Bidding wars (Miami, Tampa, Orlando: rental homes, new house, neighborhood)

[denenholtz]

The experts got it wrong last time around this region. By the way, Hedge funds around here still own a ton of SF houses, and they are itching to dump in a frothy market.

[MOforthewin]

Originally Posted by denenholtz

The experts got it wrong last time around this region. By the way, Hedge funds around here still own a ton of SF houses, and they are itching to dump in a frothy market.

Also, just how many houses in FL, especially the major cities are owned by land lords in other countries?

I read something about a year ago and cities like Orlando, Miami, New York, San Fran, and I think Dallas had a lot of property owned by Chinese firms. No wonder why they jack the rent up.

[loves2read]

Originally Posted by MOforthewin

Also, just how many houses in FL, especially the major cities are owned by land lords in other countries?

I read something about a year ago and cities like Orlando, Miami, New York, San Fran, and I think Dallas had a lot of property owned by Chinese firms. No wonder why they jack the rent up.

Preferential visa treatment
Babies born in US automatic citizens

[MOforthewin]

Originally Posted by loves2read

Preferential visa treatment
Babies born in US automatic citizens

Of course these are not the typical Chinese or other Asians but their billionaire ones buying up all the properties.

Someone on here also said in the Sarasota area there are properties owned by Chinese as well.

[loves2read]

Originally Posted by MOforthewin

Of course these are not the typical Chinese or other Asians but their billionaire ones buying up all the properties.

Someone on here also said in the Sarasota area there are properties owned by Chinese as well.

Maybe so but in my neighborhood it is Canadian and European buyers

[FL dreaming]

I have lost out on my last two attempted property purchases in Venice due to bidding wars.

[tinytrump]

Originally Posted by Marion Marlowe

That's their problem in NJ. If they are in that much of a hurry, go rent an apt, BV or a trailer. Participation in the bubble from transplants hurt the people and systems HERE in Florida.


Florida First. Florida's people first. Florida's economy first.

Agree 1000%. They bring big money n hurt the local natives. Here - Mexico - Costa Rica every where they go and complain dinner was over $16! The local people can’t afford Diddly - housing is out of control !

[tinytrump]

Originally Posted by loves2read

Maybe so but in my neighborhood it is Canadian and European buyers

My sis in real estate over 25 yrs in this area. Chinese cash buyers were eating the blocks, at least until Covid. Not sure where it’s all at now. Seems north transplants running from Covid plus the new boomer retirees just coming in droves.

[Sunshine Rules]

It's not just bidding wars for resale homes, several of the national builders in our area are now releasing limited numbers of lots each month for "auction" to prospective buyers. You have to make your highest and best bid OVER the lot premium price. Winners then get to build. A major home builder in Palmer Ranch released a grand total of four lots here in April -- you can do the math as to where the lot prices are going.

Several other builders are also rationing lots but not doing lot auctions at this time, buyers go on a wait list for upcoming lots as the lot premiums and base home prices continue to escalate. I spoke with a rep of one of those builders that told me a number of prospective buyers literally got priced out of the market while they were waiting for lots to be released. Others are losing out because they are doing financing and appraisals are coming in below the purchase prices (appraisals often lag market prices when it's a seller's market.....), the buyers don't have the extra cash to make up the difference between the appraised price and the purchase price.

Buyers in this market have to be persistent, prepared (financials), but also patient in their pursuit of their next home. It may take losing several bidding wars before they achieve their home buying goals.



I read an interesting article recently by 2 economists who have studied the patterns of real estate boom / bust cycles all the way back to the early 1800's. They claim real estate runs in roughly 18 year cycles. So if our last down cycle was in 2006, the next should occur in 2024. more or less. They are not willing, however, to predict how much of a downturn will take place or for how long because of other factors such as interest rates, government policies and subsidies, mortgage rates, lending, and international conflict, as well as regional real estate market differences.

This real estate boom vs the last one are different -- the last one was driven by speculators who had access to 100% or even 103% financing no matter their credit scores. People were treating home buying like a stock market -- buy today, sell tomorrow. More buyers today are actually looking for homes to occupy, either full time or as winter homes. There are many more cash buyers now and those putting down 5 - 20% on financing, plus lenders are paying much closer attention to the buyers financials. No one wants a repeat of 2008 - 2010.

[loves2read]

Except those who made out like bandits with blood in the streets...