Is Sarasota in a bubble (Miami, Tampa: living in, young professionals, prices)

[Trying941]

Remember, advice on the Internet is worth thinking about, but rarely following.

[motordavid]

Still curious if the poster with a hundred names has sold his house and 'booked' those gains?

Fairly new cars are currently worth more than the lease buyout, or purchase price, house prices are up ridiculously, et al

I can sell one of our cars, sell the houses, move all of our stuff into a waiting list/overpriced storage facility, find a rental or buy a big tent, take public trans, and enjoy the big gains.

Besides the gibberish a few post up, the Fed Tax on house sale gains is exempt up to a $500G gain, if one has lived/owned it for the 2 of the past 5 years. Pretty simple, even for those of us that stayed awake in Tax Accounting 201...

Maybe he doesn't have a house. Just the changeable ISPs at different Starbucks...

[beach43ofus]

Originally Posted by Trying941

For those playing the "huge gain" game, remember that if you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. More than that is taxed. And, there are proposals to raise that tax rate. So do consider how much of that you will be able to keep for other purposes - such as a new home or investment. Also, you may do this "gain" again after two years. So, if you are playing, looking to maximize tax avoidance, and will buy a new home - sell when you max out on the tax free amount and start the new two years running on the new home. Beware, a loss is not deductible if your residence.

I'm only at a $250k gain thus far, and have a spouse, so I still have another $250 in appreciation to go, before I cash it in...tax advantaged. At that point I'll downsize, probably a condo overlooking the Atlantic in 32963. Or, one on the other side of the island w/ a boat dock to park the 38' Sabre I'm dreaming of.

This house is crazy big for 2 peeps to live in anyways, & 5 years from now, this place will be overcrowded.

Buy new, hold for 8 years, then bail. I should be selling right on the tail end of this real estate pricing surge.

[KayakDoc]

Originally Posted by beach43ofus

I'm only at a $250k gain thus far, and have a spouse, so I still have another $250 in appreciation to go, before I cash it in...tax advantaged. At that point I'll downsize, probably a condo overlooking the Atlantic in 32963. Or, one on the other side of the island w/ a boat dock to park the 38' Sabre I'm dreaming of.

This house is crazy big for 2 peeps to live in anyways, & 5 years from now, this place will be overcrowded.

Buy new, hold for 8 years, then bail. I should be selling right on the tail end of this real estate pricing surge.

Again, the salient point is that you see value in knowing when markets are steamy and overpriced and you see value in booking a profit when it's IN YOUR FACE. Timing is another matter.


NO one ever loses money taking a profit. LOL. Taking a profit (big profit) is not something evil. Doing nothing in a clearly toppy, frothy market is not a strategy.


Sorry, many experts agree that sinking big time cash in an illiquid SF house, in a "fast market" can be utterly stupid. It's a house, not a "home". Others have said that being emotionally attached to a physical structure can be also utterly stupid. Falling in love with a house has been known to break people, start arguments, and become large issues even in a divorce, or even a job re-assignment or career change.


Taking a huge profit shouldn't be a hand-wringing experience...lol....taking a huge loss is another matter.


LOL...seriously




Have fun!

[joshan]

Interesting how the guy who wants no one to move here, wants everyone to sell their house. Want to guess who is going to buy those houses? .... ya... argue both sides of an issue just to argue.

[beach43ofus]

Originally Posted by joshan

Interesting how the guy who wants no one to move here, wants everyone to sell their house. Want to guess who is going to buy those houses? .... ya... argue both sides of an issue just to argue.

If everyone cashes in, sells their homes, and move away, & no new people move in, this forum area will be returned to cattle grazing land. There will be no people to read or write posts here anymore.

Or, it could be returned to the indigenous people, & our poster of many names, could add a new one..."Dances With Wolves"

Of course, that will never happen. Instead, this area will become overcrowded, more expensive, & we'll start to see more multi-story vertical structures that increase population density to unbearable levels...for me anyways. Traffic will become unbearable, & every square inch of greenspace will be turned into a concrete jungle; all in the name of progress.

I've seen it all play out many times before...twice in Florida alone. These are the good 'ole days, so enjoy.

[stvlg1]

imo, there seems to be shift in ideology or political leanings that is putting Florida, Texas and the Carolina's at the top of some relocation lists. Like or hate him, DeSantis has drawn a line in the sand and we are seeing where people's true belief's stand. It wont last forever, the next Gov could erase this belief that Florida will never stand in your way of human rights. Until then this flood of people coming to Fla is likely not going to stop any time soon. To me it seems crazy that anyone would sell their house in FL right now and put their money in a different state. The couple that sold their house to us in 2019 and moved to Indiana are probably kicking themselves in the ass right now. The Pandemic helped jump the curve a little but the trend was still in place well before it. To the OP, a bubble most times short lived. This is no bubble. To me it is a shift in ideology that with a symptom that exhibits a bubble.

[YouthForChrist]

Originally Posted by stvlg1

imo, there seems to be shift in ideology or political leanings that is putting Florida, Texas and the Carolina's at the top of some relocation lists. Like or hate him, DeSantis has drawn a line in the sand and we are seeing where people's true belief's stand. It wont last forever, the next Gov could erase this belief that Florida will never stand in your way of human rights. Until then this flood of people coming to Fla is likely not going to stop any time soon. To me it seems crazy that anyone would sell their house in FL right now and put their money in a different state. The couple that sold their house to us in 2019 and moved to Indiana are probably kicking themselves in the ass right now. The Pandemic helped jump the curve a little but the trend was still in place well before it. To the OP, a bubble most times short lived. This is no bubble. To me it is a shift in ideology that with a symptom that exhibits a bubble.

It's an inflated BALLOON, well past a mere bubble. The market is over priced. Since when is a 325,000 house worth 550,000 in less than a year? This is not an incremental increase, it's the classic definition frenzy buying not economic steady growth through normal appreciation of assets in a STABLE economy.


This economy is not stable, it's off the rails. Anyone should be able to acknowledge that. This is not normal, that's why many many owners are gladly selling their own houses at totally abnormal gains in price movements at most price points.


I doubt anyone is "kicking themselves in the a*s" if they sold at a huge profit over their cost basis. Why would they? they didn't lose any money in the first place. They might be very happy with the profit they made and had sense enough to know that pigs get fat, but hogs get slaughtered. Why wait for a market to back off? or correct? what's the value in waiting for profits to begin to erode? I don't blame them for selling - their business, their choice, their smarts, their money in their own pockets. Nothing economically unsound about that it seems to me. Making money seems better than losing money-in anything financial.

[stvlg1]

Originally Posted by YouthForChrist

It's an inflated BALLOON, well past a mere bubble. The market is over priced. Since when is a 325,000 house worth 550,000 in less than a year? This is not an incremental increase, it's the classic definition frenzy buying not economic steady growth through normal appreciation of assets in a STABLE economy.


This economy is not stable, it's off the rails. Anyone should be able to acknowledge that. This is not normal, that's why many many owners are gladly selling their own houses at totally abnormal gains in price movements at most price points.


I doubt anyone is "kicking themselves in the a*s" if they sold at a huge profit over their cost basis. Why would they? they didn't lose any money in the first place. They might be very happy with the profit they made and had sense enough to know that pigs get fat, but hogs get slaughtered. Why wait for a market to back off? or correct? what's the value in waiting for profits to begin to erode? I don't blame them for selling - their business, their choice, their smarts, their money in their own pockets. Nothing economically unsound about that it seems to me. Making money seems better than losing money-in anything financial.

Oh Im sure they are, in the tune of 50-100k+ that's half a salary for some professionals. Sure they may have made a minimal profit but that eroded some with last minute renovations or fixes for the sale to go through.
I guess to each is there own. Funny story we came from Indiana and I told myself a a long time ago I would never sink another dime or sign another 30 year there. I guess I sort of look at it like a retirement fund. When your somewhatish young and healthy you dont mind putting your money in a more volatile market because the reward is usually greater than the risk. Maybe in 5 years I will kicking myself in the ass for not taking advice from reddit and selling now. But you cannot put a price on happiness. That may disqualify me in any way to offer advice here lol. Im usually one advocating for change and never being stagnant but its a risk I willing to take this time around.

[KayakDoc]

Originally Posted by stvlg1

Oh Im sure they are, in the tune of 50-100k+ that's half a salary for some professionals. Sure they may have made a minimal profit but that eroded some with last minute renovations or fixes for the sale to go through.
I guess to each is there own. Funny story we came from Indiana and I told myself a a long time ago I would never sink another dime or sign another 30 year there. I guess I sort of look at it like a retirement fund. When your somewhatish young and healthy you dont mind putting your money in a more volatile market because the reward is usually greater than the risk. Maybe in 5 years I will kicking myself in the ass for not taking advice from reddit and selling now. But you cannot put a price on happiness. That may disqualify me in any way to offer advice here lol. Im usually one advocating for change and never being stagnant but its a risk I willing to take this time around.

Sure you can

Happiness can be having more money in your pocket and have the ability to make other choices easily. Market gifts are a good source of added happiness, why not?