Sarasota/Venice new resident proved many on this board wrong regarding jobs (Tampa: foreclosure, rent)

[Carbondated]

Originally Posted by INeedAChange

I'm usually not one of the gloom and doom people here but--is $12-18/hour really enoough income to buy a home in that area? I know your cousin did it, but is that typical?

That's a good question.

Normally I would assume a person with that sort of salary could purchase a home in the $75,000-$100,000 range. I think there are one, maybe two houses in that price range in Venice. I think they are 2/1's 600 sf. cottages without garages.

I guess, in his cousins case, he sold a house in NJ maybe???, and probably had a substantial 401k to get him into his home.
As for keeping up with mortgage payments, property taxes, HOI, HOA, and infrastructure fees (homeowners are assessed these fees instead of Lennar in this development), I don't know how on $12-18 per hour, unless you have some decent savings.

[kdzgon]

Originally Posted by Old Man Winter

I am happy that your relative bought a home and got a job. Even better that his daughter is in Taylor ranch for school. Repost in a year and let me know how well his $12.00 dollar an hour job is supporting his insurance and taxes. And on a larger scale, how much of that 401k is still intact. It isn't doom and gloom as you see it, bottom line is $12.00-$18.00 dollar an hour jobs don't support families. I will assume it is Stonybrook that he bought in. If so he will most likely be withdrawing from that 401k again to pay infrastructure fees. Best of luck to him, Venice is a great little town, if you make the most of what it really is.

Isn't Stonybrook in Ft Myers, or is there another in Sarasota or Venice, or is Venice just a subset of Ft Myers? (Still learning the layout here...thanks!)

[Racelady88]

Originally Posted by kdzgon

Isn't Stonybrook in Ft Myers, or is there another in Sarasota or Venice, or is Venice just a subset of Ft Myers? (Still learning the layout here...thanks!)

Stoneybrook Venice is just off of I-75 at River Rd. Some folks consider it North Port, but it is technically Venice.

I worked for one of the subcontactors who worked on those homes. I wouldn't take one if it was given to me. Those things were thrown together. I am sure the OP's cousin was offered all kinds of things by Lennar, and most likely used Lennar's lender. Coming from Jersey I am also sure that the buyer thought he was getting a good deal.

[Ladywithafan]

Originally Posted by JunoAqua

I would just like to say that despite all the negativity and gloom and doom regarding sarasota/venice/ areas in relation to jobs and housing my cousin has finally acheived home owner ship and employment in this area in ONLY 2 months after moving from New Jersey after losing his job. I am amazed at the poor gllom and doom picture that is painted of the SW area of Florida on this board. I understand everyone has their own opinions and skill sets, but my cousin purchased a home in Venice,FL Lennar homes and will be working for Publix distribution center starting next week on Clark Road in Sarasota $12-18/hour. His daughter goes to a great school in Taylor ranch of Venice and I am proud of him that he made the transition and succeeded despite the many negative opinions on this area. See it CAN BE DONE. Hard work determination and perseverance pays off. He moved from NJ with NO job and bought a home before he even landed this job with some of his 401k Venice lennar homes. Is is really that bad here, my cousin made it look easy.

Congrats on the move, finding a job, etc...one thing people often forget is that I've seen people more receptive in different work opportunities to northerners. They don't have the jadedness of Floridians (i.e. there's the old work week etiquette, Monday's 9 a.m. is really noon, Tuesday usually, Wed. 9-5, Thursday, not a lot done except preparing for Weekend...etc...). Coming from up north, they know you know what arrive on time means.

Also, this family's circumstances, like everyone's are different. As far as surviving on $12 to $18/hour, with a family unit (say of three people), unless someone else is bringing home some bacon or you have other funding, it will be rough.

Singles can get by & actually eat out/attend events & put gas in their cars; But three people on a gross income of $37,440/year with mtg payment, insurance, house bills....??

If house is paid for, totally different story....so yeah, let them have the honeymoon; maybe everyone moving into Florida should have a honeymoon discount?

[121804]

Originally Posted by Evey

Stoneybrook Venice is just off of I-75 at River Rd. Some folks consider it North Port, but it is technically Venice.

I worked for one of the subcontactors who worked on those homes. I wouldn't take one if it was given to me. Those things were thrown together. I am sure the OP's cousin was offered all kinds of things by Lennar, and most likely used Lennar's lender. Coming from Jersey I am also sure that the buyer thought he was getting a good deal.

Lennar stopped all construction nationwide a few months ago due to SW FL inventory. Then they started their new campaign. Shareholders had to see something.

I think it depends on the subcontractors. There is a fairly nice Lennar development in our area. Personally, I don't think 75% of the builders down here are worth the time. I've heard of worse builders than Lennar.

Hopefully, the OPs cousin got in a development that was built halfway decent.

[kellycoffin]

there is some hope here, I hope he didnt get a goofy mtg. (adjust.rate) if so he needs a 30 yr fixed right now. try to refinance in 2 yrs when your rate goes through the roof and you will find the value in your home is not there, you dont make enough to qualify, blah blah blah you are in deep. then try to sell your home. ha. advise.. get a fixed mtg, escrow your tax/ins. budget your best, dont spend any money on anything you dont absolutley need, stay put at your job and do the best you can, give (110% is close) get promoted, and keep your house for 30 years. you will survive. Florida is tough but worth it. Sorry to say that the people who gave you the financing today have already forgotten your name.

[JunoAqua]

Originally Posted by Old Man Winter

I am happy that your relative bought a home and got a job. Even better that his daughter is in Taylor ranch for school. Repost in a year and let me know how well his $12.00 dollar an hour job is supporting his insurance and taxes. And on a larger scale, how much of that 401k is still intact. It isn't doom and gloom as you see it, bottom line is $12.00-$18.00 dollar an hour jobs don't support families. I will assume it is Stonybrook that he bought in. If so he will most likely be withdrawing from that 401k again to pay infrastructure fees. Best of luck to him, Venice is a great little town, if you make the most of what it really is.

401k has roughly 150k left, and yes you are right Stonybrook it is; as Lennar paid for all of his closing costs estimsted 12,000 on a 225K house. What a deal right? taxes are 2600 year, 1450 for HOA fees, and 670 for home owners.
Thank you for your comments, i value your opinion.

Note: also that he was able to buy this house, with no job and onlky due to good collaterlal the 401K with 200K now its 150K left. Also the mortgage is 1400/month, whew!!

[121804]

Originally Posted by JunoAqua

Note: also that he was able to buy this house, with no job and onlky due to good collaterlal the 401K with 200K now its 150K left. Also the mortgage is 1400/month, whew!!

I think there explains the unique & good situation your cousin had when deciding to move here. Not the norm for many who want to pack up & move without employment. He came here with some sort of financial backing, which is probably the only way anyone should move to FL & SW FL area at that! Good that his risk paid off. For some it will.

[kdzgon]

Originally Posted by JunoAqua

401k has roughly 150k left, and yes you are right Stonybrook it is; as Lennar paid for all of his closing costs estimsted 12,000 on a 225K house. What a deal right? taxes are 2600 year, 1450 for HOA fees, and 670 for home owners.
Thank you for your comments, i value your opinion.

Note: also that he was able to buy this house, with no job and onlky due to good collaterlal the 401K with 200K now its 150K left. Also the mortgage is 1400/month, whew!!

We looked in Stoneybrook - Lennar was trying to close out the development - and of course reduce the inventory overall, but because they only had a few properties left they were offering some especially sweet deals there (relatively speaking). They had some decent financing deals available, incl a product that would allow you a one-time pay-down (and payment recalculation) on the mtg with no add'l closing required, a nice deal if one still needed to sell a home elsewhere. That mortgage was compelling, but we found a different home that better suited our needs. (The development also seemed to be very family-oriented - not at all the stereotypical snowbird and/or retirement community so many here try to claim is the only makeup in the area.

I bought my first home in a similar market (but in NJ). My goal is not to try and time the real estate market. I was looking for a home we would be comfortable in for the foreseeable future, at a price we could live with (and afford). We don't intend to use the home as our "piggy bank", nor is the intent to make a killing of any sort. We want a place to live comfortably and we plan to be there for the long term.

Do I wish DH listened to me nine+ years ago when I first tried convincing DH to buy in Fl? Of course, but that doesn't mean it is not still a good move for us now. It took a visit to the west coast for him to truly feel at home in Florida, combining much of the beauty with a slower pace than the Ft Lauderdale area (the NJ of Fl, IMO). We had also looked at Jupiter, Stuart and Port St Lucie, but while beautiful (and we have some relatives there), we liked the more tropical feel a little further south. I like the beauty of Naples, but didn't think I wanted to live there full time.

To the OP - if your cousin has not already done so, he should review (or check with a tax professional to review) the rules for a 401K withdrawal and the possible tax ramifications so he can plan for the potential costs. I have seen many a person be quite surprised at the final cost to withdraw monies - the amt withheld at time of distribution is often not enough to cover the taxes due.

[jdber94]

Originally Posted by 121804

Lennar stopped all construction nationwide a few months ago due to SW FL inventory. Then they started their new campaign. Shareholders had to see something.

Update as on September 5, 2007. I just inspected a Lennar community in North Port known as Palmetto Lakes located within Heron Creek. ALL spec homes that were completed have been SOLD. 6 NEW model/spec homes have broken ground in the past 2 months priced from $450,000 to $510,000 with pools being 2,550 SF to 2,926 SF in a/c size. traffic in August was slow, typcally is, but the sales girl indicated that they have high hopes for the season.