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Old 07-29-2014, 10:25 AM
 
Location: SW Florida
14,950 posts, read 12,147,503 times
Reputation: 24822

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Quote:
Originally Posted by ComSense View Post
Most ppl already settled here weren't doing it. It was mostly the newbies. Many moved down here only with the desire to buy and flip and get rich quick.
Actually many of them didn't even move to Florida to do that. They were circling around desirable properties like piranas, competing with others to grab what they could, paid the going prices, flipped, re-sold, repeat- all from their remote locations, home, wherever they were.

I know, I had relatives ( in other states), co-workers, acquaintances and others I knew who participated in the feeding frenzies going on during the real estate boom. We had waterfront Gulf access property in SW Florida- we bought it for our own use in 1996-2000. It was never for sale, but that didn't stop the phone calls, emails, and letters we got from people ( real estate folks, building contractors, individual flippers) trying to buy it from us, and wanting to know about other properties close by. And most of those speculators never intended to live in Florida, or to do anything but flip properties they bought.

I believe they've done the same thing in other states where tourism is a big draw...
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Old 07-29-2014, 01:05 PM
 
Location: Wake County, NC
2,983 posts, read 4,623,481 times
Reputation: 3529
Quote:
Originally Posted by Travelassie View Post
Last I checked it was an open forum......

I don't know what it is about posters who object to comments they don't agree with or like on "their" thread.......you'd think it was a pj party the OP's only invited their friends to, LOL.
Everyone is invited if they stay on topic and don't hijack the thread. There the usual trolls that like to take over every thread I start because they don't like the content.
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Old 07-29-2014, 01:46 PM
 
Location: Wake County, NC
2,983 posts, read 4,623,481 times
Reputation: 3529
Quote:
Originally Posted by Spring Hillian View Post
If u dont expect commentary on it send Direct Messages to those you think care about the matter being posted.

When someone posts info to troll for replies, they should not complain about those replies.

I find it interesting that a poster has more reps than actual posts but if you look at the actual posts they have nothing to be repped.
I'm not sure why you find that so interesting. It's quite obvious I bring more value to the forum than people who come on here and constantly argue with others. Especially people who have very radical ideologies and love to endlessly prattle on about their radical ideologies.
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Old 07-29-2014, 02:10 PM
 
Location: Spring Hill Florida
12,135 posts, read 16,128,302 times
Reputation: 6086
Quote:
Originally Posted by Not_liking_FL View Post
I'm not sure why you find that so interesting. It's quite obvious I bring more value to the forum than people who come on here and constantly argue with others. Especially people who have very radical ideologies and love to endlessly prattle on about their radical ideologies.
Right......

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Old 07-29-2014, 03:57 PM
 
Location: North of South, South of North
8,704 posts, read 10,901,046 times
Reputation: 5150
Quote:
Originally Posted by Not_liking_FL View Post
Everyone is invited if they stay on topic and don't hijack the thread. There the usual trolls that like to take over every thread I start because they don't like the content.
Quote:
Originally Posted by Not_liking_FL View Post
I'm not sure why you find that so interesting. It's quite obvious I bring more value to the forum than people who come on here and constantly argue with others. Especially people who have very radical ideologies and love to endlessly prattle on about their radical ideologies.
Please stay on topic and do not hijack your own "I Hate Florida" thread.
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Old 07-29-2014, 05:18 PM
 
Location: FLORIDA
8,963 posts, read 8,919,924 times
Reputation: 3462
Quote:
Originally Posted by Travelassie View Post
Actually many of them didn't even move to Florida to do that. They were circling around desirable properties like piranas, competing with others to grab what they could, paid the going prices, flipped, re-sold, repeat- all from their remote locations, home, wherever they were.

I know, I had relatives ( in other states), co-workers, acquaintances and others I knew who participated in the feeding frenzies going on during the real estate boom. We had waterfront Gulf access property in SW Florida- we bought it for our own use in 1996-2000. It was never for sale, but that didn't stop the phone calls, emails, and letters we got from people ( real estate folks, building contractors, individual flippers) trying to buy it from us, and wanting to know about other properties close by. And most of those speculators never intended to live in Florida, or to do anything but flip properties they bought.

I believe they've done the same thing in other states where tourism is a big draw...
Oh I completely agree. An investor from NJ bought 4 properties on the same street and let them all go when he couldn't sell them for quick profit. This happened often.
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Old 07-29-2014, 08:08 PM
 
Location: SW Florida
14,950 posts, read 12,147,503 times
Reputation: 24822
Quote:
Originally Posted by Not_liking_FL View Post
Everyone is invited if they stay on topic and don't hijack the thread. There the usual trolls that like to take over every thread I start because they don't like the content.
Again, a poster is not a troll just because he makes comments that you don't like, or that you disagree with.
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Old 07-29-2014, 08:56 PM
 
Location: Seattle, WA
2,975 posts, read 4,940,440 times
Reputation: 1227
Chase Schiller shows that the rate of increase especially in South Florida is dramatically slowing down--and their data tends to lag the market. Just wait until all the speculators realize that the current run-up in prices is coming to an end...hopefully not as dramatic as the last crash, but it does look like a we are due for a correction. However remember this time the Fed can't dramatically reduce interest rates to encourage people to buy, buy, buy...
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Old 07-30-2014, 01:44 AM
 
5,606 posts, read 3,511,211 times
Reputation: 7414
I made most of my wealth from property speculation and see nothing wrong with it morally or indeed any other way.
It's just like speculating in fine wine,sports cars or art - you investment can go down as well as up.
In my experience people who complain the most about property speculators are the ones who are too lazy or dumb to do it themselves as it usually requires nerves and a great deal of hard work.
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Old 07-30-2014, 09:18 AM
 
Location: SW Florida
14,950 posts, read 12,147,503 times
Reputation: 24822
Quote:
Originally Posted by Roscoe Conkling View Post
I made most of my wealth from property speculation and see nothing wrong with it morally or indeed any other way.
It's just like speculating in fine wine,sports cars or art - you investment can go down as well as up.
In my experience people who complain the most about property speculators are the ones who are too lazy or dumb to do it themselves as it usually requires nerves and a great deal of hard work.
I don't think anyone said, or even implied that property speculation was immoral or that there was anything "wrong" with it, other than it does have consequences that may turn out less than desirable for some of the parties involved in it. Not all, obviously as you state that you've become wealthy from your activities in speculation. Good for you. The negative consequences include driving up the costs of those properties so that an average couple, or locals looking for a house- to live in- are essentially shut out of a local market because they can't afford the inflated costs of a house during a speculation feeding frenzy such as occurred in 2004-2006. Of course we see what happened when some of those folks were encouraged by banks anxious to bundle those mortgages and pass them on, to provide misleading information on mortgage applications and buy houses anyway that they could in no way afford....

The other consequences, of course, are for those who fancy themselves speculators and jump on the bandwagon without a realistic picture of what they're doing, without the capital they need, or who assume the housing market will continue upward ad infinitum. They were left with properties on their hands they couldn't sell, ending in numerous foreclosures.... To those folks I can only remind them that actions have consequences.

I've also seen and heard of instances where investors- banks and private investors stop funding properties and walk away when their properties' values fell to the point where the investors' anticipated profits on the properties would be lower than expected. I knew of two building contractors ( one of whom built our retirement house) who were left in the dust by banks/investors who informed the contractors they would no longer fund a build for a partially completed house because of falling market prices and the investors wouldn't recoup their anticipated profits from the sale of these houses when they were completed. Never mind the written contract, never mind the investors themselves had the capital to continue these builds, it just wasn't profitable enough not to break the contract and walk away.

While you may assume that anyone complaining about property speculators really has a secret desire to be a speculator, but is "too dumb and lazy" to do so, you might stop and listen to why they're complaining,- if that indeed is what they're doing. It might be a young couple just starting out, or who wanted to move into a larger home to accomodate a growing family, but has been unable to do so, as any property they can afford has been snapped up by speculators, so they must continue to rent. Or it might be a building contractor who's been stiffed out of tens of thousands ( or more) money by a speculator/bank who's informed him they will no longer fund his build because it's not profitable enough for them to do so.

Or it might be folks like us, hounded by phone, visits, emails, letters during the housing boom by speculators who claim they'll make us an offer we can't refuse on the property we have bought for our own use.... fortunately that stopped when the market fell. Although we still get calls from realtors and even visits from snowbirds who want to buy our property.
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