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Old 08-10-2007, 03:43 PM
 
65 posts, read 235,361 times
Reputation: 32

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The homes all over Florida have dropped. The neighborhood is nice but half empty. Lennar is begging people to buy a home anywhere and is offering homes cheap just to keep them above water. They let go half of there staff and if you call for anything you won't hear from them in weeks. They sent someone over a month ago and agreed that the home has problems and will get back to me. Well, it's been a month and 5 call backs but no return calls. Venice is nice but if you need a good job you will travel outside the area for work. The car dealer in Venice told me half of his staff quit because they work on commision and can't live on a $100 a week. If you remeber 5 years ago the homes in this area were $200 K and better built.
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Old 08-10-2007, 04:55 PM
 
Location: Marion, IN
8,190 posts, read 29,744,793 times
Reputation: 7307
Quote:
Originally Posted by kmtjss View Post
The homes all over Florida have dropped. The neighborhood is nice but half empty. Lennar is begging people to buy a home anywhere and is offering homes cheap just to keep them above water. They let go half of there staff and if you call for anything you won't hear from them in weeks. They sent someone over a month ago and agreed that the home has problems and will get back to me. Well, it's been a month and 5 call backs but no return calls. Venice is nice but if you need a good job you will travel outside the area for work. The car dealer in Venice told me half of his staff quit because they work on commision and can't live on a $100 a week. If you remeber 5 years ago the homes in this area were $200 K and better built.
Agreed. Plus, US Home (a division of Lennar) actually built that sub division. Us Home no longer exists. When Stoneybrook began Phase I construction I was working for one of US Home's sub contractors. They were slapping those things together willy-nilly. I wouldn't take one if someone gave it to me.

To answer the question, they got the house because Lennar is sitting on WAAAAY to many homes. They probably used the lender that Lennar told them to. Lennar does not care if they can afford the house. They just wanted it off of their books. Let someone else pay the taxes & insurance.
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Old 08-10-2007, 06:37 PM
 
2,141 posts, read 6,588,158 times
Reputation: 595
Quote:
Originally Posted by kmtjss View Post
The homes all over Florida have dropped. The neighborhood is nice but half empty. Lennar is begging people to buy a home anywhere and is offering homes cheap just to keep them above water. They let go half of there staff and if you call for anything you won't hear from them in weeks. They sent someone over a month ago and agreed that the home has problems and will get back to me. Well, it's been a month and 5 call backs but no return calls. Venice is nice but if you need a good job you will travel outside the area for work. The car dealer in Venice told me half of his staff quit because they work on commision and can't live on a $100 a week. If you remeber 5 years ago the homes in this area were $200 K and better built.
I see tons of new homes in new communities just sitting with for rent signs. I went into one last week its like a ghost town. "You hear people say, '1,000 people a day are moving to Florida.' We're finding it's a myth because the public school systems in South Florida are smaller than five years ago. And the moving van companies all say they have more households leaving Florida than moving in." I don't know what to think at this point.
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Old 08-10-2007, 07:26 PM
 
Location: Venice, Fl
1,497 posts, read 3,271,358 times
Reputation: 1424
Quote:
Originally Posted by JunoAqua View Post
My cousin just purchased a home in venice fl a Lennar home in the stoney brook compex off center road, which she told me the sales person told her and her husband that the homes were going for 300K brand new and that he sold them an existing home which someone forclosed on for 225K. She thinks they got a great deal, but they were able to get this house for this price without employment as they just moved from NJ and neither one of them has jobs, but great credit and 200K in 401K that is it. The monthy payment is about 1700/month holy sheets. How does this happen can anyone explain, i they are nuts doing this without jobs. And she thinks since the houses are going for 300K that they have 75K in instant equity if they were to sell next month, how true is this ?
I live in Venice, down the street from Stonybrook actually. I have done work in several homes in there. Construction is poor, houses are right on top of each other and so on. I don't care for the developement , but that aside they didn't exactly get a deal. Lennar is trying everything they can to get rid of those homes. They actually stopped construction on the next phase and many of the streets in there are empty lots. Wait until they are assesed for infrastructure fees . Complaints from residents there-after buying they read the fine print and they are responsible to pay the county a % for the roads, sewers, street lights , etc. Some of my customers in there were billed thousands of dollars after moving in. Due to the fact that a large portion of the developement is not complete and most likely won't be anytime soon, current residents had to split the entire developements fees from the county. County hearings with homeowners and Lennar led the county to side with Lennar. The fewer homes they build, the higher the price per house. Not such a good deal if you ask me. At the price they paid of $ 225,000 they would have paid $112.50 per square foot, have them do some research , that's not that cheap.
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Old 08-10-2007, 08:26 PM
 
Location: Some where on the pacific coast
185 posts, read 711,958 times
Reputation: 68
Default It looks like we are all in the same boat

Quote:
Originally Posted by firemed View Post
I don't know what to think at this point.
I would say believe what you see and hear with your own eyes and ears.

In regards to the O/P these kind of deals are still going to be avalible for a short time as soon as the loans can no longer get funded this will be history.

Did you happen to watch the festivities this week in regards to the world stock markets? It looks like the infusion of magic money that the FED & ECB made avalible have calmed the waters for now but this party is just getting started.

Now for some fun news from the Pacific Coast.

For the next two weekends there will a 200 home open house held between Crescent City Ca. and Gold Beach Or. it is being sponsored by a local credit union. Festival of Homes (broken link)
I wonder if they hired sign spinners to help direct the massive traffic that they anticipate?They sould have hired a fleet of short yellow busses to take all the sheeple around. Now we will have smog in the air. I think the REA's are getting desperate and hungry in this neck of the woods.

Acording to the weakly RE show this local RE market is solely dependent on equity coming in from So.Cal. sales as of june are down to 12.
closings a month last june it was 88 total. average price reduction for june was 52k. I'll keep you updated if there is a massive sell off of houses from this event.

Have a great weekend.

Chewy

Last edited by CHEWY12; 08-10-2007 at 08:27 PM.. Reason: typo
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Old 08-11-2007, 09:25 PM
 
65 posts, read 235,361 times
Reputation: 32
Default Good point Old man winter.

Your right, half of this development is empty and you really get no land with the house. The 'Lakes' behind the house which are actually ponds, have little 4' alligators in them and if you thow a rock into the pond they don't move so you cant use your back yard much. It is a nice development but thers not much there. Most of the homes have problems and for 350K there not well built. Lennar is a ****** builder but I'm sure they didn't build them, they sub out to who ever wants to do them cheap. The electric and plumbing is basic and the concrete work is sloppy. After watching this market go up like it has in the last 5 years you had to know it was going to fall out some time. The cost of living doesn't match the cost of housing in this area. Good friend of mine bought his house in Cape Coral 6 years ago for 140 K and has it on the market for 450 K. They didn't do a thing with it and can't get anyone to look at it. They said there asking 100 K less than what there nieghbors are asking and still can't get one person to look at it. 450 K is a big morgage to swallow unless you have the cash to do it. If anyone thinks they will move to Florida because it's cheaper than where there from will have a big surprise coming to them.

Last edited by moderator; 08-12-2007 at 06:01 AM.. Reason: not the right place for consumer complaints
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Old 08-11-2007, 11:18 PM
 
Location: Florida
2,209 posts, read 7,225,676 times
Reputation: 631
Quote:
Originally Posted by kmtjss View Post
The car dealer in Venice told me half of his staff quit because they work on commision and can't live on a $100 a week. If you remeber 5 years ago the homes in this area were $200 K and better built.
I bought a new 2007 Jeep Liberty from Douglas Jeep in Venice 7 weeks ago and they were BUSY. But Jeeps are a good seller I guess and that's a small in-town type dealer as opposed to the high pressure places like Palm in Punta Gorda . Palm is much closer to me but their staff.........well, never mind. I wrote a check to Douglas Jeep.

True about the houses. The tough part now is to come up with a real number for value. It's not as high as most sellers would like and it's not as low as some of the people think.
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Old 08-11-2007, 11:28 PM
 
Location: Florida
2,209 posts, read 7,225,676 times
Reputation: 631
Quote:
Originally Posted by riveree View Post
The ARMS that advertise the starting rate at 2% usually have their first adjustment period after 30 or 60 days. So you only have that 2% for a month or two, not a year .
If that's how those kinds of loans work then that's the way it goes. I've never had one of those. Only had fixed mortgages and small enough mortgage that I can essentially write a check and just pay it off if I need to. For now, the money is better off in my inventory. Even on the new house which we are pursuing, it'll have a small mortgage that even if our present house doesn't sell we can handle it and if it got bad bad in the economy ( which is a definite probability) we can pay it off if need be. I could never understand how some people who take huge mortgages and then think they own something. They own nothing.

And that's a similar scenario in the property markets that Gordon Gecko was pitching in the movie Wall Steet about the corporations and the fact hat none of the army of VP's having a stake in the company. It's almost like the same type of mass idiocy has raided the last bastion of wealth this country had.

A major tragedy in world history although most people are only looking at the superficial parts of it all.

It's better ( in my opinion ) to buy something small and own it then finance something big and own nothing or a very small part of it. My Parents taught me that and years later a customer of mine, from Hong Kong told me the same thing. He's a gazillionaire now in the produce business. Started with a small fruit stand in SoCal with his wife. Drove $1,000 cars that were essentially falling apart for years and years. When they bought a house it was a tiny one and they paid it off in 5 years. On and on to where there little company eventually supplied a major restaurant chain in Cali with all their salad bar produce. Lots of tomata's haha. Other people don't have a pot to you know what in but think they're smart by leasing new cars that they'll never own and taking giant mortgages on houses that they'll never own. This is a reversal of what built wealth in the country.

Sorry, I'll get off the podium how
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Old 08-12-2007, 07:08 AM
 
Location: Sarasota, Florida
251 posts, read 1,007,200 times
Reputation: 114
Quote:
Originally Posted by kmtjss View Post
Good friend of mine bought his house in Cape Coral 6 years ago for 140 K and has it on the market for 450 K. They didn't do a thing with it and can't get anyone to look at it. They said there asking 100 K less than what there nieghbors are asking and still can't get one person to look at it. 450 K is a big morgage to swallow unless you have the cash to do it. If anyone thinks they will move to Florida because it's cheaper than where there from will have a big surprise coming to them.
And I bet that if they put it on the market for $175k to $200k they'd probably sell it a week, if that long. And they'd still walk away with a good profit.
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Old 08-12-2007, 01:08 PM
 
553 posts, read 1,845,411 times
Reputation: 104
Quote:
Originally Posted by MrTudo View Post
If that's how those kinds of loans work then that's the way it goes. I've never had one of those. Only had fixed mortgages and small enough mortgage that I can essentially write a check and just pay it off if I need to. For now, the money is better off in my inventory. Even on the new house which we are pursuing, it'll have a small mortgage that even if our present house doesn't sell we can handle it and if it got bad bad in the economy ( which is a definite probability) we can pay it off if need be. I could never understand how some people who take huge mortgages and then think they own something. They own nothing.

And that's a similar scenario in the property markets that Gordon Gecko was pitching in the movie Wall Steet about the corporations and the fact hat none of the army of VP's having a stake in the company. It's almost like the same type of mass idiocy has raided the last bastion of wealth this country had.

A major tragedy in world history although most people are only looking at the superficial parts of it all.

It's better ( in my opinion ) to buy something small and own it then finance something big and own nothing or a very small part of it. My Parents taught me that and years later a customer of mine, from Hong Kong told me the same thing. He's a gazillionaire now in the produce business. Started with a small fruit stand in SoCal with his wife. Drove $1,000 cars that were essentially falling apart for years and years. When they bought a house it was a tiny one and they paid it off in 5 years. On and on to where there little company eventually supplied a major restaurant chain in Cali with all their salad bar produce. Lots of tomata's haha. Other people don't have a pot to you know what in but think they're smart by leasing new cars that they'll never own and taking giant mortgages on houses that they'll never own. This is a reversal of what built wealth in the country.

Sorry, I'll get off the podium how
Great post . This has to do with everyone wants everything NOW but they will have nothing later when it counts. But then there is the theory of i could die tommorrow.LOL
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