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Old 04-19-2008, 04:30 PM
 
10 posts, read 40,863 times
Reputation: 15

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Found this on Craigslist. Credit to the original author. Just thought you might like to read/comment!
This man was hired by realtors/brokers to determine the course of real estate in sarasota area. Heres what this economist had to say. It doesnt get any more real then this. Also, prices wont be rebounding anytime soon, as the county wont reduce their assesments on homes and there is 4-5 years worth of extra inventory on the market. That would have to go first. Prices continue to come down and the county won't change their assesments because they want your money. I'm also amazed at the people who are selling their expensive homes who have no idea what the tax bill will be for the guy buying it. The reality is that if you are not already homesteaded and come to this area to buy (say in long boat key)a 500k to 600k home (good luck trying to find one for that price) you will pay approx 11-1200 a month in taxes (Even If Its PAID FOR!) Add 5000-6000 for insurance,water,sewer, association fees and you get the picture......Most of the taxes listed on homes are from previous years and as soon as you buy the home it will be reassesd. Call the county tax collector to get the true taxes.
If the link isn't working, copy and paste in to your browser address bar.
HeraldTribune.com - Real Estate - Real estate and homes news stories about Sarasota, Manatee and Charlotte counties in Florida, from the newspapers of record. - HeraldTribune.com
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Old 04-19-2008, 08:11 PM
 
51 posts, read 153,862 times
Reputation: 29
I agree that there is a lot of inventory. Those greedy builder won't be building much anytime soon.
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Old 04-20-2008, 09:37 AM
 
413 posts, read 1,168,773 times
Reputation: 98
Default Sarasota Property prices

Quote:
Originally Posted by buffjones View Post
Found this on Craigslist. Credit to the original author. Just thought you might like to read/comment!
This man was hired by realtors/brokers to determine the course of real estate in sarasota area. Heres what this economist had to say. It doesnt get any more real then this. Also, prices wont be rebounding anytime soon, as the county wont reduce their assesments on homes and there is 4-5 years worth of extra inventory on the market. That would have to go first. Prices continue to come down and the county won't change their assesments because they want your money. I'm also amazed at the people who are selling their expensive homes who have no idea what the tax bill will be for the guy buying it. The reality is that if you are not already homesteaded and come to this area to buy (say in long boat key)a 500k to 600k home (good luck trying to find one for that price) you will pay approx 11-1200 a month in taxes (Even If Its PAID FOR!) Add 5000-6000 for insurance,water,sewer, association fees and you get the picture......Most of the taxes listed on homes are from previous years and as soon as you buy the home it will be reassesd. Call the county tax collector to get the true taxes.
If the link isn't working, copy and paste in to your browser address bar.
HeraldTribune.com - Real Estate - Real estate and homes news stories about Sarasota, Manatee and Charlotte counties in Florida, from the newspapers of record. - HeraldTribune.com
Hi BuffJones,
Thatb being said, and I agree prices have some more downside, I bought a great house at a great price because the seller had to move to a retirement home and the place was vacant for a year and the price had dropped 14K/month over 10 months and I offered way less than the new asking price and I had some other things in my favor. I also had a buyer's broker who worke very hard to squeeze the seller.
I might have gotten it for less in a few months. Or maybe not. One thing I have learned in my investment career is that bulls make money, bears make money and pigs get slaughtered.

Best,

smiledoc1
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Old 04-21-2008, 09:55 PM
 
Location: Florida
2,209 posts, read 7,235,839 times
Reputation: 632
While I would agree that prices are going to remain soft, because of the fundamentals involved, we would be happy to pay MORE than average values nowadays if we could find the house that works for us.

Found one in Northport but the immediate neighborhood leaves much to be desired. Great house and we might be looking SOFLGAL up to help us find a lot in the new area that we would absolutely like to be in and build one.

However we did find a house there that's existing that we may make an offer on in the next couple of days. We're 15% apart from our max offer so we'll see.....
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Old 04-23-2008, 07:19 AM
 
40 posts, read 162,573 times
Reputation: 24
Quote:
Originally Posted by buffjones View Post
Found this on Craigslist. Credit to the original author. Just thought you might like to read/comment!
This man was hired by realtors/brokers to determine the course of real estate in sarasota area. Heres what this economist had to say. It doesnt get any more real then this. Also, prices wont be rebounding anytime soon, as the county wont reduce their assesments on homes and there is 4-5 years worth of extra inventory on the market. That would have to go first. Prices continue to come down and the county won't change their assesments because they want your money. I'm also amazed at the people who are selling their expensive homes who have no idea what the tax bill will be for the guy buying it. The reality is that if you are not already homesteaded and come to this area to buy (say in long boat key)a 500k to 600k home (good luck trying to find one for that price) you will pay approx 11-1200 a month in taxes (Even If Its PAID FOR!) Add 5000-6000 for insurance,water,sewer, association fees and you get the picture......Most of the taxes listed on homes are from previous years and as soon as you buy the home it will be reassesd. Call the county tax collector to get the true taxes.
If the link isn't working, copy and paste in to your browser address bar.
HeraldTribune.com - Real Estate - Real estate and homes news stories about Sarasota, Manatee and Charlotte counties in Florida, from the newspapers of record. - HeraldTribune.com
Can't appeals be filed with locals disputing property assessments?
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Old 04-26-2008, 08:58 AM
 
45 posts, read 138,237 times
Reputation: 18
Prices are still too high for the median household income. Property taxes and insurance are out of control, schools are bad in Sarasota Bradenton area, and the market will continue to fall. People still think they are going to sell their homes for more than what they paid in 2005-wrong.
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Old 04-27-2008, 07:15 PM
 
58 posts, read 167,122 times
Reputation: 31
>Bulls make money, bears make money, pigs get slaughtered. <
Correct.
That is what the tech crash was all about.
Then the 2000 stock market crash.
And WTC
And housing inflation
Then the mortgage meltdown.
Guys (and gals) who do not know the value of a dollar entered all the above markets and they all got greedy. Greed is NEVER satisfied, hence the greedy got slaughtered and lost all illusionary gains.
The housing markets are still correcting, millions of foreclosures add a new competitive submarket for the vulture buyers. Property value will decline for the next 10 to 20 years, and longer. Taxes are assessed at 1% or 2% of purchase price, each county has thier own rule of thumb average. Assessed value can be garnered with comps of recently bought and sold properties to reflect accurate assessment and tax rate.
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Old 06-01-2008, 12:27 AM
 
22 posts, read 86,226 times
Reputation: 11
Hi All,
BuffJones "Prices continue to come down and the county won't change their assesments because they want your money." I am interested in this statement because I have been thinking of making an offer on a home in Florida but the tax situation scares me. When I find a property that interests me, I go to the property appraisers web site and look up the 2007 taxes and the assessed value. For example a house that is now selling for $150,000 is valued at $250,000 for 2007 and the taxes are about $4500. Then I use the tax estimator to get an estimate on what they would be for me if I purchased it at $150,000. It gives me a much lower tax with a disclaimer that it may not be accurate. I doubt that the county is going to reassess this house at the new sales price cause they would be giving up a bunch of money on every house that gets sold. We all pretty much know that once the government, federal, state, and local, aren't into cutting their budget. On the other hand, I would think that a homeowner would have a pretty good case for having his house revalued given that he can't sell it for anywhere near what the county appraiser says it is worth. Does anyone know if the above quote is true? How are the county appraisers going to handle the falling home values in Florida? It would sure help the houses in that area to sell if prospective buyer had at least a ballpark figure of what their taxes would be. Not a fairy tale, estimate with a disclaimer attached.
Comments or info, anyone?
Thanks, Jody
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Old 06-01-2008, 08:44 AM
 
Location: FL
52 posts, read 129,773 times
Reputation: 32
Taxes reset when property is sold, to the new market value. Ballparking taxes on a purchase is not a problem.
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Old 06-02-2008, 09:54 AM
 
33,347 posts, read 52,850,396 times
Reputation: 19784
taxes dont resent here in TX based on the selling price automatically because selling price does not HAVE to be disclosed--many contracts say for $100 and other consideration--which means whatever the selling price was--
you have to appeal your appraisal by the taxing authority and have a hearing to make your claim--
the fact that your house sold at less than appraised value but other homes in the subdivision are selling AT or above appraised value offsets your complaint unless you have special info--cracked foundation, water damage, --even the fact that the house is outdated does not mean you will win your request for reduction...
but like I said that is in TX--not FL
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