Where did everyone go in PSL (Palm Beach Gardens, Palm Beach: comparable sales, short, real estate market)

[alsidw]

I have been looking at at least a 100 houses online supplied by a kind local realtor in the PSL area in the 100-150k price range. It occurred to me where did all the homeowners go? did the nuclear reactor explode? Was everyone upside down on their mortgage, was everyone suddenly laid off. There are hundreds of vacant houses, did everyone leave,or move to apartments? The exodus must have had a dire effect on the service industry, hospitals , Doctors, churches, local governments etc. I am considering moving to PSL but wonder what will change to improve the economics and vis-a-vis the real estate values. Am I buying a house that is guaranteed to loose value, for how long? Yes I am buying shelter but as a retiree I do not want to loose my nest egg. Can I expect rising taxes and fees because of the exodus? I don't mind boot strapping it a little but with a glut of housing will the neighborhoods with empty houses become ghost towns? do the banks and lending institutions continue with the property taxes on the vacant homes or will the local governments tax the remaining homeowners more heavily each year, and what about the utility companies, anyone see rising prices?

sidney

[SeetheUSA]

Well, think of it the other way- you can buy a house for a very cheap price. There are a lot of foreclosed homes, and the banks will eventually get rid of them. Buy one for cheap and when the real estate market, you'll be sitting pretty!

[alsidw]

Glad you wrote, how much is reasonable for me to offer, 20% per cent less?

[SeetheUSA]

What are you looking for? I know you said 100-150k range, but do you want new, foreclosed, etc? From what I have gathered, homes that were built during the "boom" may have issues. Chinese drywall and structural settling are just a couple of problems that I have heard about. I would check out bank-approved short sales and see what they are going for. Good luck!

[Synergy1]

Chinese drywall was the only issue here in PSL. A home going for $450k or 250k in 2004-06 may have the interior drywall problems. I do not.

However, taxes, utilities including water is more expensive in Florida than other locations.

If you say structural then you are saying during the construction phase of a home the PSL City inspectors were not doing their job and that was and is not the case in PSL.

I would venture to say that homes in Florida post 2002/03 are constructed better than a most other homes that do not have the 130 or 140mph "wind" requirements.

PSL is a great regular town and during the "boom" as someone wrote, was noticed everywhere in the USA. Mortgages were given to a lot of those who could not afford to buy. Also, this time when prices were rising a lot of speculators bought along with those who want to work and bring up a family here. If you understand foreclosures or short sales you would also know that the banks get paid full price regardless of how much the home is auctioned. We can thank the govt. to aid the banks and toss the real families + workers out to pasture...

There are a lot of good realtors in PSL and some report on this site. Stay with one that can show you a realistic view of PSL and I believe you will not go wrong.

[elrodcod]

The area has been hit pretty hard when the housing bubble burst. Prices and taxes are way down, now's the time to buy if you want to live here.

[FlaLadyB]

Sid, the prices are already down here. If you think about it prices have been falling for a while now long before I started sending you what was available. Offering 20% less than asking price will lose every time now and probably won't even be accepted. Its not like the market used to be when you could do that. Maybe on a home that is sold by the owner only, but short sales and foreclosures are sold by the BANK - not the seller. Most homes, especially foreclosures, are priced to sell now...not sit on the market.

When you make an offer on a house now or anytime, you need to see comparables of what other similar homes have sold for in that neighborhood within the last 6 months. You come up with an offering price from that.

The bank does the same thing with an appraisal when it they are replying to a contract offer for a short sale or foreclosure. They compare what has been sold in comparable homes in the area for the last 6 months and comes up with an average sale price. This is done taking in to consideration things that have to be fixed or replaced as well since many homes need some kind of rehab.

Some of the banks are doing the appraisal up front recently and set the price when the listing goes on the market. No playing around ...just here it is.

Many homes now have multiple offers on them. Many are being sold for more than the offering price. If you have a mortgage you have to be sure that the appraised value will be where it should be- again by having comparable sales to see up front so your offer is sound and made with knowledge not guesswork.

[Synergy1]

Originally Posted by Synergy1

Chinese drywall was the only issue here in PSL. A home going for $450k or 250k in 2004-06 may have the interior drywall problems. I do not.

However, taxes, utilities including water are more expensive in Florida than other locations.

If you say structural then you are saying during the construction phase of a home the PSL City inspectors were not doing their job and that was and is not the case in PSL.

I would venture to say that homes in Florida post 2002/03 are NOT constructed better than most other homes that have the 130 or 140mph "wind" resistence requirements.

PSL is a great regular town and during the "boom" as someone wrote, was noticed everywhere in the USA. Mortgages were given to a lot of those who could not afford to buy. Also, this time when prices were rising a lot of speculators bought along with those who want to work and bring up a family here. If you understand foreclosures or short sales you would also know that the banks get paid full price regardless of how much the home is auctioned. We can thank the govt. to aid the banks and toss the real families + workers out to pasture...

There are a lot of good realtors in PSL and some report on this site. Stay with one that can show you a realistic view of PSL and I believe you will not go wrong.

added not

[seogorilla]

Lynn Szymoniak, Palm Beach Gardens Woman in Foreclosure, Wins $18 Million From Banks - Broward/Palm Beach News - The Daily Pulp

They set up shop and took everyone here to cleaners dont let them lie to you she did not win 18 million because they where right , Florida was over hyped , over sold and the system here is corrupt 30% of the foreclosure market nationwide is being done here , you will hear all the rush limbaughs here rant about its everyones's fault for buying , everyone of these poor people who lost home were all bad and stupid , thats not true they had dreams and wanted to own a home , the courts here and the real estate agents greedy lawyers like David J Stern helped ruin the system here along with wallstreet and NO laws to stop them was and is the issue .

You can shoot someone here and steal their home Its why I left . good luck

The new Gov never put a halt to it and so it runs on most people think its hit bottom I can prive with math its far from over .

[FlaLadyB]

They wanted to own a home with 100 -120% financing- and 2 mortgages, and the lenders gave it to them even when they couldn't afford the house they already had.

They came and bought 20 houses at a time for speculation- not to live in.

and the woman who just got paid $18 million - that was from the BANKS too, who got caught robo signing- fake signing of paperwork.

Im glad they got caught and paid for it.. finally.

I am glad the lenders are finally back to the "old school" of lending where you have to be able to MAKE THE PAYMENTS