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Old 02-11-2009, 01:09 PM
 
Location: SARASOTA, FLORIDA
11,486 posts, read 15,310,171 times
Reputation: 4894

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Wondering who here made money on the boom of the Florida Real Estate Market?

We have several friends who bought in the early to mid 90's and made a ton of money when they sold in 2003-2005 range time period.

One person who we know held on to it and lost their butts, could have sold the home with an offer in 2006 that would have made them 200k profit and did not. They got greedy!

Who was smart enough to see the fake prices of the market and sold and made a profit knowing to sell?

Many bought and sold over and over again and ended up living in a free home.

My Aunt bought and rehabbed homes here for many years and did this in Florida beginning in the early 1990's. She now lives near
Ft Lauderdale on the ocean that is paid off because of the houses she sold in Florida.

Did anyone else do this? Was you able to take advantage of the market and make money in Florida?

I think the market will rebound in time. Florida will be one of the states that will rebound first because of all the baby boomers starting to retire and wanting to own homes in Florida.

So all you smart people who made money please stand up!
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Old 02-11-2009, 01:46 PM
 
17,291 posts, read 29,408,066 times
Reputation: 8691
I made money..... was able to sell my place in Tallahassee for 50k more than I paid less than two years after I bought it. Same townhouse is now back on the market for 30k or something like that less than what I sold it to the new owners for.

A friend of mine made $100k on a condo she bought for $40k a couple of years before the boom and sold in 2005.

Another friend bought a townhouse at 97k in 2003 and sold at 165k a year and a half later.


After paying off some debt and school related expenses and putting some towards a new house, I don't have anything left from my sale, but it has sure helped!
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Old 02-11-2009, 01:56 PM
 
Location: Houston, TX
4,678 posts, read 9,895,174 times
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I wonder if the people that flipped houses and sold them at inflated prices to people that couldn't afford them to begin with feel any guilt at their hand in creating the mess we're in nationally ?
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Old 02-11-2009, 02:03 PM
 
17,291 posts, read 29,408,066 times
Reputation: 8691
Quote:
Originally Posted by TNRyan23 View Post
I wonder if the people that flipped houses and sold them at inflated prices to people that couldn't afford them to begin with feel any guilt at their hand in creating the mess we're in nationally ?
Why would someone feel guilty for selling something at market price?

Have you ever sold a house? I guarantee you would NEVER sell your house for less than what someone offered you because you thought they couldn't "afford" it. "Gee, no thanks... I know you have pre-approval from the bank and all, but I see what kind of car you drive and just don't think you have the kind of money it takes to buy this house."

That's the bank's responsibility, not the home seller! Besides, how on earth do you know what someone can or cannot afford what they offer you when presented with an offer?

Or...."Gee, homes in my area are going for 500k?! Well, I think that people cannot afford that and must be using exotic loans. I'll price my home at 50% less than what others are selling for, because that's what I think the market can sustain."
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Old 02-11-2009, 02:16 PM
 
970 posts, read 2,951,516 times
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Quote:
Originally Posted by TNRyan23 View Post
I wonder if the people that flipped houses and sold them at inflated prices to people that couldn't afford them to begin with feel any guilt at their hand in creating the mess we're in nationally ?
We can get into a big debate about that, to include how Chris Dodd & Barney Frank (D) as well as the Clinton administration basically forced lenders to lend money to people without the real means to pay it back. But anyway.....

Simple supply & demand economics hold the answers you seek.
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Old 02-11-2009, 02:42 PM
 
Location: SARASOTA, FLORIDA
11,486 posts, read 15,310,171 times
Reputation: 4894
Quote:
Originally Posted by TNRyan23 View Post
I wonder if the people that flipped houses and sold them at inflated prices to people that couldn't afford them to begin with feel any guilt at their hand in creating the mess we're in nationally ?
Why on earth would anyone feel bad about being smart enough to make money.
How many people go to work everyday and get a paycheck and do not either earn it or are not worth what they get paid.

Look at 90% of the people who work for minimum wage, they are not even worth minimum wage but they still take that paycheck.

If anyone should feel bad it would be the welfare group in this country.
Who has not only stolen us blind, but have not paid a single dime into our system and were and are responsible for its breakdown.

Now, for someone to state what you did tells me you have never owned real estate, people buy and sell things all the time, if the market for anything goes up you sell, if it is down you buy. That goes for anything and not just real estate!

Come on, a man just bought a website for 2,300.00 last Friday that expired and sold it for 40,000.00 yesterday!!! Now should he feel bad because the original owner bought it back and was too stupid to pay the fees to own the name.

This is the way business works, if you are smart enough. People buy and sell things every day and if you or I are willing to pay the price that someone sells something for then we must have wanted it right?

Besides, most of the people who bought homes under Clinton and Frank and Dodd scam could not afford the homes in Florida I am talking about.

Those loans that you are talking about are and were for low income people who had poor credit and could not afford to flip homes.

So back on topic, congrats TriMT7 on your success, that is really great you were smart enough to see what was going on and sold at the right time.

And no way in h--- should you or anyone else feel bad about making money. It is how this world works!

The people who should feel bad are those who got greedy and did not sell and then stuck the bank and us with their bill!

This is not a debate on anything it is suppose to be about what TriMT7 posted. He did very well and should be commented for his success!
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Old 02-11-2009, 03:56 PM
 
4,423 posts, read 7,369,132 times
Reputation: 10940
Quote:
Originally Posted by TNRyan23 View Post
I wonder if the people that flipped houses and sold them at inflated prices to people that couldn't afford them to begin with feel any guilt at their hand in creating the mess we're in nationally ?
What??? If the houses were appraised at the selling price then that's what they were worth at the time!
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Old 02-11-2009, 04:03 PM
 
Location: where my heart is
5,643 posts, read 9,664,680 times
Reputation: 1661
We bought our house in 2007. It is appraised at $100,000 more than what we paid for it. We lowballed the selling price and she took it (estate sale). We were prepared to walk away. The "heiress" just wanted to get rid of it. We paid $50,000 over the selling price brand new in 2001.

No way, would I pay that much money for a tiny closet in Florida, just because it was for SUNSHINE.
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Old 02-11-2009, 04:34 PM
 
162 posts, read 658,194 times
Reputation: 103
Quote:
Originally Posted by gaflsc View Post
We can get into a big debate about that, to include how Chris Dodd & Barney Frank (D) as well as the Clinton administration basically forced lenders to lend money to people without the real means to pay it back.
Riiiiight
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Old 02-11-2009, 10:33 PM
 
Location: Tennessee
1,469 posts, read 4,495,684 times
Reputation: 895
Quote:
Originally Posted by TNRyan23 View Post
I wonder if the people that flipped houses and sold them at inflated prices to people that couldn't afford them to begin with feel any guilt at their hand in creating the mess we're in nationally ?
I sold my home and four rentals in FL in 2005-2006, do I feel guilty for making money...no I don't. I didn't twist their arm to buy my property. How is a seller to know if the buyer can keep up the payments after they buy the house or not?
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