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Don’t get me wrong, I don’t have any ill will or jealousy over these sales, it is just mind boggling to witness.
The much older couple across the street listed their house last year for 650k and it went under contract in two days. Their children talked them out of selling to keep it in the family for vacations and visiting. They took it off the market. The parents now can’t manage the house so sign went up last Saturday, by Thursday they had a contract for 750k.
We are the some of the last remaining in our neighborhood and we have only been here 22 years. It is like flip this house all around us.
Maybe it's my cheap nature, but I'd never attempt to buy a house in such a market. Of course, I don't need to, I'm already where I want to be. I know people who've sold their houses because of what they could get in this market, but then they can be left scrambling around trying to figure out where to go next, and having to get into that ultracompetitive market to buy another house.
Seriously? You know people who have sold their houses without some idea of where they are going to live?
Just for giggles I searched for home prices in the Florida pan handle, thinking that area might be a bit cheaper, just a quick search. It seems that area has gone up in the past couple of years. What I saw was old small ramblers around 250/300 grand. No thanks...One could buy beach front property for 100/250 grand, spend another 100 grand on a new house and end up with a nice joint. Where? Belize...they speak english.
Seriously? You know people who have sold their houses without some idea of where they are going to live?
plenty.
they end up looking for a rental after they sell.
Giant garage sale, put some stuff in storage.
Pretty much the plan for most of my empty nester friends.
The retirement move is a big one and there is a lot to consider.
Seriously? You know people who have sold their houses without some idea of where they are going to live?
At the beginning of this madness we had friends that pulled listings as they were under contract in a day. Most were under the impression back then that they would be listed for at least a month. Most realtors around here are recommending having a game plan for immediate sale once the sign goes up.
Closings are quick when we are seeing all cash offers!
At the beginning of this madness we had friends that pulled listings as they were under contract in a day. Most were under the impression back then that they would be listed for at least a month. Most realtors around here are recommending having a game plan for immediate sale once the sign goes up.
Closings are quick when we are seeing all cash offers!
Sometimes the cash offer comes from a builder.
They need to draw up plans, submit, maybe go for a variance.
There is the option of renting back for a while.
Cash offers also come in from foreigners looking for real estate investments. When I sold my house in CA, not Florida, I had a cash offer from someone in China for full asking price. This person never saw the house in person, rather looked at pics online.
OP
1. Cash offer is very common in Florida, no advantage but still useful
2. We looked at Sarasota/Bradenton 15 years ago for $400k SFH listings with no luck. We didn't have a lotta "must haves" other than not needing immediate renovation. There are no annual rentals except skeevy ones, owners prefer winter rental money which is much more $$$ than annual rent money. Better quality renter and less wear and tear on property.
3. Don't buy a wood frame house in Florida. Termites.
4. Do research on multistory condos, some have stability issues that insurance does not cover. People lost their home and money.
Sarasota has been a hot market forever. It's a top location for people with money to spend. Beautiful place even though the beach is across the bridge where home prices are even higher. There is no crash coming for Sarasota real estate.
Good luck
Last edited by twinkletwinkle22; 01-23-2022 at 09:11 AM..
We lived in the panhandle for 15 years, and have visited Sarasota area. It's a pretty area, indeed. However, as soon as I retired, I left FL. Hurricanes are a real issue, and insurance costs are rising - insurers are becoming increasingly cautious with coverage. My town was flattened my Michael a few years ago, but fortunately we had little damage. Personally, I'd choose a different state (which I did) and do a lot of research and visit before deciding anything.
What things are you SPECIFICALLY looking for? What activities do you like? Golf? Boating? Hiking? Swimming? Dancing? A neighborhood where you can meet people and make friends and socialize?
Or are you more into the city style of living where you might not know the neighbor in the next apartment, but can walk to a dozen restaurants, walk to the theater, and that sort of thing.
The answer to the lifestyle you are looking for will tell us a lot about where you need to look.
Thank you for helpful comments. I think that we missed the boat and hate to pay inflated prices for a vacation home.
Specifically, we need some good golf courses for my husband, accessibility to restaurants/bars and we love listening to live music.
We are not lying on the beach type people and, despite being from the UK, I am not looking for expats. Americans are my people now!
I think that I need to look away from Sarasota on a cost/ benefit basis only.
I am looking on VRBO for next Jan and Feb. At the moment I'm looking at Fort Myers but really I don't know Florida at all despite vacationing in Key West for years now but I couldn't afford to live there, I know that at least!
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