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Old 07-03-2007, 05:32 PM
 
Location: Jax
8,200 posts, read 35,344,360 times
Reputation: 3441

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Quote:
Originally Posted by myfask View Post
With numbers like that I would consider a "completed" neighborhood. A little research should show the values over the last 12 to 18 months.

karla
I think there was a time a few years back when it made sense to pit new construction against resales when looking to purchase a home.

In the last few years, there's been a shift. Our smaller, local builders were bought out by the big national builders that dominate our market today. There are plusses and minuses to the national builders, but one of the minuses is the lack of flexibility with them.

The national builders like to sell houses "fully loaded". Sure, we all like granite countertops, knockdown ceilings, tile floors, etc., but now, you often don't have the option of saying "no thanks" because it's already built into the price.

You are paying for the tile floors like it or not - and not only in the price of the home, but in taxes too (you are charged more in taxes for tile floors than vinyl, not to mention paying more overall in taxes on the higher price of the home with said tile).

It's a small example, and of course tile floors trump vinyl, but I'm trying to make the point that the national builders have artificially inflated the market.

So now, the builders are are scrambling to continue making a profit while simultaneously rocking their own boats while bringing their prices 'back down to earth'.

A resale home in a built out neighborhood is likely to see more price stability, as Myfask pointed out above.

You can also see how stable the HOA is, how quiet or noisy the neighborhood is, traffic flow - all the things you have to "imagine" in a still-under-construction neighborhood.
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Old 07-03-2007, 08:47 PM
 
1 posts, read 2,186 times
Reputation: 10
Default Well the market is in trouble in jax.

Noone much talks about it but the market is in bad shape in Jax right now. The Westside is in turmoil with about one in six homes for sale on the MLS. Call me at 904-477-0440 if you doubt this one. Ill give you facts. The San Jose homes seem to be the base of Jax but I have friends in trouble on that side of the river also. The Mexican market driving down prices simply force hard working people to go broke. THATS IT! AND our govenment with the Workers Comp Laws forcing everyone to do work shady to survive. I have prominent friends who were considered millionaires in 2005 who are working for $24K a year for a corporation right now. Government controls are taking down the entreprenuer. Thats ALL!!!!!!!!!!!
Quote:
Originally Posted by myfask View Post
With all the questions I have seen lately on certian subdivisions, why so many people moving and builders are "slashing" prices? I started to do some thinking and asked some realtors I know questions.
This is my take on things.
When areas started developing builders rush in to create their subdivisions. Sadly some neighborhoods will flourish and some will not.
For example,we built ours 9A & Baymeadows almost 6 years ago, friends of ours built in theirs about the same time off of Atlantic blvd. Both houses were about the same size and price.
Our friends sold their home last year because their neighborhood had gotten as they put it "kinda trashy", at the same time we were considering a relocation to Atlanta and were doing the research to put our home on the market.
They finally sold(many houses were for sale) and made $80k had we taken the relo and sold we would of made $158k.
This is based on purchase price vs sale price not what was owed. Even with the "market correction" that folks keep talking about we would still see a $130k profit while in our friends case should they of sold now they may of only made $60k.
I think the problem is with so many subdivisions still being built people have such a wide range of choices that if they sense any problems with a neighborhood they can choose elsewhere.
The sad things is existing homeowners trying to sell are competing with new homes still being built and the builders seeing so many resell homes lower their profits in order to sell their homes. It becomes a vicious circle, do the existing homeowners sell below what they owe in order to get out? Which will further lower the comps for future sales.
Or do they stay in their homes hoping that the problems go away and prices eventually go back up once the new construction has been completed.
I know if I was looking at a new subdivision and saw tons of resales along with builders lowering prices it would send up major "red flags". No matter how good of a deal it may appear to be is that the kind of "risk" I would want to take.
Again this is just my "take" on the situation.

I would be curious to know yours.

Karla
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Old 07-04-2007, 06:23 AM
 
Location: NE Florida
17,833 posts, read 33,016,524 times
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Quote:
Originally Posted by riveree View Post
You are paying for the tile floors like it or not - and not only in the price of the home, but in taxes too (you are charged more in taxes for tile floors than vinyl, not to mention paying more overall in taxes on the higher price of the home with said tile).
This is a very good point riveree
the folks across the street have the same house as ours but went with a bunch of upgrades that increased their purchase price wich in turn increased their taxes. They pay more than we do.
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Old 07-04-2007, 11:20 AM
 
75 posts, read 289,537 times
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During my last house hunting visit, I met two couples also looking to purchase homes. We discussed the fact that most homeowners of these homes simply wanted out. Either the homeowners already relocated or they were looking for quick sales. Why the mass exodus and where are these people going?
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Old 07-04-2007, 12:47 PM
 
Location: 32082/07716/10028
1,346 posts, read 2,185,502 times
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Quote:
Originally Posted by ShellyR View Post
During my last house hunting visit, I met two couples also looking to purchase homes. We discussed the fact that most homeowners of these homes simply wanted out. Either the homeowners already relocated or they were looking for quick sales. Why the mass exodus and where are these people going?
The only explanation I can offer is that FLA is a very transient place, people are always coming and going. Who know why it is that way, it could be job transfers, people came here and decided it wasn't for them, family obligations, one thing I don't think it is, is they dislike the area, surely JAX isn't the most sophisticated place but I've been to far worse places.
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Old 07-04-2007, 02:46 PM
 
Location: Jax
8,200 posts, read 35,344,360 times
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Quote:
Originally Posted by ShellyR View Post
During my last house hunting visit, I met two couples also looking to purchase homes. We discussed the fact that most homeowners of these homes simply wanted out. Either the homeowners already relocated or they were looking for quick sales. Why the mass exodus and where are these people going?
What part of town?

My own observation, as of late, is that often people that relocate are attracted to areas the locals might not necessarily choose.

Even here on the CD forums, so often people post asking about the outer edges of Jax or even into the surrounding counties without even considering the interior of the city. Sometimes we find out they've assumed it was all built up (no new construction), or all industrial or not safe enough or some other idea.

So, my guess would be that many people relocate here, and either on their own accord or by realtor guidance end up clustered together in certain parts of town. Indeed, some areas are seeing more people moving out than others, and consequently there is more price instability in those areas as people "have to get out/relocate again".
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Old 07-04-2007, 02:48 PM
 
Location: Jax
8,200 posts, read 35,344,360 times
Reputation: 3441
Quote:
Originally Posted by myfask View Post
This is a very good point riveree
the folks across the street have the same house as ours but went with a bunch of upgrades that increased their purchase price wich in turn increased their taxes. They pay more than we do.
......and you can add tile any time you want and the taxman would be none the wiser .
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Old 07-04-2007, 02:50 PM
 
Location: Jax
8,200 posts, read 35,344,360 times
Reputation: 3441
Quote:
Originally Posted by buffy View Post
The San Jose homes seem to be the base of Jax but I have friends in trouble on that side of the river also.
San Marco and San Jose are doing well through all of this. It is one of the areas I watch pretty closely and just watched 2 houses get snapped up inside of a week of listing.
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Old 07-04-2007, 03:29 PM
 
1,599 posts, read 2,938,783 times
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This seems unbelievable, but most of the people I've talked to are moving back up north because they were financially better off up there and aren't making the money they are used to down here. The cost of living in all of Florida has skyrocketed and the salaries have not. That's pretty much the only reason.

Otherwise, I know people who just want to move from one subdivision to another or even within the same subdivision. People in Florida are more nomadic in nature I think. I know I am
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Old 07-05-2007, 04:04 PM
 
Location: Jax
8,200 posts, read 35,344,360 times
Reputation: 3441
Quote:
Originally Posted by songgirl View Post

Otherwise, I know people who just want to move from one subdivision to another or even within the same subdivision. People in Florida are more nomadic in nature I think. I know I am
Right, if as a nation we all move on average once every five years, then no wonder there are always at least a few homes for sale in every neighborhood.
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