[rbayle]

What is the general concensus on if or when this housing will pick up? My husband, a contractor, built a home for us two yrs. ago that we thought we would grow old in. Now ,we are moving... We built a custom two story cape cod in a deed restricted neighborhood in Vero beach. It is not your ordinary stucco Box from FL. It is on over an acre surrounded by wetlands (like 3 acres of your own..) It is a 4/4 with lots of detail, pool, huge back porch with kitchen area... I have it listed at $799, with no one coming in-no activiity at all!!! If I start dropping the price, then I am going to take out the big butcher block island and replace it with something simpler, and start replacing many of hte custom things with simpler ones. What would I have to drop it to to get people to look? How long is this going to go on? Will it get worse or better??? What are people thinking about it?

[tallrick]

799,000 is a LOT of money. You would have to find a buyer who makes over 200K a year and/or has a bunch of bubble money and does not mind paying 20K a year in property taxes. Unless your place is very special I doubt you will find many buyers. Try and locate a rich Venezuelan.

[macguy]

Originally Posted by rbayle

What is the general concensus on if or when this housing will pick up? My husband, a contractor, built a home for us two yrs. ago that we thought we would grow old in. Now ,we are moving... We built a custom two story cape cod in a deed restricted neighborhood in Vero beach. It is not your ordinary stucco Box from FL. It is on over an acre surrounded by wetlands (like 3 acres of your own..) It is a 4/4 with lots of detail, pool, huge back porch with kitchen area... I have it listed at $799, with no one coming in-no activiity at all!!! If I start dropping the price, then I am going to take out the big butcher block island and replace it with something simpler, and start replacing many of hte custom things with simpler ones. What would I have to drop it to to get people to look? How long is this going to go on? Will it get worse or better??? What are people thinking about it?

If you built it you have wiggle room I would think. If you can find a buyer that will get you out somewhere around even you are ahead of the game. If you are still under the illusion you are going to make a big score on the house it may be for sale for a long time. You may even have to lose money on it just to get rid of it. Out of curiosity, what do you actually have in the house?

[VBmom]

Just curious...what part of Vero is the house in?

[bale002]

Originally Posted by rbayle

What is the general consensus on if or when this housing will pick up? My husband, a contractor, built a home for us two yrs. ago that we thought we would grow old in. Now ,we are moving... We built a custom two story cape cod in a deed restricted neighborhood in Vero beach. It is not your ordinary stucco Box from FL. It is on over an acre surrounded by wetlands (like 3 acres of your own..) It is a 4/4 with lots of detail, pool, huge back porch with kitchen area... I have it listed at $799, with no one coming in-no activiity at all!!! If I start dropping the price, then I am going to take out the big butcher block island and replace it with something simpler, and start replacing many of hte custom things with simpler ones. What would I have to drop it to to get people to look? How long is this going to go on? Will it get worse or better??? What are people thinking about it?

There is a guy whose moniker is actually Verobeach, or similar, he may have more insights into the local market.

Look, the credit/housing bubble has been an utter disaster for the US national economy and we are in the hands of irresponsible policymakers, including both heads of the two-headed monster. "Pick up", as you put it, is now, with prices declining slowly within the range of affordable levels for most people.
In any case, financial conditions - real financial conditions, not fantasy financial conditions set by free-money interest rate policy - are shaping up to be worse in 2008 than in 2007. Under favorable circumstances, the price decline may bottom out in 2009 and prices may bounce along the bottom for the foreseeable future thereafter.

Nevertheless, your property may actually be in that upper-end luxury segment not bound to the real economics of mere mortals, so, as mentioned, you just need to be lucky to find the right buyer from somewhere, probably a question of the right advertising to someone with an interest in the Vero Beach area. Advertising in Venezuela, for example, may actually not be a bad idea. Perhaps you need to contact a real estate agency that is multilingual with international channels.

If, instead, you are fishing for a bubble-head a la the 2003-2006 era, forget it, it may not happen again for another ten years or so, maybe fifty.

[Wild Style]

Originally Posted by rbayle

What is the general concensus on if or when this housing will pick up? My husband, a contractor, built a home for us two yrs. ago that we thought we would grow old in. Now ,we are moving... We built a custom two story cape cod in a deed restricted neighborhood in Vero beach. It is not your ordinary stucco Box from FL. It is on over an acre surrounded by wetlands (like 3 acres of your own..) It is a 4/4 with lots of detail, pool, huge back porch with kitchen area... I have it listed at $799, with no one coming in-no activiity at all!!! If I start dropping the price, then I am going to take out the big butcher block island and replace it with something simpler, and start replacing many of hte custom things with simpler ones. What would I have to drop it to to get people to look? How long is this going to go on? Will it get worse or better??? What are people thinking about it?

wouldnt it cost you more though to put in cheaper stuff? What would you do with the stuff you take out?

read this and I hope it helps

link

Originally Posted by bale002

There is a guy whose moniker is actually Verobeach, or similar, he may have more insights into the local market.

Look, the credit/housing bubble has been an utter disaster for the US national economy and we are in the hands of irresponsible policymakers, including both heads of the two-headed monster. "Pick up", as you put it, is now, with prices declining slowly within the range of affordable levels for most people.
In any case, financial conditions - real financial conditions, not fantasy financial conditions set by free-money interest rate policy - are shaping up to be worse in 2008 than in 2007. Under favorable circumstances, the price decline may bottom out in 2009 and prices may bounce along the bottom for the foreseeable future thereafter.

Nevertheless, your property may actually be in that upper-end luxury segment not bound to the real economics of mere mortals, so, as mentioned, you just need to be lucky to find the right buyer from somewhere, probably a question of the right advertising to someone with an interest in the Vero Beach area. Advertising in Venezuela, for example, may actually not be a bad idea. Perhaps you need to contact a real estate agency that is multilingual with international channels.

If, instead, you are fishing for a bubble-head a la the 2003-2006 era, forget it, it may not happen again for another ten years or so, maybe fifty.

even luxury homes are starting to see a slow down. I just read this thing where they said time spent on the market for condos and such in NYC have risen. People are sitting on the fence right now. I think NYC IMHO is bit behind the national trend but its coming none the less. I also read about some homes on some golf course in Tampa that are just sitting there empty with no buyers in site. Things are turning to crap it seems.

[rbayle]

ok, to answer a few questions-my house is in a deed restricted neighborhood, where a few are custom and most are the nice big stucco boxes florida is famous for! It is a small subdiviison with most of the homes on some acreage. It is out west of town by the mall and the hub of everything, but still kind of country... My house is like a big Walton's house-sandwiched between lakes and wetlands, norther feel with dormers, cupola,and charm galore, custom details. -I thought some northerner would jump on it since it is hard to come by here. We have about $450 in it, but I used a lot of items that are precious to me (like my old farmhouse sink, huge weathered butcher block island, leaded glass, antique vanity, etc...) I can't just bottom line these items. If I have to reduce my price to be the same as the new stucco boxes then shouldn't I keep my good stuff and let the people buy just regular stuff like they have in the other houses they are looking at??? That way at least if I can't get what they are all worth, I at least still have them to use again....

[CJFlorida]

I don't want to sound mean, but you folks built a house at the height of the biggest housing bubble in US history. You have $450,000 in the house and now want $799,000, as the housing bubble is just starting to collapse in a big way.

I wish you luck, but I don't think your price is even close to being realistic.

[Jareb]

How long have you been in Vero Beach? Do you know any of the local knowledgable realtors who will give you an HONEST assessment of a realistic SELLING price for your home? Any home can be sold-it has to be priced right. If you dont know anyone in town-email me off line and I'll give you a few names. I am in no way connected to any real estate agency, but have been in Vero for 19 years so I know the better ones in town.

[V1-P]

What a joke. Everyone who has responded to you hit the nail on the head.

I would never, never buy a house in a subdivision with deed restrictions unless I could flip it right away and make a little on the venture. You might want to send personal invitations to Donald Trump, Bill Gates and others for what you are asking. Frankly, I don't think they would buy that one either. All anyone has to do is look at the assessment from the Property Appraiser's site or Tax Collector's website and they'll know what the state thinks your property value is. You were sucked in to a bubble and never saw it coming. Enjoy your house or take a hit on your price.