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Old 02-13-2013, 09:24 PM
 
8,481 posts, read 6,142,306 times
Reputation: 1114

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Quote:
Originally Posted by hiknapster View Post
Florida was never a "booming" place. All they've ever built is homes and that was at such a rapid rate that is was unsustainable. Southwest Florida has always depended on retirees and some vacationers. They don't make anything there.
You know it is amazing FL has survived on that. When you look at the cost of housing, insurance etc... Because the hired help has to be able to survive and have shelter to service the retirees... However, that seems to be why they are stumped because things are not returning to the easy money they thought they had. They did some PBS special on it not long ago.

I am amazed so many people would retiree there because many should be on fixed incomes. Costs are not low and can escalate at an alarming rate. The prices/value for real estate just in assessments at the height of the bubble were just crazy. Some northern areas or CA certainly can be higher, but they have very different economies.

 
Old 02-13-2013, 11:11 PM
 
Location: Cape Coral
5,495 posts, read 6,361,710 times
Reputation: 2217
Quote:
Originally Posted by CDusr View Post
You know it is amazing FL has survived on that. When you look at the cost of housing, insurance etc... Because the hired help has to be able to survive and have shelter to service the retirees... However, that seems to be why they are stumped because things are not returning to the easy money they thought they had. They did some PBS special on it not long ago.

I am amazed so many people would retiree there because many should be on fixed incomes. Costs are not low and can escalate at an alarming rate. The prices/value for real estate just in assessments at the height of the bubble were just crazy. Some northern areas or CA certainly can be higher, but they have very different economies.
The Homestead Tax exemption can keep property taxes from escalating too fast. Insurance may be the biggest risk of increased costs.
 
Old 02-14-2013, 07:17 AM
 
1,917 posts, read 2,131,853 times
Reputation: 719
Quote:
Originally Posted by SW_Pirate View Post
For what its worth, real estate is a terrible investment. Over the course of ownership, between interest, taxes and maintenance/upkeep- most people don't make money on real estate and barely break even.
Land sharks and investors may, but not your average home owner.
Real estate as a business is a good idea as long as you treat it like a business, owning a home as a residence is the best thing anyone can do.

If you rent you are paying your landlords mortgage, you have no tax deductions in the end you have nothing and you have spent your life paying for your landlords retirement.

If you purchase your own home you get the following benefits:
Any money paid twords the principal is still yours
The interest and taxes are all tax deductible.
When the house paid off all of the value of the house is yours like money in the bank

Gary
 
Old 02-14-2013, 09:03 AM
 
1,299 posts, read 2,010,467 times
Reputation: 245
[quote=
Any money paid twords the principal is still yours

Gary[/QUOTE]

That is if the house is worth more then you've paid for it, thats what caused the whole housing crisis.
People were paying mortgages that were a whole lot more then the property is worth.
And if you paid 250,000.00 for your house and it's worth 90,000.00 now you lost a lot of money,
Your theory only works in an up market, in a down market,- well Not so much.
And if you a retired and the market does not come back in your life time then you're screwed.
If you hot time then maybe you will break even, but it is never guarantied.
Let the buyer beware.
 
Old 02-14-2013, 09:57 AM
 
1,917 posts, read 2,131,853 times
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Quote:
Originally Posted by equalrightsforeveryone View Post
That is if the house is worth more then you've paid for it, thats what caused the whole housing crisis.
People were paying mortgages that were a whole lot more then the property is worth.
And if you paid 250,000.00 for your house and it's worth 90,000.00 now you lost a lot of money,
Your theory only works in an up market, in a down market,- well Not so much.
And if you a retired and the market does not come back in your life time then you're screwed.
If you hot time then maybe you will break even, but it is never guarantied.
Let the buyer beware.
Over time there are always going to be up markets and down markets but in the long term my points are valid.

There are certainly times when you should and should not buy and it doesn't take a genius to figure that out.

During the time of the housing bubble the News was full of stories stating "This is a bubble...When will it burst" and yet people still purchased houses.

We had the same issues with housing in the 80's, the 90's and 2007 and it will happen again.

Now is the time to buy not 2005, 10 years from now.

The house I just purchased will be paid for and its value will have increased greatly


Gary
 
Old 02-14-2013, 11:50 AM
 
1,299 posts, read 2,010,467 times
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Quote:
Originally Posted by MartyGras View Post
Over time there are always going to be up markets and down markets but in the long term my points are valid.

There are certainly times when you should and should not buy and it doesn't take a genius to figure that out.

During the time of the housing bubble the News was full of stories stating "This is a bubble...When will it burst" and yet people still purchased houses.

We had the same issues with housing in the 80's, the 90's and 2007 and it will happen again.

Now is the time to buy not 2005, 10 years from now.

The house I just purchased will be paid for and its value will have increased greatly


Gary
True the problem in this area is that long term is not an option. Most of the people here are retired already, so a 20-30 year time span is meaningless to them.
If you are twenty something, then you have the option of long term real estate investment.
If you are retired you do not,


And for somebody that is retired the downside risk is much greater then the upside payoff.

Last edited by Sunscape; 02-15-2013 at 04:07 PM..
 
Old 02-14-2013, 02:13 PM
 
Location: Cape Coral
5,495 posts, read 6,361,710 times
Reputation: 2217
Quote:
Originally Posted by equalrightsforeveryone View Post
True the problem in this area is that long term is not an option. Most of the people here are retired already, so a 20-30 year time span is meaningless to them.
If you are twenty something, then you have the option of long term real estate investment.
If you are retired you do not,
Either way there are many better places to invest your money then Cape Crappy.


And for somebody that is retired the downside risk is much greater then the upside payoff.
People buying a retirement home are not worried about the appreciation of their home. They buy for the area they want to enjoy their retirement in.

Last edited by Sunscape; 02-17-2013 at 10:06 AM..
 
Old 02-14-2013, 09:28 PM
 
36 posts, read 64,663 times
Reputation: 50
Quote:
Originally Posted by nhkev View Post
You should research lehigh acres. Houses are cheaper and no assessments since those are the only criteria that everyone should think about when buying it's probably the perfect choice for you.
NHKEV, funny you should mention research. I did speak with the Lee County Tax office and Cape Coral has THE HIGHEST and THE MOST (As in many different) non-ad valorem special assessments than any place in Lee County. I can promise you that after successfully navigating my way through three tours in Afghanistan, I can find my way around Lee County, Florida and differentiate between Lehigh Acres, Cape Coral, North Port, Punta Gorda and the rest of the cities in Lee and Charlotte Counties.

Your rude sarcastic tone inferring that my wife and I are in some way unintelligent or uninformed because we choose not to purchase a home in an area known for the highest taxes and assessments (Mil Rate) does nothing for disseminating the proper information to people on this forum who are looking for that. I wouldn´t have expected your comment from a ¨senior member¨. Kind of sad really, that you choose to belittle members rather than trying to help them and take a turn in OVERWATCH.

In the future, you would be better served expressing your views with FACTS as to why we or anyone else should overlook the highest taxes in the County in exchange for better XYZ in Cape Coral that other areas of Lee County do not offer.
 
Old 02-14-2013, 09:56 PM
 
36 posts, read 64,663 times
Reputation: 50
Quote:
Originally Posted by Beak Boater View Post
With all the new home construction, some sold, some for sale, and the amount of homes being bought and sold everyday in the Cape, most of the homes bought are the uninformed buyers I guess.
Everything is a compromise, area, activities, yes even water rights. For you it wasnt the right choice, you didnt even bother to look. You know exactly what you want, not everyone is in the same position. Some are willing to accept things to have the lifestyle they want. Every area will have negatives and positives.
As far as your choice affecting the market in Cape Coral, I think it will be ok. Good luck with your search and I hope you find an area that fits your needs.
After all, in the end its about being happy isn't it?
BEAK BOATER,

VERY VALID POINTS, we will add those thoughts to our list of things to consider when looking at different areas of Lee and Charlotte Counties. My point about ¨Affecting the Market¨ was intended as others like ourselves who are cash buyers on fixed retirement or disability income.

I can say with 100% confidence, that since Cape Coral now has a new VA hospital, MANY newly retired and disabled veterans are looking at the Cape Coral area. Some able to pay cash, others wanting to use their VA loan benefits. That being said, with the Mil Rates in Lee County ranging from 15-22 per 1000, plus the non Ad Valorum special assessments, being on the high end like Cape Coral can be a deal breaker in what someone can afford.

So you are correct in what you said about everyone not being in the same position and evaluating the positives and the negatives.

THANKS AGAIN for you thoughts
 
Old 02-15-2013, 07:23 AM
 
1,299 posts, read 2,010,467 times
Reputation: 245
Some one I am told is saying that the value of a retired person is not an issue to them, and I do not know what I am talking about.
This is the most absurd statement that has been made recently, it may be even more absurd then the statement that buying property at four times the price that is worth is a good deal for people.
Here is what I know about Most (exception the very rich) retired people, THEY always worry about money, They never think they will have enough money to live out their lives comfortable. Their spending habits change dramatically once they no longer have a work income, even the rich are included in this one.
Many people have (up until the housing crisis) relied on the value of their homes to supplement their retirement income. There is absolutely no one in this country that the value of their home in not an issue to them, to make a statement that it is not is completely uninformed and not based on reality.

And then the individual says I do not know what I am talking about, Get real and get some help.
That person has absolutely no idea of how incredibly foolish they are making themselves look.
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