PSL proposed tax increase

[FlaLadyB]

Originally Posted by migueralliart

Mine went up from 112,000 to 158,000! Wtf?

Also I bought at 162k and the same exact house a couple of streets down from me in lesser conditions is going for 255k. I smell bubble.

What a house is listed for has nothing to do with anything. You can put any price on a house and that doesn't mean it's worth it. Who decides what it's worth? a BUYER who pays for it....the worth to THEM

What is SELLS for does.

Values on homes has been rising for a while now and you are just now noticing that?

Check out SOLD homes in your area. What you paid for your home (since you didnt say when you bought it) has nothing to do with anything anymore.

The market repeats itself ....pay attention people.

[Bangolufsen]

Originally Posted by SeetheUSA

That's actually great news for PSL! Glad to hear home values are climbing!!

They really aren't. It's all artificial manipulation to steal money from tax payers. However the next housing correction will help take care of some of that. Despite claims otherwise, we are most definitely in a housing bubble and I am certain there will be a correction. The banks also did a great job of withholding and rationing out all those foreclosures to jack up prices with this so called housing shortage. All you need is some bad news in the economy and the market changes, sometimes quickly.

[quattrohead]

We can all agree to this.
Hopefully people have their eyes more open to the manipulation of the market this time.

[FlaLadyB]

I think part of it is allowing people with a lower credit score- below 620 - to get a loan. They are more likely to default

[migueralliart]

Originally Posted by FlaLadyB

What a house is listed for has nothing to do with anything. You can put any price on a house and that doesn't mean it's worth it. Who decides what it's worth? a BUYER who pays for it....the worth to THEM

What is SELLS for does.

Values on homes has been rising for a while now and you are just now noticing that?

Check out SOLD homes in your area. What you paid for your home (since you didnt say when you bought it) has nothing to do with anything anymore.

The market repeats itself ....pay attention people.

You're assuming I haven't been watching the trend and you're wrong to say I noticed now. Been noticing for a while just didn't know it was gonna jump so abruptly this last year. And that home that was listed at 255k is still for sale but similar homes with similar square footage in the area are being sold for 210k+ depending on extras etc.

Listing price on a sellers market is important in a low inventory of available homes area, any proficient realtor knows that.

It drives people to buy lots and build homes instead of buying used homes which is what we're going thru now. There is plenty of construction in the area.

[FlaLadyB]

I didn't assume anything. I said, pay attention "people" not you specifically, because things are looking like they will be changing.

Listing prices in any market don't make comparables for a house that has been sold. Again, you can put ANY price on a house but that doesn't mean that's what its worth that what you will get.

You just stated that other homes "are being sold for 210k+ " , not 255 as in your original question.

[SeetheUSA]

Originally Posted by FlaLadyB

I think part of it is allowing people with a lower credit score- below 620 - to get a loan. They are more likely to default

At our builder's model, they have an ad from their mortgage people saying they can do mortgages for 580 credit scores!!

[aridon]

Big part of the last crash were locals buying 2, 3 ,4 ,5 homes as investments, building them and thinking "lol easy 20k each!"

Many of them had great to good credit but lied or stretched the truth on income, especial rental income on no doc loans. Big reason that particular qualification got changed.

Sub prime wasn't a huge issue in psl although many good borrowers over extended and became sub prime after their foreclosures / short sales.

As for the current bubble, it's being driven by a different factor and probably still has some legs.

[sammylovesu]

makes no difference if you have home stead.. taxes on a 1,500+ sq foot condo built in 2006 are $850 yearly after home stead is applied.

Taxes are ridiculously low in FL. When I lived up north I was paying almost $4,000 / year in taxes on a 1,024 sq foot town house.. in a crappy little town which was not 8 minutes away from Hutchinson Island and everything else the area offers.

People living on the treasure coast and similar areas don't realize how lucky they are compared to the majority of people out there.. Only the ones who move here realize it...

[FloridaBeachBum]

Originally Posted by sammylovesu

makes no difference if you have home stead.. taxes on a 1,500+ sq foot condo built in 2006 are $850 yearly after home stead is applied.

Taxes are ridiculously low in FL. When I lived up north I was paying almost $4,000 / year in taxes on a 1,024 sq foot town house.. in a crappy little town which was not 8 minutes away from Hutchinson Island and everything else the area offers.

People living on the treasure coast and similar areas don't realize how lucky they are compared to the majority of people out there.. Only the ones who move here realize it...

FL taxes are insanely low on housing. I saw homes in the Palm City/Sewells Point area paying 10K in taxes that same size home on LI would be paying 40K.

And condos paying $1,500 that would be $8,000 on Long Island

Plus no income tax.