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I think once the market picks up around the rest of the country (particularly up north) then buyers will be back. Here in Vero Beach, we're still getting buyers from South Florida who want to come up away from the throngs of people and the traffic. As trimt7 said... it's all local.
I agree, the market will rebound some and with the largest group of boomers hitting retirement age I see Florida's real estate being one of the first to rebound.
BUT.... Many homes in Florida were way overpriced to begin with and they hopefully will never hit those fake prices again.
I also agree with the local pricing idea as posted, we have friends who live near Delray Beach and they just got a contract on their home for far more then they paid in 2005.
So they bought in the high market and sold in the low market and made money on it.
They are moving up to the Stuart area because of a job change.
Many homes in Florida were way overpriced to begin with and they hopefully will never hit those fake prices again.
That would be a great thing and would help to keep Florida from getting into the same situations again. Hopefully, With the number of people that left and the surplus of houses availible.. They won't start building tons of houses again anytime soon.
Also, people have to understand that just because people state things are going to fall is not necessarily a bad thing.
You know the prices in Florida were are more then the real value, therefore when they state its falling even further they are not counting in the factors of real value versus the value that people overpaid for in the first place.
You article did this.
Purchased house for 400,000.00 in 2004
House value in 2008 is now 200,000
They call this a 200,000 drop when the 400,000 was a fake value and someone bought the home anyway. The house was probably worth 200-220k in the first place.
Sure someone wanted to pay that for the house but to use those statistics is plain silly.
To compare they should:
Count all the people who are buying 300k homes right now for 150k, that's a plus 150k value. And there are far more of those people then you might think.
That would be a great thing and would help to keep Florida from getting into the same situations again. Hopefully, With the number of people that left and the surplus of houses availible.. They won't start building tons of houses again anytime soon.
Builders saw the green!
They got greedy and many of them got burned big time for being so darn greedy.
I agree they way overbuilt. Some of those builders deserve what they got, they built to many homes and many of those homes are junk.
Builders saw the green!
They got greedy and many of them got burned big time for being so darn greedy.
I agree they way overbuilt. Some of those builders deserve what they got, they built to many homes and many of those homes are junk.
I know it's not really relevent but when Floridians and Californians started fleeing here, The developers also got greedy and slapped together all these new homes and the new homes are just sitting on the markets and they all went bankrupt. We never got into building, Just repairing.
It's unfortunate but at the same time, Maybe it's a good thing that all these greedy developers are now bankrupt and don't have the credit or reputation to get started back up. However, due to shows like Flip this House, There will always be someone ready to take their places.
I know it's not really relevent but when Floridians and Californians started fleeing here, The developers also got greedy and slapped together all these new homes and the new homes are just sitting on the markets and they all went bankrupt. We never got into building, Just repairing.
It's unfortunate but at the same time, Maybe it's a good thing that all these greedy developers are now bankrupt and don't have the credit or reputation to get started back up. However, due to shows like Flip this House, There will always be someone ready to take their places.
My opinion of the current problem is this. We are rewarding those same people with the bailout money who did this to us in the first place, these greedy people ( builders and alike) will be back, they always find a way through venture capital or some other means to get the money together to start all over again.
We need to totally stop bailing out anyone or anything or is failing. I am not being mean at all about it but look at GM, we gave them tons of OUR money and I am sure not one of us here thought for a minute they would make it. You would have to stop ALL car imports to get Detroit going again. Not going to happen.
Same as the builders in Florida, they saw open space and grabbed it, to me they ruined the beauty. I am not for over development at all. I am totally for Floridas history and beauty being preserved and building a million homes is hurting it and not helping it.
I agree Ryan, those builders should be shut down and out of business. They worked with all the other scam artist from the appraisers to the banker to put people in homes knowing they could not afford it, on the other end many people just dumped the homes and left them, which I totally disagree with also.
Me and you are paying for this. All of us who pay our bills and taxes will pay for all this in the end. People who do not pay taxes would not understand and I think the number of people who pay zero taxes is in the 60% range. So the rest of us get the bill.
The OP meant well I am sure but the idea that it is dropping is a false one. They need to drop, drop to the real values of the property and not some made up price the bank, broker and appraiser made up out of the blue.
Then you have the people with poor credit who were handed homes on a silver platter and they of course did there normal thing and screwed the bank and us over. What did they expect, they had a history of doing this but yet give them loans.
I believe the real estate market will climb in the southern states long before the northern states, mainly because of the population shift to the south and of course the boomers who did well wanting homes in warm weather.
My opinion of the current problem is this. We are rewarding those same people with the bailout money who did this to us in the first place, these greedy people ( builders and alike) will be back, they always find a way through venture capital or some other means to get the money together to start all over again.
We need to totally stop bailing out anyone or anything or is failing. I am not being mean at all about it but look at GM, we gave them tons of OUR money and I am sure not one of us here thought for a minute they would make it. You would have to stop ALL car imports to get Detroit going again. Not going to happen.
Same as the builders in Florida, they saw open space and grabbed it, to me they ruined the beauty. I am not for over development at all. I am totally for Floridas history and beauty being preserved and building a million homes is hurting it and not helping it.
I agree Ryan, those builders should be shut down and out of business. They worked with all the other scam artist from the appraisers to the banker to put people in homes knowing they could not afford it, on the other end many people just dumped the homes and left them, which I totally disagree with also.
Me and you are paying for this. All of us who pay our bills and taxes will pay for all this in the end. People who do not pay taxes would not understand and I think the number of people who pay zero taxes is in the 60% range. So the rest of us get the bill.
The OP meant well I am sure but the idea that it is dropping is a false one. They need to drop, drop to the real values of the property and not some made up price the bank, broker and appraiser made up out of the blue.
Then you have the people with poor credit who were handed homes on a silver platter and they of course did there normal thing and screwed the bank and us over. What did they expect, they had a history of doing this but yet give them loans.
I believe the real estate market will climb in the southern states long before the northern states, mainly because of the population shift to the south and of course the boomers who did well wanting homes in warm weather.
the most overpriced real estate in the country, Naples, Florida. It was #1 for several years in a row back in the boom. I can certainly see why. I lived on Long Island. Although the average housing price was about equal to Naples, LI did not make that most overpriced housing list. Why? For one thing you got double what you were paying for; size of the houses, and acreage. You can add to that the average salaries for this area was also about double that of Naples.
The cost of housing has gone down on LI, but nothing like in Naples which as dropped about in half in the past two years. I would say that is about right for what you are getting for your money. I am not even going to compare the intangibles like education. There are many other threads on this and the rankings are not even close.
I just plain don't agree with your premise, my prejudices aside. I base it not only the statistics I have read, but from real life people I have know. The majority are just staying where they are in NY, or if they do move, NC and Pa., are the places they are moving to, not Florida.
Time changes. Florida has to rethink its former attraction to get people to move here again, or it will become the "has been" of the 21st Century. It just plain cannot sit back on its laurels and assume that people will continue to move here in droves. That was then. This is now.
the most overpriced real estate in the country, Naples, Florida. It was #1 for several years in a row back in the boom. I can certainly see why. I lived on Long Island. Although the average housing price was about equal to Naples, LI did not make that most overpriced housing list. Why? For one thing you got double what you were paying for; size of the houses, and acreage. You can add to that the average salaries for this area was also about double that of Naples.
The cost of housing has gone down on LI, but nothing like in Naples which as dropped about in half in the past two years. I would say that is about right for what you are getting for your money. I am not even going to compare the intangibles like education. There are many other threads on this and the rankings are not even close.
I just plain don't agree with your premise, my prejudices aside. I base it not only the statistics I have read, but from real life people I have know. The majority are just staying where they are in NY, or if they do move, NC and Pa., are the places they are moving to, not Florida.
Time changes. Florida has to rethink its former attraction to get people to move here again, or it will become the "has been" of the 21st Century. It just plain cannot sit back on its laurels and assume that people will continue to move here in droves. That was then. This is now.
Naples property did not DROP the way you state it, did you read my post?
The prices were fake to begin with, therefore they were lies and cannot be counted as dropped because they should have never been at those levels to begin with.
Come on, you know the housing prices in Florida was way over the real value and now you and others think it has dropped only because the numbers say so.
The fact is they are not dropping from the REAL VALUE, they are adjusted TO THE REAL VALUE.
As time goes by things change and if you do not think people do not want to live in Florida then you are sadly mistaken. If the economy was still good and there were jobs to be had and money to be made Florida would be in a complete boom right now.
Current happenings influence peoples decisions and for you to think that people are not shifting to the south is sad.
USA today had a great article with maps showing the shift and it is south.
Among other Census Bureau findings:
-- On a percentage basis, the Palm Coast, Fla., area was the fastest-growing in the nation. Population there jumped by 7.2 percent to more than 536,000. The next areas experiencing the biggest surge in growth were St. George, Utah; Raleigh, N.C; Gainesville, Ga.; and Austin.
** Do you think the politicians do not know the shift to the south is happening, they are already trying to gain seats with the shift and want to change the way votes are counted because of it.
Arizona, Florida, Georgia, Nevada, Texas and Utah are projected to gain seats in Congress after the 2010 Census
For a person who believe that you can predict how many people are moving out of Florida based on the stats the moving companies puts out tells me you have no clue and only a hope.
Just for comparison as a projection ( numbers in thousands )
Did you catch my post about an investment group here in Columbus, Ohio who have billions to toss around in investments.
Guess what they are doing? They are in Florida traveling around buying blocks of homes.
Why? They believe they can buy cheap and sell higher is why. They know they can grab cheap homes and foreclosures, short sales for less then value and resell in the furture for profits.
Whether you like it or not, even if I never make it to Florida, I can tell you
that Florida, Ga and the entire southeast population will be growing like a wildfire if the
economy ever picks up.
Who would move to NY and get overtaxed when you can live cheaper in Florida?
No one with any money is going to stay in NY and allow that crook to steal you money.
the most overpriced real estate in the country, Naples, Florida. It was #1 for several years in a row back in the boom. I can certainly see why. I lived on Long Island. Although the average housing price was about equal to Naples, LI did not make that most overpriced housing list. Why? For one thing you got double what you were paying for; size of the houses, and acreage. You can add to that the average salaries for this area was also about double that of Naples.
The cost of housing has gone down on LI, but nothing like in Naples which as dropped about in half in the past two years. I would say that is about right for what you are getting for your money. I am not even going to compare the intangibles like education. There are many other threads on this and the rankings are not even close.
I just plain don't agree with your premise, my prejudices aside. I base it not only the statistics I have read, but from real life people I have know. The majority are just staying where they are in NY, or if they do move, NC and Pa., are the places they are moving to, not Florida.
Time changes. Florida has to rethink its former attraction to get people to move here again, or it will become the "has been" of the 21st Century. It just plain cannot sit back on its laurels and assume that people will continue to move here in droves. That was then. This is now.
Hey Tan, I am an Islander too who spent a bit of time in Florida. I think Florida will be the fastest state to rebound. It is the most popular relocation state and I suspect it will bounce back with a vegence. Think of it, even in this dreadful economy ppl are moving into Florida in large numbers. Unfortunately/Fortunately in 20 yrs I suspect Florida will be extremely expensive all over and perhaps the most populous state in the lower 48. Not based on anything solid...just my forecast!
The New Tampa, LandOLakes, and Wesley Chapel are, still ok. Prices have gone down some. The Malls seem to think this place is still the place to be? Frankly, I do enjoy, the warm weather is March, and April etc., No place is perfect! Builders did get greedy, and, that is the mess we are in for
now. Having a place in the North also is costly when you retire, and the cold, and snow does wear on you also! yes the warm places did inflate
and people did pay, and did use the money in the house for wood floors, Granite etc., Silly! Time will tell! Living near a beach, with insurance do forget that!
Last edited by maggiekate; 04-02-2009 at 08:58 PM..
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I live in what was considered
