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Old 07-30-2008, 10:05 PM
 
3,043 posts, read 7,710,346 times
Reputation: 904

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Quote:
Originally Posted by tallrick View Post
Yes because fools bid up the property prices to astronomic levels. Florida cannot survive with high property taxes. Remember, up till the 80's the majority of the state was very affordable, and a great place to live.
Well, cities will be in trouble now that property values have lowered and property taxes have been dropping in the last two years due to legislative amendments - mine has dropped from a high of $3400 to a low of around $2400 that I am expecting to pay this year. One reason my property taxes are as low as they are (I paid 565K in 2004) is because I have an agricultural exemption due to a plant nursery on the property.

People who bid up those prices so high are the only ones who are suffering. If you were in your home pre-boom, due to Save Our Homes, tax increases are limited to 3% per year and they're receiving the same breaks as the new owners are getting too.
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Old 08-18-2008, 02:01 PM
 
16 posts, read 48,563 times
Reputation: 15
Question Trying to move to Kendall, Miami, Hammocks...etc.

Quote:
Originally Posted by heydade View Post
Again....and again...prices in Miami-Dade County continue to rapidly decrease in value. This coupled with increased foreclosures left and right will cause the spiraling downward trend to continue full force. Again, if anyone is planning to buy right now, DO NOT. You will get a MUCH better value and save 20% by 2010....which is when they expect us to hit bottom.

Miami home prices drop 28.3%, second-worst in nation -- South Florida Sun-Sentinel.com
So you would suggest to keep steady & not purchase any homes by 2009? After living in Miami for 20 years, I really wanted to move back. I've been living in Atlanta for 3 years now and I cannot get used to this place. How about if I look for short sales?
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Old 08-18-2008, 02:53 PM
 
Location: America
6,993 posts, read 17,369,373 times
Reputation: 2093
Quote:
Originally Posted by kc_atl View Post
So you would suggest to keep steady & not purchase any homes by 2009? After living in Miami for 20 years, I really wanted to move back. I've been living in Atlanta for 3 years now and I cannot get used to this place. How about if I look for short sales?
why not just rent until prices are low enough? Not like the homes are going to grow legs and walk off.
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Old 08-18-2008, 03:11 PM
 
10,599 posts, read 17,896,657 times
Reputation: 17353
Quote:
Originally Posted by Wild Style View Post
why not just rent until prices are low enough? Not like the homes are going to grow legs and walk off.
Exactly, this house I'm renting I signed a lease for 1200.00 per month in Feb. Now everybody else is paying 975 or 1000.

The new home sales here were asking price about 290,000 or so in Feb. Now they can't give them away and are asking 250,000. A neighbor told me their fiscal year ends in Nov and was advised they'll want to get out by then.

The same 13 unsold homes remain unsold for 7 months now, despite all their advertising about " 2 day only sales" and "special sale breakfast celebration" etc etc.

All the original homeowners here have about 380,000 in the houses from the bubble, they bought in 2005. They had a lottery for people to chose their lots. Now most of them are upside down, too. They won the lottery allright. And because it's 55+ they better want to retire here. This is Indian River County Vero Beach supposed to be a little more settled than, say PSL.

I gave up looking in Broward where I originally wanted to be for now. Things are too unpredictable down there for me right now. You have no clue what your condo or development is going to be.

Just last week here, somebody put some spam up advertising "weekly vacation rentals". Four or so little 1960's houses in VIC PARK. <gasp> The nerve to ask for like 950 per week, too. Imagine getting all excited, finding a nice house there, moving in and finding out you're living next to weekly changing tourist (or other) changes all the time??
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Old 08-23-2008, 07:54 AM
 
Location: Weston Florida
84 posts, read 317,232 times
Reputation: 31
Buy when there is blood in the streets.....

I dont believe prices are going to continue to drop at this pace... and you cant time a bottom - Just offer low and buy now...

In 5 years this will be a distant memory...
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Old 08-23-2008, 08:00 AM
 
Location: America
6,993 posts, read 17,369,373 times
Reputation: 2093
Quote:
Originally Posted by triplenet View Post
Buy when there is blood in the streets.....

I dont believe prices are going to continue to drop at this pace... and you cant time a bottom - Just offer low and buy now...

In 5 years this will be a distant memory...
It is hard to time a bottom yes. Will this stop anytime soon? Nope, the economy is worsening and with it the prospects of people buying homes. Home prices will NEVER see the run up they saw this go round unless idiots in wall street and the govt decide to give credit away like candy again.
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Old 08-23-2008, 08:21 AM
 
Location: Weston Florida
84 posts, read 317,232 times
Reputation: 31
Quote:
Originally Posted by Wild Style View Post
It is hard to time a bottom yes. Will this stop anytime soon? Nope, the economy is worsening and with it the prospects of people buying homes. Home prices will NEVER see the run up they saw this go round unless idiots in wall street and the govt decide to give credit away like candy again.
Agree - about the exponetial gains in value - my house was 1.2MM at the peak,, now its down in the 700k range and still falling a bit.. I wont see 1MM value any time soon... But it should appreciate between 2% and 4% a year after we hit bottom...

We will bottom in the next 12 +/- months and get back to normal appreciation...

And regarding interest rates,,, they will continue to be historically low for another decade - So I dont see a problem there either...

Let the bulls run in 2009
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Old 08-23-2008, 01:05 PM
 
710 posts, read 2,233,731 times
Reputation: 251
Quote:
Originally Posted by kc_atl View Post
So you would suggest to keep steady & not purchase any homes by 2009? After living in Miami for 20 years, I really wanted to move back. I've been living in Atlanta for 3 years now and I cannot get used to this place. How about if I look for short sales?
(We couldn't fully "appreciate" Atlanta either.)

As part of your equation, you also need to consider when you will qualify for a mortgage. Aren't banks going to want to make sure you have steady income in your new job in Miami b/4 you qualify for the best rates?

Good luck and welcome back.
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Old 08-23-2008, 01:45 PM
 
Location: America
6,993 posts, read 17,369,373 times
Reputation: 2093
Quote:
Originally Posted by triplenet View Post
Agree - about the exponetial gains in value - my house was 1.2MM at the peak,, now its down in the 700k range and still falling a bit.. I wont see 1MM value any time soon... But it should appreciate between 2% and 4% a year after we hit bottom...

We will bottom in the next 12 +/- months and get back to normal appreciation...

And regarding interest rates,,, they will continue to be historically low for another decade - So I dont see a problem there either...

Let the bulls run in 2009
i doubt that highley
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Old 08-24-2008, 01:35 AM
 
Location: Atlanta,GA
2,685 posts, read 6,423,704 times
Reputation: 1232
I still think we have a way to go (down) with these prices....2009, too soon to say. I have a friend that works for a firm that processes foreclosures, and there is plenty of overtime for the workers...That's a good indicator (or bad, depending on how you look at things)..These prices have some way to go imho. At these prices, many units are still out of many people's reach. Those who got greedy, hiking these house prices are paying for it dearly. I'm so blessed for my situation...Buying here? I would not..Not now anyways..Rent for now, or if you were the sensible minority who bought at the right time, and did not suck the fat out of your house (equity) for stupid expenses like expensive cars that you could not afford or qualify for, you should be ok, and count your blessings. Let things work themselves out.
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