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View Poll Results: How do you see the FL housing market today?
It is horrible and scary! 7 41.18%
It is bad, but not THAT bad. 8 47.06%
It is excellent. 0 0%
It is okay, I guess. 2 11.76%
I do not know/not sure. 0 0%
Voters: 17. You may not vote on this poll

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Old 07-25-2007, 10:20 AM
 
628 posts, read 1,313,872 times
Reputation: 550

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Quote:
Originally Posted by VAFury View Post
Guess over-investing didn't happen in Vero then??? That's what doesn't make sense to me. All along the East Coast speculators went crazy, but why not in Vero??? Now everything south of there real-estate wise is teetering on the brink of a real-estate bust and Vero some how becomes the big winner???

Something just doesn't make sense, but that's nothing new for me...
I agree that there was plenty of over-investing in Vero. The west side of town has many new housing developments begging for buyers. The beachside is slow but not declining. I think what is keeping Vero alive is the fact that most of the current influx is coming from south Florida and not so much from the northern states. People who still like Florida and want to escape the crowding and crime of Dade, Broward and Palm Beach counties are coming a little further north to Vero. Vero has unique zoning for a Florida coastal city-No highrises-period. Maximum building height is 3 stories for both residential and commercial real estate. That, along with most of the beach access is through private gated communities, makes it a great place for families. Less public access to beaches=less tourists, cleaner beaches and a more pristine environment. Highly desirable and thats what the Money survey must have taken into account- at least as far as I can figure
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Old 07-25-2007, 10:29 AM
 
6,565 posts, read 14,277,291 times
Reputation: 3229
Quote:
Originally Posted by Jareb View Post
I agree that there was plenty of over-investing in Vero. The west side of town has many new housing developments begging for buyers. The beachside is slow but not declining. I think what is keeping Vero alive is the fact that most of the current influx is coming from south Florida and not so much from the northern states. People who still like Florida and want to escape the crowding and crime of Dade, Broward and Palm Beach counties are coming a little further north to Vero. Vero has unique zoning for a Florida coastal city-No highrises-period. Maximum building height is 3 stories for both residential and commercial real estate. That, along with most of the beach access is through private gated communities, makes it a great place for families. Less public access to beaches=less tourists, cleaner beaches and a more pristine environment. Highly desirable and thats what the Money survey must have taken into account- at least as far as I can figure
Makes sense.... Good for them on the zoning restrictions...
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Old 07-25-2007, 10:39 AM
 
Location: western East Roman Empire
9,341 posts, read 14,262,214 times
Reputation: 10067
Quote:
Originally Posted by Prichard View Post
Now, come on. No one was duped. People did get greedy. People did think that real estate prices could only go up. Well, greedy people also thought that the stock market could only go up in the late '90's, but they weren't "duped" either. All of the signs were there in both markets for people to invest cautiously. The problem with "cautious investing" is that some people simply can't stand to miss out on the huge profits they hear their friends are making, so they jump on the band wagon.

Why do you think we make our kids play games like "hot potato" and "musical chairs"? Both of these games have important morals to them, that some of us, as adults, seem to have forgotten.
Hi Prichard,

I suppose my real meaning by that sort of sensationalist comment is to criticize certain aspects of economic policy in this country: the Fed held interest rates too low for too long, introducing gross distortions into the investment decision process (greed prevailed, caution thrown to the wind); certain aspects of fiscal policy also fueled the speculation, not to mention excessively lax credit standards.

I agree that as adults we all have to act responsibly, but it is also true that most people receive no education in economics and financial mathematics at the level of public school, so in that sense many are easily swayed by bombardment advertising, sly sales pitches, and the latest trend. Yes, parents bear the brunt of responsibility for their children's education.

To get back on topic, it should be emphasized that this survey points to the main metropolitan areas of Florida, and there are some areas and regions in the state where real estate prices are still relatively reasonable in the sense of being within the reach of average local incomes at the present time, like Lakeland for example, and I imagine much of northcentral and northwest Florida.

While in theory housing prices would need to come off a further 30%-40% in regions like southeastern Florida to be within reach of average local incomes, I am not holding my breath; it would require a credit crunch that goes well beyond the subprime level, and policymakers have tools to prevent that.

Last edited by bale002; 07-25-2007 at 10:49 AM..
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