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Thread summary:

Florida: real estate, sales increase, buyers, mortgage, foreclosure.

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Old 06-14-2008, 05:35 PM
 
91 posts, read 315,212 times
Reputation: 40

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Remember the same thing happened in the late 80's, early 90's? This is cyclical in that the real estate market, not unlike the stock market "crashes" every so many years. Back then, the real estate market took about 5 years to recover along with the economy.

One of my peeve's is seeing a real estate add stating "priced below market value" Market value is being reset at the moment, so there really is no market value or below market value, that's why prices are all over the place.

There are alot of things going on. You have unbelievable gas prices, employment rates are creeping up, food prices sliding up (the packaging is getting smaller, btw) so you are paying more 2 fold, in that the price is up and the quantity of what you are paying for is going down.) People are losing their jobs or can't get a decent paying job so they can't pay for their homes, foreclosures from these folks and investors alike and people like me who would finally be able to afford to buy a house BECAUSE the pricing is coming down enough to try, won't buy because of the uncertainty of STAYING employed. It's just been this ripple effect across the board.

I'm painting such a doom and gloom picture, aren't I? I don't mean to. I love it here and am determined to stay here. My hope is to wait and see what the new administration can bring to table. Not just here, but a country in crisis. It's scary to think of not just recession but another great depression looming. Ok, maybe a little carried away.

My point is that I think many people are skittish right now to buy and as was stated by compelled to reply, I agree that businesses have to open or move here. Not just retail or hospitality and restaurants, but real businesses that bring real salaries so the people who are here looking for those jobs can then go shopping and go out to the restaurants and do some weekending on the isle or the keys and fun stuff that Fla is all about. My hope is that this will happen after this administration is finally done and the next one will work on realizing some real solutions.
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Old 06-14-2008, 06:36 PM
 
27 posts, read 80,417 times
Reputation: 11
I hope you are right. I think people are just waiting for Bush to leave office and see what the new administration has to offer re: this housing mess. But b/c Ft Myers has already been hit so hard, I can't see it going that much lower. We'll just have to wait and see, next spring will definitely be a telling story to see how this is trending. I Hope upward
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Old 06-14-2008, 06:38 PM
 
27 posts, read 80,417 times
Reputation: 11
Quote:
Originally Posted by hiknapster View Post
Did you sell it? No. So you are not at the bottom.

I don't mean to be unkind, but it's the truth. I am sorry.
If you were to predict, how much lower will it go and when will the market turn around? Do I hold onto the condo or just take my losses now??? I'm losing over $50k.....
PS. Ever hear of holding companies buying residential properties and making money on the resale???
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Old 06-15-2008, 03:13 AM
 
Location: The Conterminous United States
22,564 posts, read 48,396,725 times
Reputation: 13434
I left southwest Florida in October 1, 2005, right at the market's peak.

I don't know how much you know about the area but in 1999 you could buy a nice, new 1,100 square foot house for about $70,000. There were not many high-paying jobs in the Fort Myers area, but there were lots of jobs. Now there are hardly any jobs at all.

Yes, it would be nice for good-paying companies to suddenly show up in the area, but that hasn't happened, so far.

Fort Myers and its surrounding locales has always catered to snowbirds, and not particularly wealthy ones. Typically, they worked in the auto industry up north and had a small home or mobile home in an over-55 park down there.

Teachers, cops, waiters, etc., were not paid much, but it was enough to pay their very affordable mortgage.

The housing boom was a bunch of baloney. There was no way that those prices could be sustained. How the heck was anyone going to pay the mortgage?

I'll tell you this. I'm about to close on a house in Knoxville, Tenn. It's $30,000 less than asking price and I am biting my nails. I think I'm buying on the downward curve, realize that it is still going to go lower, and then I hope like heck that it goes back up. In no way do I want to buy when the values start going up.

However, there are still jobs here and since prices did not go too high to begin with, there is less of a crash. Barely any at all.

Here's what I have seen in my area. Houses that have high, unrealistic prices are sitting. Houses that are priced under realistic are snapped up. I tried to jump on several before I was able to score one.

What's realistic? Look at your local wages. Will they support the price of your condo? What are the asking price for condos of your square footage and age and location? Go lower and you will sell.

If you don't have to sell, then don't, but know that you may be waiting a long time. Fort Myers has traditionally been one of the most affordable housing markets in the country. Will you get $130,000 for your condo? Of course you will, but I bet it won't be tomorrow and may not even be for several years.

The federal government has propped up the economy for at least a decade, probably many more. While everyone was marveling at Walmart's everyday low prices, they stopped noticing that the factories were closing. We make very little in this country and we can't afford to pay the gas to look for a job.

The dollar's value is horrible. They've hinted that they will raise interest rates to stabilize it. Look for high interest rates, like in the early 80s. Unemployment was at 10 percent and interest rates were in the double digits, but it straightened out the economy, for awhile.

We have always survived before and we may, again.

The only thing I can come up with - and if someone has a better idea, then that would be great - is to stop outsourcing our war and start putting people back to work by rebuilding our infrastructure. Let's fix the levees, the bridges, etc. Lord knows we waste our tax dollars on so many less admirable things.

I'd stay away from companies that offer to buy your property. No one is in this market for charity. They are going to buy it for pennies on the dollar. Sell it yourself.

Best of luck to you. Believe me, we are all hurting, one way or another.
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Old 06-15-2008, 06:11 AM
 
Location: Amherst, MA
3,636 posts, read 8,739,657 times
Reputation: 1755
Applause!!! Applause!!!!! Nice Post!!!!!!!!!!!!!!!!!!!!!
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Old 06-15-2008, 06:20 AM
 
Location: Palm Island and North Port
7,486 posts, read 20,390,508 times
Reputation: 2817
Quote:
Originally Posted by BacktoFLigo View Post
Applause!!! Applause!!!!! Nice Post!!!!!!!!!!!!!!!!!!!!!
I second that. Very good post!
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Old 06-15-2008, 08:04 AM
 
2,141 posts, read 6,427,874 times
Reputation: 589
Quote:
Originally Posted by hiknapster View Post
I left southwest Florida in October 1, 2005, right at the market's peak.

I don't know how much you know about the area but in 1999 you could buy a nice, new 1,100 square foot house for about $70,000. There were not many high-paying jobs in the Fort Myers area, but there were lots of jobs. Now there are hardly any jobs at all.

Yes, it would be nice for good-paying companies to suddenly show up in the area, but that hasn't happened, so far.

Fort Myers and its surrounding locales has always catered to snowbirds, and not particularly wealthy ones. Typically, they worked in the auto industry up north and had a small home or mobile home in an over-55 park down there.

Teachers, cops, waiters, etc., were not paid much, but it was enough to pay their very affordable mortgage.

The housing boom was a bunch of baloney. There was no way that those prices could be sustained. How the heck was anyone going to pay the mortgage?

I'll tell you this. I'm about to close on a house in Knoxville, Tenn. It's $30,000 less than asking price and I am biting my nails. I think I'm buying on the downward curve, realize that it is still going to go lower, and then I hope like heck that it goes back up. In no way do I want to buy when the values start going up.

However, there are still jobs here and since prices did not go too high to begin with, there is less of a crash. Barely any at all.

Here's what I have seen in my area. Houses that have high, unrealistic prices are sitting. Houses that are priced under realistic are snapped up. I tried to jump on several before I was able to score one.

What's realistic? Look at your local wages. Will they support the price of your condo? What are the asking price for condos of your square footage and age and location? Go lower and you will sell.

If you don't have to sell, then don't, but know that you may be waiting a long time. Fort Myers has traditionally been one of the most affordable housing markets in the country. Will you get $130,000 for your condo? Of course you will, but I bet it won't be tomorrow and may not even be for several years.

The federal government has propped up the economy for at least a decade, probably many more. While everyone was marveling at Walmart's everyday low prices, they stopped noticing that the factories were closing. We make very little in this country and we can't afford to pay the gas to look for a job.

The dollar's value is horrible. They've hinted that they will raise interest rates to stabilize it. Look for high interest rates, like in the early 80s. Unemployment was at 10 percent and interest rates were in the double digits, but it straightened out the economy, for awhile.

We have always survived before and we may, again.

The only thing I can come up with - and if someone has a better idea, then that would be great - is to stop outsourcing our war and start putting people back to work by rebuilding our infrastructure. Let's fix the levees, the bridges, etc. Lord knows we waste our tax dollars on so many less admirable things.

I'd stay away from companies that offer to buy your property. No one is in this market for charity. They are going to buy it for pennies on the dollar. Sell it yourself.

Best of luck to you. Believe me, we are all hurting, one way or another.
Great post !! This will not be something that can be fixed fast, I have never seen it this bad. For a few years I have been blogging about what was changing in the Lee County area, The good and what people tell me was mostly bad, But now I don't see the point in posting the truth anymore. All I can say is we have a mess to clean up!!!!!
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Old 06-15-2008, 10:35 AM
 
91 posts, read 315,212 times
Reputation: 40
I agree, but it's one of those things of what comes first the chicken or the egg. There are so many things wrong right now, it's what to tackle first. I mean back in the 70's you had the OPEC crisis and in the 80's you had the real estate crisis but not both at the same time like it is now. Alot of our tax dollars are going everywhere but here. To make budget cuts without raising taxes to do anything here will only result in programs getting downsized or cut altogether. God forbid that the gov benefits or the double dipping retirement and salary collecting or dare I say, a salary cut would help? Most likely not, so to raise taxes? That would really finish us all off, inho. The oil companies are profiting hand over fist at our expense. It would behoove the government to regulate this and work on a global level to at least ease this ridiculous gas gauging. Other steps are going "green" I read that some companies are looking to work out a 4 day work week for some employees to reduce gas consumption as well as creating home/office set ups. Researching alternative energy resources, etc. Just like the housing boom bursting, in this situation, something's gotta give, eventually, too. All these things,but nothing is moving forward to start these proposed solutions. It's going to take a long, long time.
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Old 06-15-2008, 11:00 AM
 
Location: Florida
2,209 posts, read 7,017,573 times
Reputation: 600
Quote:
Originally Posted by JSnFla View Post
mr tudo what r u doing in this economy that earned u one million dollars last month? im real curious.
I didn't use the word "earned".

REVENUES. SALES. not earned.

What do I do? I work a lot. Look at my profile.
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Old 06-15-2008, 11:06 AM
 
Location: Florida
2,209 posts, read 7,017,573 times
Reputation: 600
hiknapster, interest rates hit 22%.

This time, in order to finance a welfare/warfare state that's MANY times larger than what it was before reagan took office and with 70 million boomers looking for socialist security etc, they need to attract foreign investment in the debt. Think about it. Who in their right mind would buy US debt when all they get is 4-6-7%? If you were the one essentially loaning this country money for guns and welfare, what interest rate would YOU demand?

That's where we're headed.

The debt they allow to be shown is more than 9 Trillion. If you count the unfunded liabilities, the debt is closer to 50 Trillion.
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