New home buyers, tell me about your deal? (Miami, Port St. Lucie: short sales, foreclosures)

[WilliamHarman]

I'm curious to what other buyers who have recently purchased are buying and for what price range. This would be for the greater area. Also, did you opt for a short sale or straight purchase?

Tell is what type of sale it was
Where itwas located
The size, type of home etc
and the price you paid.

I just emailed a buddy a home I thought was a good deal and he zapped me back saying he could do much better in this market. lol.

[Synergy1]

I believe that most RE deals that are good are at or a tad below the current market value of the homes in the area you are looking. Funny because your home could have been $450k 2 years ago and today's value would be appraised at around 50% of the 2 year old price. Finding a builder who will build the same home for 50% off will never happen.. The ones that are profiting are the speulators in todays' market but we hope they do not because that is one of many reasons why the majority of the homes went crazy high in price then dropped like a rock.

A home across the street from my buddy just went for $125k and it was refinanced in 2006 for $280,000. Comparison buying is better known through a realtor and you will get the very honest answer from a realtor...Asking the question in the blog could and probably will get you a lot of "what if's" and "this is what I did" and they could be true but not 100% accurate. Realtors MUST be 100% accurate because they stive to be a professional who is resonsible for what they say and do..

Are you a speculator?
..

[WilliamHarman]

Originally Posted by Synergy1

I believe that most RE deals that are good are at or a tad below the current market value of the homes in the area you are looking. Funny because your home could have been $450k 2 years ago and today's value would be appraised at around 50% of the 2 year old price. Finding a builder who will build the same home for 50% off will never happen.. The ones that are profiting are the speulators in todays' market but we hope they do not because that is one of many reasons why the majority of the homes went crazy high in price then dropped like a rock.

A home across the street from my buddy just went for $125k and it was refinanced in 2006 for $280,000. Comparison buying is better known through a realtor and you will get the very honest answer from a realtor...Asking the question in the blog could and probably will get you a lot of "what if's" and "this is what I did" and they could be true but not 100% accurate. Realtors MUST be 100% accurate because they stive to be a professional who is resonsible for what they say and do..

Are you a speculator?
..

Nope, not a speculator, rather a spectator. Just trying to help a family member out with buying a good single family home at a fair price. That is it.

[TriMT7]

Originally Posted by WilliamHarman

Nope, not a speculator, rather a spectator. Just trying to help a family member out with buying a good single family home at a fair price. That is it.

I thought she decided against South Florida?


For what it's worth, both myself and friends of mine have bought homes in the past year. Both short sales. Both for about half of "top listing price."

My friends bought in the southend of West Palm Beach (the "South of Southern" area), and I live closer to downtown WPB, in a historic neighborhood.


Instead of Wellington, why not search in Jupiter and Tequesta, or look further north to Palm City, Hobe Sound, and parts of Port St. Lucie? Also, what about Royal Palm Beach (often considered a less expensive alternative to Wellington). Do NOT look at what "current" taxes are on a home and think that's what you're going to pay. "Budget" 2% of appraised value as what taxes will be, though in all likelihood, if homesteaded, it will be less than 2%.

[brinked]

check out southflorida.blockshopper.com

to see what houses were originally sold for and what they are selling for now

[Surfalot]

I'm really only familliar with the Lake Ida/Eden AND Mission Hill/Chapel Hill areas in east Delray/Boynton. My wife and I have biked the area for the past 10 years and it seems that compared with 2-3 years ago homes are now approximately 30-40% down. There are'nt many foreclosures from what we can tell(by this I mean run down, overgrown weedtype yards, I haven't checked any other source of info though). In the last couple months homes have sold and we are very happy as we've noticed many sale pending signs and new residents moving in(may have to do with school year). As far as price goes, there are huge homes selling for 400-500k now opposed to 7-800k, 2-3 years ago. Definately a major drop in price but the good thing is they are moving and some even as quick as a couple weeks. Don't expect much land with the these homes as we are east and near the beach usually means smaller lot size although there are some bigger ones. You have too look hard and maybe drive around and even check the county PAPA website to verify lot size, sometimes realtors make mistakes and don't advertise the correct size lot. Less expensive homes are in the 175k-300k range and yes they are selling too.

[800acess]

Originally Posted by WilliamHarman

Nope, not a speculator, rather a spectator. Just trying to help a family member out with buying a good single family home at a fair price. That is it.

Don't buy, rent. If you do your homework you will see that is not worth to buy a house here in SFL. Just with the taxes and insurance you will pay 6 month worth of rent and in a very expensive place. Just an example:

You can rent a $300.000.00 home for around $1800.

The taxes would be around 6K insurance another 4 ~ 5.
Again think like an investor and you will see that is not worth. The realtors are going to jump on this one. Just do the math. I forgot to add, PBC is a dump. If you decide Miami, first learn Spanish. Trust me is a dump.

[TriMT7]

Originally Posted by 800acess

The taxes would be around 6K insurance another 4 ~ 5.
Again think like an investor and you will see that is not worth. The realtors are going to jump on this one. Just do the math. I forgot to add, PBC is a dump. If you decide Miami, first learn Spanish. Trust me is a dump.

I know people living three blocks from the water that don't even pay 4-5k in insurance.

A little less time on message boards and a bit more calling an independent insurance agent can do worlds of good.

[800acess]

Originally Posted by TriMT7

I know people living three blocks from the water that don't even pay 4-5k in insurance.

A little less time on message boards and a bit more calling an independent insurance agent can do worlds of good.

Sorry, I'm talking about homes, not about MOBILE HOMES.

[TriMT7]

Originally Posted by 800acess

Sorry, I'm talking about homes, not about MOBILE HOMES.

Lol, you think you could actually FIND insurance on a mobile home three blocks from the water?

Gosh, you really have no idea what you're talking about, do you?