Quote:
Originally Posted by SKB
I don't care about making money on a house either but 10 years will not be enough time to re-coup your losses, we have not even begun to see the pain yet.
My friends wouldn't listen to me and now they have lost 113,000 which was their entire down payment on their home over in Carlton Oaks. If they had to now sell they would have to come to the table with cash in their hand.
You have no idea how low the prices are going to get. If you are independently wealthy go ahead and buy a house, the builder will fall all over themselves to sell you one.
Best of luck with that.
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Especially if you're not buying as an investment, the idea that one loses money as soon as something would sell for less on the market is absurd to me. It complete ignores values other than monetary that property (in the broad sense--not just real estate) has to its owner. The vast majority of things that we buy lose monetary value immediately, and that doesn't change depending on the overall health of the economy. For example, as soon as you buy a car, it loses monetary value. You'd have to sell it used and it's not going to sell for as much money. The longer you have it, the less money it's going to be worth--at least until it becomes an antique, but usually before that point the owner has worn the car out and/or gotten another one. The same thing is true of things like computers, musical instruments, appliances, clothing, etc. Should we not buy them because it means we're losing money because we wouldn't make as much if we decided to resell them? Or are there maybe other, non-monetary values to those things that are the reason we're buying them--we're not buying them with the intent of making more money on them?
For the OP, I'm very familiar with Royal Palm Beach--although I wasn't born there, I grew up there, I lived there periodically when I was older (periodically partially because I've done work, such as being a musician, where I traveled most of the time), my parents still live there, and my wife and I are looking to move back there as our primary residence now--so obviously I like it and so do my folks, since they've lived there for over 35 years now.
Is there any reason not to move there? That depends entirely on your disposition, tastes, beliefs, etc. There are reasons to move or not move anywhere in the world for various people. No place is right for everyone or wrong for everyone. The thing to do is make sure that you know what you like and why, and then obtain as much factual information as you can about what a place is like--how it's laid out/developed, the demographics, the weather, etc.
I also believe that someone can't really begin to know whether a place is right for them unless they visit it and spend a little bit of time in it. But you're in West Palm Beach already, so you're right there already. If you haven't already done it, at least go up and down Okeechobee, Royal Palm Beach Blvd. and 441, all through Royal Palm Beach and a bit beyond. Then maybe turn into a couple side-streets; you can't really get lost because every development is quickly going to dump you back onto one of the major roads. That will give a good idea what the area is like.
Unfortuantely for helping you, I haven't been in Porto Sol. But if you want opinions specifically on it, search on this site for threads mentioning Porto Sol and threads about Minto Homes, the developer--I know there are some of those threads. Just remember that folks are giving opinions, and their opinions aren't facts (even though some folks like to act as if they are). Whether the opinion is postive or negative, there is often more to a story that would shed some light on just why an opinion is what it is, and it's always the case that you might have a very different opinion than someone else.
I know Porto Sol wouldn't be right for me, but I can't afford to spend so much and I'm trying to avoid developments with HOAs, because I don't like HOAs in theory. Most folks like HOAs, though. I've been in other Minto Homes communities, including Olympia, which is nearby (right on Forest Hill, east of Wellington), and would love to be able to own one of those homes, especially the larger ones. They were beautifully laid out, aesthetically pleasing, etc.--if only I could afford it and it wasn't in an HOA community.
I don't know if you've checked out Olympia. Since it's also Minto, I'd assume you'd like the houses there just as much. The reason I'm asking is that it's closer to Wellington. Right next to it, really. Not that Porto Sol is far--it's only a few miles from the northeastern edge of Wellington, but it's probably worth looking into Olympia too.
And in fact, there's another Minto development in Royal Palm Beach that's a bit closer to Wellington than Porto Sol. It's called Madison Green. So that's worth you checking out, too. I haven't been inside Madison Green yet, but I've driven by it quite a few times and looked at a couple houses in the development right next to it on the north--Saratoga Pines (and I'm actually still considering a house there even though it is an HOA development--there are a few things I like enough about it, including the price, that it's desirable to me despite that negative). The commute from Madison Green would be a couple miles closer to the central thoroughfare (Forest Hill Blvd) of Wellington, and the commute is MUCH less crowded traffic-wise than the commute from Porto Sol would be. During rush hour, both Okeechobee Blvd. and 441 (you'd have to take one or the other from Porto Sol) have a lot of traffic. [Just for reference, if you continue north on Forest Hill Blvd., it turns into Crestwood on the other side of Southern. Stay north on Crestwood, and Madison Green is just on the other side of Okeechobee.]
If you do not have your heart set on a Minto house, there are other areas worth looking into, including right in Wellington (if you can afford a Minto development you can definitely afford a house in Wellington), lots more in and near Royal Palm Beach (and others near Wellington), and lots more with HOAs if you want that. You can also find houses, including new ones, in areas without HOAs, too, of course.
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Any information on Porto Sol Royal Palm Beach?
), and I agree with what you say about who is likely buying in Porto Sol, given when it opened. 
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