Status of SoFla real estate... (sales, foreclosures, condos)

[rereis]

Originally Posted by fwi

Or maybe Obama will go away, or at least be made a capon (lame duck) then the housing market will recover very quickly!!!

Yep!! May be another Bush takes over and will recupe the economy as just they know how....

[eger]

Originally Posted by fwi

Or maybe Obama will go away, or at least be made a capon (lame duck) then the housing market will recover very quickly!!!

AGREED!

[ibres]

Originally Posted by fwi

Or maybe Obama will go away, or at least be made a capon (lame duck) then the housing market will recover very quickly!!!

Oh, its Obamas fault? Thanks for clearing that up for me

Here was me thinking that the market turned three years before the Great George Bush left office.

[ibres]

Originally Posted by CoastalMaine

I will be listing my home in Dania off Griffin by the power plant on a quiet side canal in about two weeks. Just finishing up the rehab and clean up. Not looking to be obver-priced, but rather realistic in this market. This house sits on a dbl lot with in ground pool, screened in lanai, 80 foot dock, boat lift, brand new kitchen and upgrades and rehabs thru-out. I know - missed the market edge, but that's life. Two car garage, a workroom the size of the dbl. garage, 2 outbuildings, private, waterfront faces a protected mangrove patch, so private w/ abundant birding, etc. My question would be, if priced accurately, what would be a reasonable timeframe to attract a sale? TIA!!! Oh..... 4 bedrooms, 4 baths.... 2 of these are master suites. Thx again!

What's the closest elementary school?

[EdgeCity]

Horrible for sellers but a dream for buyers. For anyone who bought in the last 5 years, it will take them decades to recover. I am sitting upside down in my house which is valued now at $100,000, while I owe $248,000. Mind you, I bought a starter home that I could afford, with a fixed rate and downpayment not an interest only ARM. There is no help for me.

My neighborhood is declining to the point that I no longer feel safe. It is a hopeless situation for me and for many others.

[CoastalMaine]

Originally Posted by ibres

What's the closest elementary school?

I don't have a clue. I have no kids in school. This is a second home for me. Valued somewhere in the high 500's.

[housingcrashsurvivor]

Originally Posted by EdgeCity

Horrible for sellers but a dream for buyers. For anyone who bought in the last 5 years, it will take them decades to recover. I am sitting upside down in my house which is valued now at $100,000, while I owe $248,000. Mind you, I bought a starter home that I could afford, with a fixed rate and downpayment not an interest only ARM. There is no help for me.

My neighborhood is declining to the point that I no longer feel safe. It is a hopeless situation for me and for many others.

Outrageous that so many who "did it right" still got burned. I'd like to see a very heavy tax clawback flippers' so-called profits and I'd like to see the cohorting bankers, real estate agents and appraisers put in jail for a long time. Better yet, off with their heads.

I bought my homestead way before the bubble (plus I had another property here). Even after the bottom dropped out, a home on the corner near me sold for a bubble price of over $300k. Then two months later it sold again for over $500k. Now, of course, it is in foreclosure as well as a bunch of others, resulting in my values having crashed to below where they would have been hadn't there ever been a bubble at all.

The character of this neighborhood won't change but I certainly can see how upsetting that would be, especially after already having taken such a bath. You have my condolences.

I've a friend who bought a home in Sarasota in 2007, thinking he missed the bubble. Well, he put a proper 20% down and got a 30-year fixed. But now he's about 30% underwater on the mortgage, never mind who wants to walk away from that 20% down even if you could. It could take 10 years for him to break even on that deal.

Apparently, doing it right is wrong.

As to the op's question of how's the market. It is in the toilet. The official numbers citing that we are down only 40% is utter nonsense. I just bought a property in Tampa at a 1993/1994 price. Seriously 15 years with no profit made on that parcel. This is an unfunny joke. I sold one waterfront property here earlier last year at 48% off peak value and it took two years to sell even though I kept the price at least 10% below all the comps. I got all of two offers in two years and only one came with a deposit. The property wound up getting just over 6% annual since the 1980s.

I'm considering selling another property here soon and expect to get maybe no better than 50-60% off peak bubble. Though as I've had the property for about 15 years, I'll still realize about 7% annual. Still, what a cruel joke this has been. What a scam on everyone who tried to do right.

[AttilaLaczko]

Look up either the Broward School Board website or greatschools.net to find out what schools are in a particular area. The Broward School Board has maps in PDF format that show school districts.

[AttilaLaczko]

It has been shown that when their is a down-market in real estate, the bottom tends to over sell before it rights itself. Some areas in Broward are settling, but not shown the numbers that indicate a statistical bottom. Once you start hearing in the news that the market has bottomed out, then the evidence should be there - statistically.
I hate the comparisions to pricing now and at the peak of the bubble. Just with over-selling of real estate in a bottoming market, the housing industry over-priced real estate at the peak. What surprises me is what went on with appraising of properties at that time. Good people, doing it right, getting appraisals from bank-associated appraisers valued properties in 2007 to peak levels, all the while they had knowing understood that the downside was coming and it was going to be ugly.
The peak was the result of a massive "machine" that allowed many people to profit, who, in the end, had no risk of being held responsible for the crash that occurred.

[Shoegal1075]

Originally Posted by AttilaLaczko

It has been shown that when their is a down-market in real estate, the bottom tends to over sell before it rights itself. Some areas in Broward are settling, but not shown the numbers that indicate a statistical bottom. Once you start hearing in the news that the market has bottomed out, then the evidence should be there - statistically.
I hate the comparisions to pricing now and at the peak of the bubble. Just with over-selling of real estate in a bottoming market, the housing industry over-priced real estate at the peak. What surprises me is what went on with appraising of properties at that time. Good people, doing it right, getting appraisals from bank-associated appraisers valued properties in 2007 to peak levels, all the while they had knowing understood that the downside was coming and it was going to be ugly.
The peak was the result of a massive "machine" that allowed many people to profit, who, in the end, had no risk of being held responsible for the crash that occurred.

Excellent post! In other words all this market did was push middle class even further into the ground! Ha - the american dream!