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Old 04-17-2022, 08:37 AM
 
486 posts, read 515,940 times
Reputation: 1058

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Quote:
Originally Posted by kyle19125 View Post
What are you planning to do when the bottom falls out of the FL real estate market again like it did in 2007? At least in TX your growth is largely sustainable without relying on investors/speculators and retirees which is what's driving the real estate surge here in FL. Economics clearly isn't the forte of those of you thumping your chests over FL's "fortunes" and the "misfortunes" in CA that are market corrections, and not the sky is falling scenarios reserved for smoke and mirrors economies such as FL's.
Well I live in Jacksonville... not retirement and vacation land which is part of my insurance from this insanity.

I am not sure your market analysis on Texas is accurate anyway. The only reason why they didn't crash in 2007 was because Texas never had the huge increases in the early to mid 2000's. This was because of the oil bust and Enron at the time. The Texas economy is very dependent on oil, even to this day. If oil busts, the economy goes with it. When oil is high, like now, it sets them up for a bad crash because oil and gas companies spend like drunk sailors when they have money and just lay off everyone when it goes down. Look at the late 2010's Houston housing market that basically went sideways for three years when oil came back down to earth, price wise, during the Trump years. This time Texas has had some of the largest increases in the nation(Austin area mostly). They will not be protected from a drop.. not that I think a massive drop is coming anywhere personally, the market is just different this time.

I only mentioned California because that is what people we know in Texas keep saying... and it's that the character of Texas is being overridden by California type chain business and building appearance. I personally could care less about California either way as I have no first hand experience there.
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Old 04-17-2022, 10:25 AM
 
Location: FL
82 posts, read 49,729 times
Reputation: 101
When comparing FL to CT, I know my house in CT which was 1900sf had an $8,600 property tax bill. In FL, I now have a 2400sf house with a tax bill of $3,500. Both homes were close to the same price. The house in CT is worth about 10% more than when I sold it 2 years ago. The house in FL is worth about 80% more than what I paid for it 2 years ago. I think that explains some of the change in cost of living differences.
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Old 04-17-2022, 10:31 AM
 
3,833 posts, read 3,335,667 times
Reputation: 2646
Quote:
Originally Posted by Scottamemnon View Post
Well I live in Jacksonville... not retirement and vacation land which is part of my insurance from this insanity.

I am not sure your market analysis on Texas is accurate anyway. The only reason why they didn't crash in 2007 was because Texas never had the huge increases in the early to mid 2000's. This was because of the oil bust and Enron at the time. The Texas economy is very dependent on oil, even to this day. If oil busts, the economy goes with it. When oil is high, like now, it sets them up for a bad crash because oil and gas companies spend like drunk sailors when they have money and just lay off everyone when it goes down. Look at the late 2010's Houston housing market that basically went sideways for three years when oil came back down to earth, price wise, during the Trump years. This time Texas has had some of the largest increases in the nation(Austin area mostly). They will not be protected from a drop.. not that I think a massive drop is coming anywhere personally, the market is just different this time.

I only mentioned California because that is what people we know in Texas keep saying... and it's that the character of Texas is being overridden by California type chain business and building appearance. I personally could care less about California either way as I have no first hand experience there.
Natural gas and oil won't bottom out in our lifetimes. Especially if Republicans clean house in nov and we get trump back again.
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Old 04-17-2022, 10:45 AM
 
Location: Niceville, FL
13,258 posts, read 22,826,007 times
Reputation: 16416
Oil and gas are truly a global commodity and the Russia-Ukraine war is pushing heavy consumers in Europe toward renewables and nuclear. And more affordable renewable options are pushing rising middle income countries like China in that direction in the name of reducing urban air pollution.

While there will always be demand for petroleum in industrial production, the world is innovating away from its use as the most dominant energy source.
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Old 04-17-2022, 10:54 AM
 
21,616 posts, read 31,186,278 times
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Quote:
Originally Posted by beach43ofus View Post
Tell all this ^^^ to the 1,000 people who move to Florida every day. They all agree with me...unfortunately
I’m speaking to Connecticut - nowhere else. But I will say, I don’t think many posters realize how cheap much of the northeast, away from 95, actually is. Upstate NY, northern CT, almost all of PA, western and central MA, Rhode Island - dirt cheap compared to the southern half of FL.

Sorry guys - the day of FL being more affordable than the Northeast are over.

Quote:
Originally Posted by johns55 View Post
The house in CT is worth about 10% more than when I sold it 2 years ago. The house in FL is worth about 80% more than what I paid for it 2 years ago. I think that explains some of the change in cost of living differences.
Exactly.

Quote:
Originally Posted by kyle19125 View Post
What are you planning to do when the bottom falls out of the FL real estate market again like it did in 2007? At least in TX your growth is largely sustainable without relying on investors/speculators and retirees which is what's driving the real estate surge here in FL. Economics clearly isn't the forte of those of you thumping your chests over FL's "fortunes" and the "misfortunes" in CA that are market corrections, and not the sky is falling scenarios reserved for smoke and mirrors economies such as FL's.
Considering FL dominates the “most cash buyers” list since the beginning of the pandemic, as opposed to other states that are seeing people finance their down payment to overpay for a home, this sets the state up for absolute success when/if the market corrects. FL is in a pretty darned good spot in this department.
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Old 04-17-2022, 12:46 PM
 
3,833 posts, read 3,335,667 times
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Quote:
Originally Posted by kidyankee764 View Post
I’m speaking to Connecticut - nowhere else. But I will say, I don’t think many posters realize how cheap much of the northeast, away from 95, actually is. Upstate NY, northern CT, almost all of PA, western and central MA, Rhode Island - dirt cheap compared to the southern half of FL.

Sorry guys - the day of FL being more affordable than the Northeast are over.



Exactly.



Considering FL dominates the “most cash buyers” list since the beginning of the pandemic, as opposed to other states that are seeing people finance their down payment to overpay for a home, this sets the state up for absolute success when/if the market corrects. FL is in a pretty darned good spot in this department.

Depends on the segment too. I notice when I look online those houses over 1 million dollars like in Naples sit for months listed and then have price reductions like 100k off. Like if it's for 3 million for example and listed for 60 days it has price reduction. Of course that's a whole different segment once you're getting into the 1 million dollars.


It seems those houses there isn't that short of a supply of. It's the more typical 3 and 4 bedroom houses that get bidding wars. Those 13 million dollar homes I've seen listed for almost a year some of them.
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Old 04-17-2022, 02:00 PM
 
21,616 posts, read 31,186,278 times
Reputation: 9775
Quote:
Originally Posted by MOforthewin View Post
Depends on the segment too. I notice when I look online those houses over 1 million dollars like in Naples sit for months listed and then have price reductions like 100k off. Like if it's for 3 million for example and listed for 60 days it has price reduction. Of course that's a whole different segment once you're getting into the 1 million dollars.


It seems those houses there isn't that short of a supply of. It's the more typical 3 and 4 bedroom houses that get bidding wars. Those 13 million dollar homes I've seen listed for almost a year some of them.
That’s anywhere, though. Once you hit the millions, the pool of buyers becomes tiny. But the stats show double digit increases in luxury homes in the state - far more than almost every state. It’s pure insanity.
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Old 04-17-2022, 04:39 PM
 
3,833 posts, read 3,335,667 times
Reputation: 2646
Quote:
Originally Posted by kidyankee764 View Post
That’s anywhere, though. Once you hit the millions, the pool of buyers becomes tiny. But the stats show double digit increases in luxury homes in the state - far more than almost every state. It’s pure insanity.
True. However I noticed they put absurd prices on them and then they start slashing hundreds of thousands each time on it.

usually when you list a house if it's like 9 million you won't be getting that. You can price it sky high and it's always easy to go down.

Them houses you see going got like 6 million those people have money and they're not in a hurry to sell the property so they can price it high and hope for a bite or just slash the price after awhile. Make as much as you can since you're in no hurry to sell.

You especially see that with these 25 million dollar homes. They usually take a long time to sell and they won't get near the asking price, even in a hot market.

Again, very tiny segment buying these type of homes. The 200k to 800k condos and homes that most buy are the ones that go fast.

Beach houses for example around me do NOT sell fast, even the ones priced pretty good still. Some been on the market over a year now.
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Old 04-17-2022, 06:07 PM
 
430 posts, read 290,340 times
Reputation: 593
Read a bit of the article, Its not particularly "Texans" per say, its more or so Ex-Californians that move to TX, Don't quite fit in..... Then move to FL cause they miss the beach.....

Ha, just wait till they complain about the humidity.
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Old 04-17-2022, 08:17 PM
 
3,833 posts, read 3,335,667 times
Reputation: 2646
Quote:
Originally Posted by Obrienlester View Post
Read a bit of the article, Its not particularly "Texans" per say, its more or so Ex-Californians that move to TX, Don't quite fit in..... Then move to FL cause they miss the beach.....

Ha, just wait till they complain about the humidity.
Could be the case too. TX is still overall more conservative and bible belt state. Somewhere like Orlando, SEFL would feel more comfortable for someone from San Fran or Southern California. More democrat and diverse lifestyle.

I've heard similar stuff about people from the Northeast moving to places like South Carolina, Georgia and not feeling welcomed.
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