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Old 11-17-2006, 04:38 PM
 
2,141 posts, read 6,884,466 times
Reputation: 595

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Quote:
Originally Posted by Shores9 View Post
Bellasmom

Big Lot - big plus not just for you now but for future use by you or another. Can’t make more land especially in a desirable area! Guest cottage makes it all the more sweeter even in rough shape it could be a future project.

Handy?? You’re a teacher – you know we all start somewhere. Its never to late to learn, start with small steps and progress. It’s all about taking your time and thinking it through, before you know it becomes second nature

If you really get serious about this property get a good home inspector/inspection preferably someone who is a state licensed general contractor or at minimum a American Society of Home Inspectors (ASHI) Member.

Also a good idea is to get an independent appraisal by a state certified appraiser – cost about $350-$500 and will probably not be usable for your bank financing . Ask him/her to be as conservative as possible especially with regard to condition. You may get a good idea from the appraiser what the house would be worth if it were just remodeled and if it were expanded/renovated. In any case you can use that information and the report to negotiate with the seller. FYI if you decide on an appraisal get the home inspection first and let the appraiser see the inspection report. The appraiser may not see all that a trained inspector sees and you want the appraiser to give an honest value regarding condition.
Can’t make more land especially in a desirable area. Yes but people die and land sells. I have alot of land but I will die and the land will change hands. It has and will till the end of time.

 
Old 11-17-2006, 05:21 PM
 
185 posts, read 685,199 times
Reputation: 70
Boy did you get some great responses!

Only think I would say is forget offering 10-15% under.

Buyers are nervous. I was just on the other side of this and people aren't getting offers. Offer low, play dumb. You can always up it.

Keep looking around. I hesitate to say anything because we have some experts in the thread and I'm not.

There are a lot of people out there now that will gladly take a lot less from a pre-qualified buyer. Get the best home inspector in your area.
 
Old 11-17-2006, 05:35 PM
 
2,141 posts, read 6,884,466 times
Reputation: 595
It's awfully strange everyone calls Florida paradise but wer'e slowly destroying the beauty of it. The waterways are getting contaminated by runoff that used to be absorbed into the ground but now just runs off the concrete and asphalt into the creeks and canals. Notice the brownish red tint to the water? It was never like that before. The term red tide was unheard of untill about 10 years ago. Most native Floridians didn't even know what it was. Why would somebody leave the hustle and bustle of the big city and move here to do the same thing? I don't know much about snow but is it toxic? Everybody seems to want to escape it. We keep building high rise and mid rise buildings along the shorelines. So technically unless you live by the water to begin with you would never know the beach was there. I had someone today ask me "where are all the beaches?" I said just follow the rise in the buildings, when you get to the tallest ones your there. Unfortunately the bubble has burst. I don't buy into the propaganda of they don't make any more land, you'll be priced out forever,this is the next New York, the europeans are coming, the boomers are coming,and so on and so on. The prices are coming down due to fundamentals. Interest rates are not high. The press is not deliberatly trying to destroy the NAR. The problem is the market is changing. Last year people were standing in line to buy a condo, this year thier standing in line to buy a playstation 3, and neither will be worth the price you payed in two years. Will the market correct in 18 months? I doubt it. Theres nothing to indicate it will unless prices drop or the feds freak out and drop interest rates to 1% in the short term ( which is free money ). So I wouldn't put all my eggs in one basket. Real estate was a great investment the past 5 years but it will probably be at least 10 or more before we recover from the financial nightmare wer'e in now. I recommend before your pressured into buying, look around and learn what your buying.
 
Old 11-17-2006, 07:10 PM
 
944 posts, read 3,835,479 times
Reputation: 607
Quote:
Originally Posted by Muggy View Post
So I pocket the other half and don't worry about getting a letter from Citizens.
Wow.

Even me and my "doomer" attitude would not have predicted the latest round of insurance hikes. That's a lot of money to throw away each month. Not to mention the hurricane deductible.

If the market is slow now, how will it rebound in the spring when more ARM's reset and Citizen's increases hit?

Florida is Charlie Brown and insurance is the football.
 
Old 11-17-2006, 07:11 PM
 
Location: Florida but not for long :) :)
1,130 posts, read 1,557,536 times
Reputation: 50
This is very very bad. Glad I am not gonna be here much longer.
Sell now if you can folks or you may just be doomed here.
 
Old 11-17-2006, 07:21 PM
 
2,141 posts, read 6,884,466 times
Reputation: 595
Quote:
Originally Posted by Muggy View Post
Wow.

Even me and my "doomer" attitude would not have predicted the latest round of insurance hikes. That's a lot of money to throw away each month. Not to mention the hurricane deductible.

If the market is slow now, how will it rebound in the spring when more ARM's reset and Citizen's increases hit?

Florida is Charlie Brown and insurance is the football.

I think Charlie might need a monkey to hold that football. Coastal South Florida commercial property owners could get hit with massive property insurance price increases up to 603 percent in Broward County and 592 percent in Palm Beach County, while some homeowners along the coast could see their premiums more than double, under rate increases proposed Thursday by state-backed Citizens Property Insurance Corp. I guess I'm a doom and gloomer also.
 
Old 11-17-2006, 08:09 PM
 
Location: St Pete -- formally LI, NY
628 posts, read 1,827,379 times
Reputation: 236
Quote:
Originally Posted by firemed View Post
Can’t make more land especially in a desirable area. Yes but people die and land sells. I have alot of land but I will die and the land will change hands. It has and will till the end of time.
Yes and Manhattan island was sold by the Manates Indians for a few trinkets - almost 4 hundred years later it’s still appreciating. Across the US we have not had a national decline in real estate for over 70 years. So when you die the land will change hands

SO WHATS YOUR POINT???
 
Old 11-17-2006, 08:15 PM
 
Location: St Pete -- formally LI, NY
628 posts, read 1,827,379 times
Reputation: 236
Quote:
Originally Posted by firemed View Post
The prices are coming down due to fundamentals.
Great catch phrase – care to explain just what fundamental you are referring to so there can be some intelligent conversation about them.
 
Old 11-17-2006, 09:06 PM
 
2,141 posts, read 6,884,466 times
Reputation: 595
Quote:
Originally Posted by Shores9 View Post
Great catch phrase – care to explain just what fundamental you are referring to so there can be some intelligent conversation about them.
Yes your correct about Manhatten Island. Manhatten Island was developed around business. It became a corporate metropolis. The more money you make the more you spend. This is called fundamentals. In New York wall street is considered the heart of the stock market. Status is very important in some parts of New York , everyone wants to be Donald Trump. Yes a national decline in housing hasn't occured since 1929. But utilizing the same odds the U.S. has not been attacked since the 1940's. And as we know that changed with 911. Traditionally buying a home was based on what you could afford. Many people were unable to qualify for a mortgage, but today loans were being given to practically anyone. 110% financing, which means the closing costs were included in the price of the home. Most of these loans exceeded the value of the home on the day they closed. Exotic mortgages put us on a whole new playing ground. When it comes to supply and demand is there a demand for homes people can't afford? Fundamentals come into play when supply far exceeds demand. Interest rates did not go up enough to affect the market. So what do you think caused the market to slow to a trickle? Did we price out 80% of the population looking to purchase a home? This is where basic economics come in. The majority of people moving to Florida cannot find jobs to support the housing prices. The ones that can don't want to pay the taxes and unknown insurance that comes with it. You can show off a home. I don't see alot of framed tax bills. With housing sales slowing and supply building it's a buyers market. The problem is there are no buyers. We can't just keep selling real estate to each other.

Last edited by firemed; 11-17-2006 at 09:53 PM..
 
Old 11-17-2006, 09:12 PM
 
944 posts, read 3,835,479 times
Reputation: 607
http://www.patrick.net/wp/wp-content/Equity_vs_Market_Value_19652005.gif (broken link)
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