
Clearly people living here find something they like. You did not and that's fine (ta-ta to you and come back to see us!). But, don't label everyone else a fool for staying. Just gloat privately about how smart and great you are!!!
Where is your sister living now? Just wondering what she is used to. I moved from out of state and rent so on certain things I don't have input. I will say that what I noticed in FL is in one area it can be very safe and upscale but within a mile it can be a different story. This is not in all areas but in many. This is very different then the state I came from where basically a whole city is either upscale,middle,etc. Of course there are small patches but very different then here. I have lived in the recent couple years in Ca,MI,and now FL and there are many foreclosures everywhere and in upscale areas. In my grandfathers complex which is multi million dollar homes there are even many. Listen FL or a specific state is not for everyone. It depends on ones needs and outlook. There is no perfect so it is finding what is the best in the current situation. Where is she looking now state wise or will she stay in her current?
With respect to taxes, I think you should have educated yourself a bit more about the taxes that would have been owed on a home you purchased. Your price range, if we can recall, was $150k - 190k.
Had you visited the property appraiser's website to get an estimate of your property taxes at that price point, you would have found that your estimated taxes would have been $2640.00 @ 150k, after homestead exemption.
I don't know about you, but the tax benefit I realize working and living in Florida in terms of INCOME tax savings is a lot lot more than saving $1000/year on property taxes moving to, say, North Carolina.
Home INSURANCE on a home valued at only 150k should be around the 1500 - 2000 mark, probably even less if you shop around --- which is key. Most people do not shop around. My mother this past year received an increase in her HOI premium from her company, to $2600/year. I made her call an independent agent, who got her a policy (identical terms) for $800/year. Oh, and no need to worry about the "size" of the company you are insured with. Like all states, Florida has an insurance guarantee association that takes over to pay claims if an insurance company goes belly up. Some of the biggest names in insurance in Florida have "gone under" (POE), or pulled out (State Farm). I pay about 2000/year and live 8 blocks from the intracoastal.
But, best of luck to you. Texas is supposedly booming right now. For now. Maybe you can try your luck there.
With all due respect, though, with a budget of 150k, it's a tad weird to be lamenting lower income housing options near the "nicer" communities.
I just have to say that this is what happens when you don't get expert advice before searching/making a purchase in real estate. Why people leave it up to themselves (and don't consult an expert)to make one of the biggest purchases of their lives (or a loved ones life) is a mystery to me.
Driving around aimlessly hoping to find a home just makes no sense at all...
I just have to say that this is what happens when you don't get expert advice before searching/making a purchase in real estate. Why people leave it up to themselves (and don't consult an expert)to make one of the biggest purchases of their lives (or a loved ones life) is a mystery to me.
Driving around aimlessly hoping to find a home just makes no sense at all...
I agree with what you said. With that said you can be your own expert if you do your own research. That depends on how much you value your own time. My real estate agent was no expert. In fact, he served as a tool (more or less) to enter homes I found on realtor.com. My purchase was driven by my own desires because I am ultimately the one who knows best what I want.
Many times you run into very rotten real-estate agents. They work for commission and the higher the acquisition price - the higher the commission. Furthermore, if you have ever looked at many listings on realtor.com and the photos taken of the properties for sale, a LOT of the photos look like an idiot took them. But that same idiot has no problems collecting the 3-6% commission on the sale. At the time when houses were selling like hot cakes, anything with a pulse was a real estate agent. I mean, let's face it - they have almost no legal responsibility whatsoever when it comes to anything that you might not like after the sale - unless they put something incriminating on paper it is your word against theirs.
With the advent of the Internet and the fact that almost all homes are listed on someone's website - the agent is no more than a tool to get into the house and out of it. Why they are paid so much commission is beyond me.
My $0.02.
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