Port Saint Lucie, FL Stay or Go? (Port St. Lucie, St. Lucie: transplants, for sale)
Port St. Lucie - Sebastian - Vero BeachSt. Lucie, Martin, and Indian River counties (Treasure Coast)
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Just curious of how people are feeling about Port Saint Lucie. I am a Real Estate Broker (Oh my goodness! Almost as bad as a lawyer!) We have one of the most beautiful places in the country to live. Yet! All I have been seeing for the past couple of years are people wanting to move out of here to places like GA, NC, TN, SC, etc... Why are the buyers not buying. Are you waiting for the bottom to drop out. The rates are good and the prices are down. Help me out here! I really care and hope to hear from you all. Thanks!
LOL Yes I am waiting for the bottom to drop. One of the worse things I hate about Florida real estate is that people here are just ruthless-- the housing prices were absolutely ABSURD in Port St. Lucie but people continued to list because they were so sure (obnoxiously sure) that they could get what they were asking for at those over inflated prices. I can't tell you how bad I felt as a young buyer looking at these SIMPLE 3/2's and wondering why in the h*ll is this person asking nearly 350k for it??? Don't get me wrong, I feel bad for those that are now asking fair price or even below fair price and they still can't sell. But hey, it looks like it's a buyers market now so I guess things are turning around (for me, anyway)....
By the way, I posted a comment in another thread about an experience I had with a brand new, gated community that I want to buy into. Six months ago, they were selling at 200k. I called on Friday and they are now selling at 169k. Half the community is not even completed yet (phase 2 starts in the spring- i think). I have friend (she's a realtor) who will try to get me in at possibly 130k. We're hoping there's some desperate seller out there who bought in early and is now trying to get the heck out of there.
As for me, I wanted to go to NC (I have relatives there- they relocated for a job opportunity) but I have no desire to do that now. Things are great with my job, with school and the area is not so bad. This place can be pretty mundane but I like peace and quiet in my life. My biggest complaint was the housing issue but I think it may work out.
Like I said I'm not an attorney. Everybody's situation is different. Pull up your credit report and see where your credit score is. See if the lender put a judgement on your credit. (the difference between what the lender received and what they lost.) You can try owner financing. Talk to a financial specialist.
Quote:
Originally Posted by momix5
What can be done for people who had to do short sales and want to buy again?
The builders drove the prices of lots up over 100k for a 1/4 acre lot. All these builders that showed up in PSL to make a killing. Killed the market. The builders grabbed up the lots and the sellers and Realtors and builders profited from it. The 100K lots are now selling in the 20's range, where they should have been in the first place. The ripple effect knocked the re-sale market out of wack too. Over 300k for a 3/2/2. Many people are suffering because of it and now it looks like the market has pretty much corrected it self. It might go a little lower. Hope your dreams come true.
Quote:
Originally Posted by Prettygyrl777
LOL Yes I am waiting for the bottom to drop. One of the worse things I hate about Florida real estate is that people here are just ruthless-- the housing prices were absolutely ABSURD in Port St. Lucie but people continued to list because they were so sure (obnoxiously sure) that they could get what they were asking for at those over inflated prices. I can't tell you how bad I felt as a young buyer looking at these SIMPLE 3/2's and wondering why in the h*ll is this person asking nearly 350k for it??? Don't get me wrong, I feel bad for those that are now asking fair price or even below fair price and they still can't sell. But hey, it looks like it's a buyers market now so I guess things are turning around (for me, anyway)....
By the way, I posted a comment in another thread about an experience I had with a brand new, gated community that I want to buy into. Six months ago, they were selling at 200k. I called on Friday and they are now selling at 169k. Half the community is not even completed yet (phase 2 starts in the spring- i think). I have friend (she's a realtor) who will try to get me in at possibly 130k. We're hoping there's some desperate seller out there who bought in early and is now trying to get the heck out of there.
As for me, I wanted to go to NC (I have relatives there- they relocated for a job opportunity) but I have no desire to do that now. Things are great with my job, with school and the area is not so bad. This place can be pretty mundane but I like peace and quiet in my life. My biggest complaint was the housing issue but I think it may work out.
It was a long cold winter in 2002-2003. People in the North were afraid to miss their chance to secure a spot in "paradise"(yes, in quotes, climate-wise it still ain't SoCal, unfortunately). That's when already inflated prices absolutely skyrocketed. Back then the prices up North reached their peak, and the houses were selling fairly well. Not only the retirees, but the average Joes with 25-30 years to go till Medicare, threw their stuff into the wagon and beaming with enthusiasm and optimism headed for fairyland of flowers, smirking on the way at all sorts of uncivilized ashvilles and such...
Eventually they reached FL. Many hoped to live the same lifestyles they had in the North. They promptly realized that upon closer examination that required the same or even greater income in FL. So, still enthusiastic, although already somewhat desperate, they started looking for sources. But FL economy was only interested in the money they brought with them.
Well, old two-lane roads couldn't handle all the new folks, so did the water and sewer treatment plants, police and fire departments, etc, etc.... when you've got "government by the people", the people's taxes are the only thing responsible for it's financial well-being.
Then they discovered that Florida was somehow realted to the Hurricane family and every summer rather uninhibited relatives with the varied first names dropped in for a visit on a fairly short notice. After these visits the house needed varied degree of fixing up. And the insurance companies didn't take kindly to these "family matters".
In the meanwhile the natives and long-time residents realized that the profit netted from their FL house sale can be quite enough to have a cozy life "some place cheap". Semi-rural South seemed to fit the bill. So there they went, preaching a cermon about a newly discovered "old Florida". Already chewed up by FL economy(or the lack of such) by now, more recent North-to-FL transplants decided to get a first hand experience of what it's like to be a floridiot. The word leaked to the North and scared new retirees acquired a philosophy that it's better to be a half-way from the beginning than a half-back later on.
The time doesn't stop. So there came the day when the real estate market ran out of fuel. Even in places where home value could be justified by the strong economy, the prices started to slowly revert. The houses are not selling in the North either these days. So what can you possibly want from Florida? The prices were being kept inflated while the money was coming from elsewhere. But that's not happening as much anymore. And there's no local economy that can offer people a chance to afford current values. Yes, there's a rock bottom to be hit eventually, if that's what you choose to call prices circa 1998. After that most of the good old Florida will again become the place it was destined to be - an affordable retirement destination or a place were a middle - class out-of-stater can afford to buy a second home either for cash or on a second mortgage.
You're a real estate broker in Florida and don't understand why people aren't buying there?
The prices rose well beyond what the people in low paying Florida can afford. When the median house sells at a price that less than 10% of the population can afford you have a problem. 40% of sales in some areas went to speculators. The problem was compounded by insane mortgage schemes that put people into houses that they were able to afford for a year or two before they reset. Then POW the bubble burst. Now unless you can validate your income, have money to put down and have good credit you will not get a loan no matter how low interest rates go.
In some areas prices rose 250% in the last 5 years. Wages were flat and some actually declined with infation in food and energy. Personally I have a job, money and good credit. I could buy a house for $400,000 with 20% down. It would run me close to 3 grand a month between principle,interest, taxes and insurance. Then I can sit back and watch my down money disappear as the house depreciates as little as 20%. On the other hand I could get a $5000/year interest on my 80k and rent the same house for $1500-$1800 a month. Do the math. People will buy again when prices drop another 40%. The longer it takes for prices and income to re-align the longer sales will remain low.
LOL Yes I am waiting for the bottom to drop. One of the worse things I hate about Florida real estate is that people here are just ruthless-- the housing prices were absolutely ABSURD in Port St. Lucie but people continued to list because they were so sure (obnoxiously sure) that they could get what they were asking for at those over inflated prices. I can't tell you how bad I felt as a young buyer looking at these SIMPLE 3/2's and wondering why in the h*ll is this person asking nearly 350k for it??? Don't get me wrong, I feel bad for those that are now asking fair price or even below fair price and they still can't sell. But hey, it looks like it's a buyers market now so I guess things are turning around (for me, anyway)....
So the pendulum swings and now buyers don't want to pay fair prices either, eh?
Why are the buyers not buying. Are you waiting for the bottom to drop out. The rates are good and the prices are down. Help me out here! I really care and hope to hear from you all.
Affordability is the issue, in this sense prices have not dropped far enough for most people. What is the real economy in PSL? What do people actually, tangibly produce with the work of their own hands?
The ruling classes have run riddles with the monetary system in the past few years. In such an environment, interest rates are merely a teaser.
Until interest rates are set at a level that reflects domestic productivity based on real production, they will not solve much: many homedebtors are defaulting, lower interest rates may prolong defaults by credit-cards debtors, car-loan debtors, fill-in-the-blank debtors, but they do not solve the underlying problem of consumption exceeding production.
Yes, I am one of those people and I have worked damn hard to help Many hundreds of people through my 25 years of selling RE. I sold in the NJ market in the early 80's with 16% interest rates and people still bought homes. Yes, the prices were less, but home ownership is the best way to go. I know of homes for sale in PSL that are close to $100K 3/2/1's and little starter homes. The Builders are putting new home CBS packages of the mid 100's. The people are holding out! Now the bottom diver's(investors) are looking to pick up investment homes and the buyers that should be buying are holding off. That's why I asked the question!
Quote:
Originally Posted by markas214
You're a real estate broker in Florida and don't understand why people aren't buying there?
The prices rose well beyond what the people in low paying Florida can afford. When the median house sells at a price that less than 10% of the population can afford you have a problem. 40% of sales in some areas went to speculators. The problem was compounded by insane mortgage schemes that put people into houses that they were able to afford for a year or two before they reset. Then POW the bubble burst. Now unless you can validate your income, have money to put down and have good credit you will not get a loan no matter how low interest rates go.
In some areas prices rose 250% in the last 5 years. Wages were flat and some actually declined with infation in food and energy. Personally I have a job, money and good credit. I could buy a house for $400,000 with 20% down. It would run me close to 3 grand a month between principle,interest, taxes and insurance. Then I can sit back and watch my down money disappear as the house depreciates as little as 20%. On the other hand I could get a $5000/year interest on my 80k and rent the same house for $1500-$1800 a month. Do the math. People will buy again when prices drop another 40%. The longer it takes for prices and income to re-align the longer sales will remain low.
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Buy again after a short sale?
