"Four years of gains in home prices wiped out" (Jacksonville: vacation home, buy)

[ShakenStirred]

Originally Posted by KerryB

LOL, is this for real? Do people really think like this?? Yeah, dude. Poor me doesn't have a friend in the whole world & its all due to me having an *gasp* opinion. Just for your info, we have moved around the country about once every year or two for the last five years now (we're adventurous). Not one time have I ever had trouble making friends rather than here. I talk to life long friends we made (in a SHORT time) in DC/KY on a daily basis & they keep wondering when we're coming back.

So yeah, how dare I have an opinion & not fall in line. I think I'm starting to see the light though. America can do no wrong, we build the best cars no question, Bush is doing a hell of a job & I love Jesus. How's that? Wanna be friends??

Yes, actually now I wanna be friends. See, how hard was that?

[rtt]

Believe me, KerryB, its not you. The Shaken and Kwilli mentality is alive and well here and always will be.

[riveree]

Originally Posted by Huckleberry3911948

i know it hard on people. but for those that can hold on they will go up again, guna be 1 or 2 year wait. a loss does not occur til there is a sale.

That's a good point for the OP to keep in mind. If the sale isn't happening until later this year or next year, things could change for the better.

[phlashman]

I almost guarantee, along towards the end of 2008, home prices in Fl are gonna take one "hell" of a beating. Sorry guys, but the bubble is bursting...not just here though...Cal and a few other states are on the list. Owning property shouldn't scare you though...just keep it and ride it out.

[surfer boy]

We arent already seeing ppl take "one hell of a beating?"

[kinkytoes]

I completely agree with you. My property tax has tripled this year. In my area that's because of the huge run-up in prices. Those prices were artificially inflated in my opinion. I wonder how many people had completely paid for their houses and are having trouble now because the property taxes are so high? I know I got sticker shock with our increase. I am in the Northeast by the way.

My lender keeps twice the actual cost of insurance and taxes in an escrow account and they increase amount I have to pay each month based on property "values" in the area. So, I was paying a HUGE and increasing amount of money on my mortgage. And based on what other ppl were paying for houses, the amount I had to pay each month increased yearly for the past 3 years.

Imagine an ARM, but this was not interest, it was property "value" increasing my payment by hundreds of dollars.

So I guess somone who started with a mortgage of 1000, and is now paying 1500 a month because of taxes and insurance might have trouble. I think this is why there is the 2X annual income rule. Owning a house has a lot of unexpected expenses. That's still not an excuse for the cities.

The whole insurance/tax thing was new to me, though. I got my 2nd house during the boom. I got it right before prices went CRAZY, so the purchase price was okay, but BOY did I get burned by the tax increase. And the worst thing is that I had to pay because 2-3 *******s overpaid for their houses!

I just went to see the first foreclosure on my street. I wonder if it will be the first of many. . . The positive that I can see is hopefully prices will go down so that someone can buy the house for an AFFORDABLE price and the property values will go down. I am not planning to sell any time soon, and I would rather not pay overly high taxes thanks to speculators.


quote=kwilli;4243270]Exactly!

They only thought about "how much is my monthly payment"?

$500,000.00 at 4% requires about the same payment for amortization as $110,000 at 17% (remember the Carter years).

What was not considered was the seven or eight hundred dollar a month diffence in property tax (you think the goverment did not know this) and possibly hundred of dollars in additional insurance costs.

None of the costs are generally evident in the first year as the sale price has not caught up with the tax rolls.

As someone near and dear to some might say "public education has come home to roost".

Maybe the American Dream should only occur during waking hours.[/quote]

[riveree]

Originally Posted by kinkytoes

I completely agree with you. My property tax has tripled this year. In my area that's because of the huge run-up in prices. Those prices were artificially inflated in my opinion. I wonder how many people had completely paid for their houses and are having trouble now because the property taxes are so high? I know I got sticker shock with our increase. I am in the Northeast by the way.

This is NOT what's happening in Jax/Jax area, we have the opposite. Our property taxes have been moving in a downward direction due to new Florida legislation, amongst other things.

I say that because, being the "Jacksonville" forum, people come here looking for Jacksonville information. Many of our readers are trying to gather information for their upcoming move to Jax/Jax area and we don't want to confuse them with information about what's going on in NY or NJ, etc.

[surferr]

we will be in PVB buying next week, hopefully in players club, maybe on the east side of A1A in Sawgrass.

NAVY says move... so here we come JaX. Buy low, fix it up & sell higher. Worked the past 18 years for us as we moved around with the Navy. This strategy has always beaten paying rent. Maybe we will like it enough to retire there? From what I've read peole like it.

See you next week

[riveree]

Originally Posted by surferr

we will be in PVB buying next week, hopefully in players club, maybe on the east side of A1A in Sawgrass.

NAVY says move... so here we come JaX. Buy low, fix it up & sell higher. Worked the past 18 years for us as we moved around with the Navy. This strategy has always beaten paying rent. Maybe we will like it enough to retire there? From what I've read peole like it.

See you next week

Sounds like a good plan . I agree, once you're in PVB, you may never want to leave .

[kwilli]

Originally Posted by riveree

This is NOT what's happening in Jax/Jax area, we have the opposite. Our property taxes have been moving in a downward direction due to new Florida legislation, amongst other things.

I say that because, being the "Jacksonville" forum, people come here looking for Jacksonville information. Many of our readers are trying to gather information for their upcoming move to Jax/Jax area and we don't want to confuse them with information about what's going on in NY or NJ, etc.

Property Tax revenue has gone up 1600+ percent in the five or six years. Read the tax rolls houses that sold for 120,000 two years ago have been selling for 300,000 plus. The tax does not stay the same for the new owner!

Thankfully Florida does have a 3% increase cap for "homesteaded property" you can only have one! Goodbye vacation home?

Don't be fooled!

City and county governments must tighten their belts not budget for the tax increases we have had.

The new $50,000.00 homestead exemption will help but you cant buy much for that amount!

Jacksonville is a great place I must agree!