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Old 07-01-2008, 04:49 PM
 
Location: Living in Paradise
5,701 posts, read 23,221,791 times
Reputation: 3058

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Here is the new thread and link to previous one: 2008 Florida Housing market Thread Apr - Jun
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Old 07-01-2008, 06:15 PM
 
670 posts, read 1,628,428 times
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_

I predict another 20-25% decline from today (July 1 2008) by Oct next year.
I go on the record on this.
Also for fun check previous threads from last 6 months when used house salespeople said it was a great time to buy.

thx
_
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Old 07-01-2008, 06:22 PM
 
Location: Hernando County, FL
8,488 posts, read 19,399,420 times
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Quote:
Originally Posted by jbravo View Post
_

I predict another 20-25% decline from today (July 1 2008) by Oct next year.
I go on the record on this.
Also for fun check previous threads from last 6 months when used house salespeople said it was a great time to buy.

thx
_
You mean like when I said that we would hit bottom the last quarter of 2007?

Check Hernando County, we have been at the same median since October with pretty much the same number of homes selling each month as the inventory goes down.

Mod deleted

Last edited by sunrico90; 07-02-2008 at 04:13 PM.. Reason: Off topic
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Old 07-01-2008, 06:53 PM
 
16,388 posts, read 35,371,366 times
Reputation: 21385
Quote:
Originally Posted by Mike Peterson View Post
You mean like when I said that we would hit bottom the last quarter of 2007?

Check Hernando County, we have been at the same median since October with pretty much the same number of homes selling each month as the inventory goes down.

Anyone that makes a general statement for the whole market is completely clueless.
Different areas are performing differently. I have been watching the Sarasota/Bradenton area for quite awhile - it is my opinion that the area has bottomed out. Inventory has been dropping for the past several months, it is half what it was not long ago. There have been some incredible deals, and people are snapping them up. That includes us. We got an incredible deal in a great neighborhood that I NEVER thought we could afford, and guess what, it wasn't even a foreclosure or short sale. We are thrilled. This is not to say that I don't think there won't be more inventory come on the market, or that there won't be a lot of deals around for awhile, just that I don't expect it to last as long as previously. Seems the buyers are coming out of the woodwork down there. It's such a fabulous area, there is no way it could stay stagnant forever.

I am sure there are plenty of markets around Florida still in the dumper, however. People have to watch their area of interest closely, and act if/when they feel the time is right.
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Old 07-01-2008, 07:49 PM
 
960 posts, read 1,526,575 times
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Quote:
Originally Posted by gypsychic View Post
Different areas are performing differently. I have been watching the Sarasota/Bradenton area for quite awhile - it is my opinion that the area has bottomed out. Inventory has been dropping for the past several months, it is half what it was not long ago. There have been some incredible deals, and people are snapping them up. That includes us. We got an incredible deal in a great neighborhood that I NEVER thought we could afford, and guess what, it wasn't even a foreclosure or short sale. We are thrilled. This is not to say that I don't think there won't be more inventory come on the market, or that there won't be a lot of deals around for awhile, just that I don't expect it to last as long as previously. Seems the buyers are coming out of the woodwork down there. It's such a fabulous area, there is no way it could stay stagnant forever.

I am sure there are plenty of markets around Florida still in the dumper, however. People have to watch their area of interest closely, and act if/when they feel the time is right.
Glad you found what appears to be a deal for you. Welcome to our area.
However, I have to disagree about Sarasota having hit bottom. It's not even close. Median home price is still $246k, and median income is only around $50k for a family. With an escalating area unemployment rate, it just doesn't look good. Locals (year round residents) know this area is becoming economically depressed. A plethora of economic conditions are indicating that we are not anywhere near bottom.
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Old 07-01-2008, 07:55 PM
 
Location: Palm Island and North Port
7,511 posts, read 21,538,832 times
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I agree with Gypsychic-It seems like the Sarasota/North Port market is slowly turning around. If the home is in good condition and priced well, we are seeing multiple offers. The banks are not as willing to negotiate as in recent months either. We are also seeing the inventory shrinking for the past four months.
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Old 07-01-2008, 08:42 PM
 
10,599 posts, read 16,366,644 times
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Quote:
Originally Posted by SoFLGal View Post
I agree with Gypsychic-It seems like the Sarasota/North Port market is slowly turning around. If the home is in good condition and priced well, we are seeing multiple offers. The banks are not as willing to negotiate as in recent months either. We are also seeing the inventory shrinking for the past four months.
Perhaps I don't know what I'm looking at, or if this is a good source, but this doesn't seem too encouraging. 3,132 pre foreclosures , 1177 foreclosures, bunch of sherrif sales etc....

usatoday.com Sarasota County Foreclosures Pre Foreclosures, Bankruptcy Homes, Tax Liens

Broward reflects 65,000 foreclosures , and 20,000 preforeclosure
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Old 07-01-2008, 09:14 PM
 
960 posts, read 1,526,575 times
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Quote:
Originally Posted by SoFLGal View Post
I agree with Gypsychic-It seems like the Sarasota/North Port market is slowly turning around. If the home is in good condition and priced well, we are seeing multiple offers. The banks are not as willing to negotiate as in recent months either. We are also seeing the inventory shrinking for the past four months.
Priced well...is the key word. The median income in North Port is about $40-50k and the houses that are selling are around $150k. That is more realistic pricing.

Unfortunately for those who make their bread and butter on selling houses, Sarasota County house prices will to continue to fall for some time IMO.
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Old 07-02-2008, 06:22 AM
 
16,388 posts, read 35,371,366 times
Reputation: 21385
Quote:
Originally Posted by Carbondated View Post
Glad you found what appears to be a deal for you. Welcome to our area.
However, I have to disagree about Sarasota having hit bottom. It's not even close. Median home price is still $246k, and median income is only around $50k for a family. With an escalating area unemployment rate, it just doesn't look good. Locals (year round residents) know this area is becoming economically depressed. A plethora of economic conditions are indicating that we are not anywhere near bottom.
Carbondated - the median price in Sarasota is skewed because of the number of really high-end expensive millionaire homes. I was looking at homes $200,000 and under, there are hundreds of them for sale, and we bought well under that. You are not going to get cheaper than that in Sarasota. There are plenty of people from outside the area who are seeing the value and buying at those low prices. I lived there for 17 years, and Sarasota was ALWAYS ahead of the curve price-wise, long before the bubble. It is a vacation and retirement area, prices are set by demand, not tied to what the locals make. I have been watching this market for at least 2 years, and prices have dropped tremendously - I see great little homes there in Southgate and Gulf Gate for $160,000 - $200,000. I don't check into the gated communities, not my thing.

Bottom line, as I said we bought in a neighborhood where we used to live, in an area that in the past would have been unaffordable for us. It was a unique opportunity we couldn't afford to pass up. The bargains are out there, and IMO, if someone is interested in a small home in Sarasota, this is the time to buy there if one finds something special and it is priced right.

As I said, this is JMO.
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Old 07-02-2008, 07:12 AM
 
85 posts, read 190,875 times
Reputation: 23
prices still falling here, no end in sight
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