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Fort Lauderdale area Broward County
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Old 09-13-2009, 01:31 PM
 
Location: Jupiter
1,108 posts, read 4,217,161 times
Reputation: 647

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Quote:
Originally Posted by fauve View Post
If it goes south again, they'll bring the credit back or raise it. I actually heard talk that it could be raised to $15K and open to everyone, not just new homebuyers.
That would be great...having someone give me $15K to buy a second home...but I am not sure that the government could afford to give that money up to everyone who was thinking of buying something...but ya just nevr know in these times what they will think of next...
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Old 09-13-2009, 01:48 PM
 
3,043 posts, read 7,708,307 times
Reputation: 904
Quote:
Originally Posted by rusty78 View Post
That would be great...having someone give me $15K to buy a second home...but I am not sure that the government could afford to give that money up to everyone who was thinking of buying something...but ya just nevr know in these times what they will think of next...
lol, when was the last time the government thought about 'what it could afford?' If they believe it's in the best interest of the economy, they'll find the money.
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Old 09-13-2009, 02:18 PM
 
Location: Atlanta,GA
2,685 posts, read 6,421,914 times
Reputation: 1232
Quote:
Originally Posted by fauve View Post
It's never a bad thing to buy when everyone is selling, and to sell when everyone is buying.
Words of wisdom indeed.

Quote:
Originally Posted by CoastalMaine View Post
Re the high real estate taxes on property down there... you guys don't pay any state income tax. That makes a big difference.
No, it doesn't. Ask many people in place like GA, and NYC. That's a load of excuses. This state actually could use a state income tax, and lower the property taxes significantly. Also let's not forget the astronomical homeowners insurance rates down here. You think you're saving, you're really not.

Quote:
Originally Posted by rusty78 View Post
The current real estate market is being fueled by the $8000 first time home buyers tax credit that expires later this year......once that gift at tax payers expense is over...it will go back to the same depressed market with people either walking away...or just giving up...
I'm not trying to sound like a pessimist, but I see more people on the sidelines. A 9% increase in home sales is good when there were no sales to begin with. I think there is an agenda to stimulate this overpriced real estate market (with reason, of course). I still think we have a bit more to go. I still see delusional homeowners asking crazy prices for their homes, especially where I live. (West of I-75)

Quote:
Originally Posted by fauve View Post
If it goes south again, they'll bring the credit back or raise it. I actually heard talk that it could be raised to $15K and open to everyone, not just new homebuyers.
That may help a bit, but they still dance around the high property taxes down here.

Quote:
Originally Posted by compelled to reply View Post
We still have another wave of foreclosures that have not occurred yet...
Glad some people know. It's not all rosy yet..

Quote:
Originally Posted by tonyc View Post
Yup ~~ especially if the economy doesn't rebound. Remember, there are homes that are being foreclosed on because they're loosing jobs. And there are no replacements insight. It's not just the homes that folks had no business buying in the first place relative to their salary.

I think the property taxes r going to slow down the buying process. I have a friend who recently cancel going through with a 300k purchase when he realized how HIGH his taxes would of been.
Bingo. People cannot afford these astronomical property taxes, and insurance rates.
During the boom, I couldn't count the amount of sensible people I knew, and others that chose to move elsewhere, or relocate because of Florida's property taxes, and insurace. Combine that now, with low prospects for work, and low wages...I don't see this market being in great shape soon. It may improve, but I strongly doubt we'll see late 90s/early 2000s numbers in people moving down, and going crazy buying real estate down here. People have that bargain hunter mentality now, which is good.

Suprisingly many people I know living in NYC (as in the 5 boroughs: Queens, Brooklyn, Bronx, Manhattan and Staten Island) that were and are paying way lower property taxes than people in Florida. (We're talking $400k-$500k brownstones, and 3-4 apt buildings that are paying ~$2k+ in taxes.). Long Island is a different story.
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