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Old 03-18-2008, 06:28 AM
 
Location: Where the sun always shines..
1,939 posts, read 5,836,872 times
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Im a potential buyer also and don't think the end is in sight.. I think home prices are going to continue to drop-- for at least another year. That's my opinion.

I don't think you'll find much for $150. Try a Condo ...
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Old 03-18-2008, 06:32 AM
 
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Quote:
Originally Posted by Oobie119 View Post
Im a potential buyer also and don't think the end is in sight.. I think home prices are going to continue to drop-- for at least another year. That's my opinion.

I don't think you'll find much for $150. Try a Condo ...
We would like to pay as little as possible, that's why I said it would be great to find new homes in the 150K range. We know that prices probably will not drop that near that low. But since incomes are stagnant and the economy is taking a nose dive, it's not bad to dream....
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Old 03-21-2008, 11:26 AM
 
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I would think a weak dollar would mean MORE Europeans--not fewer--I don' tthink the economy is going to collapse--but some areas are really hurting--
what hurts the Gulf coast of Fl is that median income is so low--jobs in sectors like food service, retail sales, hotels, part-time are so poorly paid and many of the jobs in the area are just those jobs...
Sarasota co schools is taking a budget hit for next year--so there will be hiring freeze and some people like aides/secretarial help will be out of work...
the construction industry is not helping any one from building/real estate to mortgage/banking to furniture sales and home inspections--and that was fairly strong sector 5+ years ago
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Old 03-21-2008, 04:24 PM
 
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Been looking in realtor.com and found allot of houses in the 170 to 250 range. Called a realtor about a few beautiful houses and she responded by saying she has 2 contracts on this one house. People are buying in fact when I started my search a few weeks ago the going interest rate for mortgages was over 6 percent yesterday it went down to 5.5% ! I have no idea why people are saying that people should not buy a house but instead rent. That is just crazy. Only problem is house glut in some SW Florida areas so your resale potential might be limited but if you are planning to stay for a few years it should change and will start to change in late 2009 according to some experts.
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Old 03-22-2008, 07:29 AM
 
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I asked because my daughter lives on Venice Island in small condo--she and her husband want to sell--he bought about 5-6 years ago before the market peaked but did not sell when they married--now that they want a real house instead of condo--market is flooded with houses and condos---
they don't think they can sell for enough to cover the mortgage--eventhough he did not buy for speculative venture, they are caught in backlash of sup-prime mess....
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Old 03-23-2008, 07:03 PM
 
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Now is a great time to buy in the area. If you think you are going to time the market and wait for the bottom, you in for a surprise. We won't know what the "bottom" is until 6 months after we hit it. If you want a house, buy it now. Inventory is high, interest rates are low. Forget trying to time it.
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Old 03-24-2008, 07:17 AM
 
960 posts, read 1,475,051 times
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Originally Posted by newinclt View Post
Now is a great time to buy in the area. If you think you are going to time the market and wait for the bottom, you in for a surprise. We won't know what the "bottom" is until 6 months after we hit it. If you want a house, buy it now. Inventory is high, interest rates are low. Forget trying to time it.
People will sit and be cautious about buying for a number of reasons. Most notably the economic instability of our area. Sarasota County (this areas largest employer) has just "laid off" or "fired" another 40 or so people. PGT "fired" hundreds upon hundreds of people recently. There are no jobs being created in the area to absorb these newly unemployed people. Once stable neighborhoods are changing into rental areas, with an influx of transient population. Values of these houses will go down, not based solely on a post "bubble" reset, but based on the fact these areas are now unstable, transient, and therefore less desirable.
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Old 03-24-2008, 07:27 AM
 
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tend to agree with carbondated--there is just not the jobs infrastructure to support buying so many homes----I think my daughter and her husband are in world of hurt and they know how difficult it is to find jobs that pay well in this area
even if they were to relocate they would still be needing to sell that condo--

just think most people who actually LIVE in their homes and want to sell for whatever reason don't really realize yet that there is no upside/unrealized gains to their homes' values--especially people who bought within past 3-4 years when prices were inflated...

most people are going down a little from the "peak" but can't afford to take a loss on their mortgage...

the only people buying now are people with cash in hand and who have found a specific home they want at the price they can afford to pay
think people looking at investment opportunity are still waiting because they think there is free fall still in motion...
the one thing that would truly wreck Fl right now is to have bad hurricane season...
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Old 03-24-2008, 09:33 AM
 
Location: Tampa Bay
20 posts, read 52,076 times
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Have a bit of patience and you will be able to buy that 3/2/2.... but most likely the CDD fee will still be there. I specialize in new construction. Right now you can buy an 1800 sf home without a pool, beautiful neighborhood, builder paying down the CDD to about $700 annually for $180,000. The builders will be leading the pricing because they need to stay in business or close up shop (which we are seeing!) Those builders who have weathered other downturns know when to hold 'm or lower'm. Over priced homes will continue to be reduced... homes priced right will go quickly. It's a bit of a gamble right now... if you find what you want, but don't buy, if it is gone tomorrow, then it was a great price! If not, then you made a good choice. $150,000 homes have been selling, but know if they are worth it or not is the key! Happy hunting.
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Old 04-05-2008, 09:41 AM
 
58 posts, read 165,437 times
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Look at area incomes, take 25% to 32% of income for total housing costs incl taxes ins. HOA,utilities, if the monthly amt. is over 25 to 32% of local average incomes, wait to buy until corrections in price occur. Houses condos and rentals are based on 25% to 32% of average local income.
The mortgage default crisis started when lenders put people in homes that were 50% to 60% to 75% of personal income and local incomes. These are the millions of homes in foreclosure selling at 50%, 63% and 75% less of last inflated sale price. At Auction these homes and units sell for 10 cents on the dollar. See county clerks office records for last sale price of a home or condo.
710,000 house in CA, was listed for 226,000 no buyers, then listed at 160,000, no buyers. The 710,000 dollar home is worth 71,000 cost, bricks labor, lot, materials, sold at Auction for actual value and cost, 71,000.
Condodo that cost 39,000 15 years ago have depreciated, homes that cost 69,000 actual land lot builing material and labor costs will sell for cost plus maybe a few thousand. Developers have given themselves 6 figure profits when they deserved 5 figure profits.
Nobody asks 10x for a depreciated 15 year old car, yet condos that sold for 39,000 want 139,000 and houses that cost 69,000 actual value want 269,000.
There are no suckers lefts as banks will no longer underwrite inflated loans. Taxes assessments, rents and HOA fees will come down or sit vacant. 2009 will be worse, more corrections.
Until we invite 100 million mexicans and 100 million chinese to usa and give them high paying jobs so they can buy the glut of houses and condos, the population demographics show more housing stock then people.
Supply and demand. Oversupply in housing. Prices will correct or units and homes will stay vacant. 10 years forward will not change this. Housing costs went enron style out of line and enron housing and enron inflated rental prices are not going back up.
Look to fundamentals and actual building material land and labor costs, those are the prices people will pay for housing. Labor btw is 7 dollars an hour, drywall is 3.50 a sheet, 3-4 bedroom complete new home builder kits cost 39,000 at menards, add electric, plumbing, a 2000 dollar well or hookup, 10,000 lot and labor and you have a 3-4 bedroom brand new home actual cost 69,000. Why pay a developer 200,000 for 1 months work? Why pay an old owner 12,000 a year for a depreciating asset that he sat on 15 years? Homeowners think they will make 10,000 a year on rotted wood, corroded plumbing, corroded pipes, and termites bugs mites mold and mildew living behind rotting water damaged drywall? Drywall so old you can put your finger thru it, you think people will pay anything but cost or 10 cents on the dollar for this?
THANK GOD HOUSING PRICES ARE GOING BACK TO FUNDAMENTALS AND DEMOGRAPHICS.
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