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Old 08-21-2013, 11:48 AM
 
398 posts, read 822,875 times
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http://www.sarasotarealtors.com/file...0820100517.pdf
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Old 08-21-2013, 06:17 PM
 
37,315 posts, read 59,924,275 times
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Any idea what % is still going to cash buyers?
as long as most sales are to that type of buyer I am betting majority of sales are for investment/rental properties....not for owner-occupied...

when the investors can make more money in bonds--in several years when those rates are allowed to go up--and investment homes come back on the market...then the story might be different...
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Old 08-21-2013, 07:26 PM
 
Location: Sarasota FL
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The problem with all the investment to rental properties is that the area gets flooded with them and not enough people that can pay $1600 a month rent. Investors want ROI so the properties eventually go HUD sec 8.
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Old 08-21-2013, 09:49 PM
 
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I watch the listings and sales pretty closely for someone who is not a professional. I am seeing $500k+ homes that have been on the market for a very long time suddenly get sold. Those may be investors expecting appreciation or a safe place to stash cash for people in countries with inflation problems like Argentina. I don't think these homes are going to section 8. Besides section 8 rents are too low in Sarasota to justify the investment.
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Old 08-21-2013, 11:39 PM
 
37,315 posts, read 59,924,275 times
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a 500K home is not going for rental income but what % of the market do those make up and maybe they didn't sell at their listing price...

I just think as long as all cash buyers are the majority of sales it indicates a couple of things

1--the economy is not really that strong because those who need to buy with a mortgage still don't have enough saved to make a large downpayment and make themselves more attractive to sellers....banks if it is troubled sale...
2--the economy is not really that strong because investors are taking their income from rental income where there could be significant cash flow and ROI vs what else there is to invest in...

I don't think this country will ever really see young people/families being able to buy a house as easily as they did 10-20 yrs ago even with depressed home prices in some areas because income is not rising like rents are...
housing for many people in many areas of the country is still VERY expensive compared to take home income and when you factor in rising utility costs and higher taxes...
owning a home is just taking a bigger bite out of people's income...
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Old 08-22-2013, 10:01 AM
 
Location: Lakewood Ranch, FL
5,662 posts, read 10,754,254 times
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Quote:
Originally Posted by loves2read View Post
Any idea what % is still going to cash buyers?
as long as most sales are to that type of buyer I am betting majority of sales are for investment/rental properties....not for owner-occupied......
I know it is anecdotal but most of my buyers over the past couple of years, who have purchased for themselves, have been paying cash. Also, we just had the VP of Residential Sales for LWR speak to our office and I asked him the same question. There are 328 homes currently under construction in LWR and he said just around half (+/- a few points)were cash buyers. The average price point for new, according to him, is about $403K (resale averages about $395K according to his numbers) and those are not investment properties. It's interesting...
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Old 08-22-2013, 07:25 PM
 
Location: Sarasota FL
6,864 posts, read 12,089,946 times
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People buying the $400,000 home are not dipping into their 401k or pension funds to make the purchase. They sold a house up north that they bought 30-40 years ago for $67,000 mortgage paid and sold it for $500,000. Buy a home here for $400,000 cash with money left over for a new car in the garage.
And yes! a lot of the $150,000-$200,000 do become HUD sec 8 when they sit empty for 4 months
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Old 08-22-2013, 10:04 PM
 
1,507 posts, read 1,976,754 times
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I do not see homes in Sarasota being turned into Sec 8 housing. I have a rental and had a lot of calls on it. Rented it out for 15% more then the last renter in one week. I must have fielded over 75 inquires in that week. I see Sarasota south on fire. Sarasota is a hard place to even find a good rental. I have to call BS on the idea of homes turning Sec8
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