Nine Hundred Fourty Four (944)...... (Miami, Tampa: section 8, sales, real estate)

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[quote=121804;4871561]Most of these, I assume, are owned by the builder & not so much a family?
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Good question, I honestly dont have, and dont know if such a stat exists. I'm CERTAIN, that some portion of those are spec, and uncompleted houses that builders have abandoned. But just off the top of my head, I would think the lion's share of them were homes that are occupied by families. A house isnt like a car, where they're popping 'em off a line at the rate of twenty an hour. And they end up with an massive oversupply of stock, before they figure out these arent selling. As soon as sales began to slack off, the builders started slowing down the number of homes they were cranking out. They were in the position to see the writing on the wall, long before the rest of us could. The smartest guy in the area was the one that owned the "First Home" outfit, he sold out to K Hovnanian, just before the bottom fell out. Last I heard, he's livin large in Belize. Not that there's anything wrong with that. K Hovnanian I think has filed BK. But not 100% certain, I'll fact check that one later.

On the noon news (NBC-2) on Thursday, They reported that in an average Real Estate market, there is generally a 60 to 90 day supply of housing on the market. Right now there is about a three year supply, and because of the rising numbers of foreclosures, and lack of buyers, that supply will likely continue to grow larger. And indeed, were not the only ones in the country with this problem.


EDIT: K Hovnanian, has NOT filed BK, a publicly traded corporation on the NYSE (symbol HOV). Many analysts see trouble for them and other large housing manufacturers. In other words, they're down, but not out yet.

[121804]

At one time in '07 it was at 42 months. Floored me.

My dh was just asking the other day about how many 2nd phase plots are probably empty in Lee County & surrounding areas. We have one in our area & really do feel for those who bought during the first phase & will be stuck with a home in a half-finished development for years to come. The big builder didn't even finish the landscaping so the ho's who did buy there have brand new box homes with dirt as yards.

The city we live in has actually stopped permitting new home developers from building for the next three years. We actually live in a city that has seen less than a 10% difference in price. But, the new homes are not being bought. The older homes are being bought & bought quickly with generally 5% off asking price if that. There are no homes for sale within a 2 mile radius of us. About 4 miles away there is a beautiful new development with about 6 homes for sale. It's interesting in every part of the nation to watch this mess somehow fix itself.

Yachtcare- Do you know if Tern Bay off Burnt Store up in PG ever completed? Last I heard it was getting taken over by the bank b/c of a problem in the contract & that Lennar had not actually bought the land it built the homes on & thus everything was to be halted.

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Originally Posted by 121804

It's interesting in every part of the nation to watch this mess somehow fix itself.

Yachtcare- Do you know if Tern Bay off Burnt Store up in PG ever completed? Last I heard it was getting taken over by the bank b/c of a problem in the contract & that Lennar had not actually bought the land it built the homes on & thus everything was to be halted.

I think it will be a long time before it fixes itself, probably due in part to the efforts of politicians to fix it themselves. With predictions of well over 300 of the largest banking institutions likely to collapse in the next three years, the real financial blood letting will begin soon after the new guy is inaugurated.

I'm not personally familiar with Tern Bay, but I found a link to a News-Press article dated June 27th '08. Sounds like a big mess, with a couple of die hard owners refusing to give up the ship.
At Tern Bay, going’s gotten rough | news-press.com | The News-Press (http://news-press.com/apps/pbcs.dll/article?AID=/20080627/ENT10/806280435/1001/archives - broken link)

[robert999]

As the old Irish saying goes "Things gotten badly end badly." The bad was the banks for giving away mtg money like it was candy. They fueled a fire that never should have been started. (Hmmm lets see what other lyrics & sayings can be applied here). Really though this just plain sucks! I feel for those families that have to ride out this storm ( there's another one). But as said it is happening in other major markets. My brother lives in Vegas and just told me his $325K home was just appraised for $189K. He's not selling so its just paper to him at this time.
Prayers for everyone!!

[lobsterss]

Again so many of those properties are obvisouly VACATION homes or 2ndary "SNOW BIRD" residences. So yes ty to our leader who got us in the RECESSION. Everyone everywhere is SELL SELL SELL. Especially with these being 2ndary residences =making them empty; they are dumping them fast as they can they LOST all thier equity . I don't blame them its either hang on and rent them out or sell them off . Its nationwide, infact my mother has in her area of chicago MANY MANY homes for sale >Just your typical everyday homeowner who can't even hang on to thier main residence. Nonone in the universe can predict the economy . We have no clue when it will get better. We can surely encourage or STIMULATE the economy. But the future obvisouly is unknown everywhere .

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Originally Posted by lobsterss

Nonone in the universe can predict the economy . We have no clue when it will get better. But the future obvisouly is unknown everywhere .

I respectfully disagree. The future is here. If you LOOK for it, there is plenty of info on the condition of the economy. All over the internet, in the daily newspapers. But nevermind them, like the wise man Groucho Marx once said..."who are you going to believe, me or your own two eyes?" LOOK for it, and you will see the same things that Bernanke, and Paulson see, but arent gonna say out loud. Not yet, all the information is there, but the government isnt going to add up the numbers for us, and just put 'em in our face. But the info is there for all to see, and add up for yourself. The apparatus for damage control isnt quite in place, yet. After the inauguration, things will deteriorate rapidly. Heck, they can hardly keep it all from unraveling now. The incoming administration is gonna be handed the hottest potato in history. Do you think Chrysler will survive 2009? And with GM and Ford poised to follow suit on eliminating leases, how long will they survive? The next big wave of stuff to hit the banking institutions will be the commercial real estate debacle...I could go on, but you all should really look for yourselves. And prepare....

[hiknapster]

My husband's aunt and uncle just had their house auctioned off due to foreclosure.

I see that WCI has filed bankruptcy. My husband's best friend's wife worked for them for about 15 years. This is just too sad.

I remember people being giddy about real estate in the area back in 2005. They thought I was being ridiculous when we moved away.

[Donna-50]

I just read that we are #1 in the nation for July foreclosures. It is really heart breaking that so many people are losing their homes.

[robert999]

Truly sad news and most depressing watching the area die a slow death.

[SWFL_Native]

Originally Posted by robert999

Truly sad news and most depressing watching the area die a slow death.

One person's pain is another's benefit....

Born & raised in this area so I must say this local recession is a breathe of fresh air. It will stunt growth, cause emmigration, and drive deflation. I can now live in my home area inexpensively with less traffic and competition for entertainment.

1) This now allows Lee County DOT to catch up from an Infrastructure perspective and fix/build roads properly without being rushed to move onto the next project.

2) Development has stopped (thank god!). There is no reason why 60% of your economy should be based upon development, construction, and real estate. This now reallocates our assets (people) to industries more suited for success moving forward. The clearing of land has not stopped with useless shopping malls or condos (think Metro Pkwy & Colonial). It's nice to see green areas with undeveloped areas the last thing we need is to pave SWFL and become like MIA.

To me this isn't a slow death but finally coming back to life of what the real appeal of the area was! My outlook is sunny