Sarasota is the 6th most overvalued housing market in FL (Miami: lawyer, homes)

[beach43ofus]

Originally Posted by pjbrien

I'm not sure I agree with this in all cases. In the case where the builders sign a contract at X purchase price and then take 22 months to complete the house (as is the case with our home) inflation can definitely hurt a home builder on that particular unit.

Correct, so they take the loss on that 1 units, and add that dollar amount to the price of the nxt few units to recoup the loss.

The loss on the 1 unit doesn't last long. The buider will get every penny of it back on future sales.

[beach43ofus]

Originally Posted by Trying941

For those interested in a Taylor Morrison home at Esplanade at Skye Ranch or Azario Lakewood Ranch the builder is releasing 6 homes at Skye Ranch at 10 at Azario for highest and best bids. Offers are accepted February 23rd only. Bids are for home, lot and builder selected upgrades.

By way of example only, a Lazio at Skye Ranch lists for $597,900 without lot or upgrades. Bids start for the Lazio complete at $784,261. Most homes open bidding at about 30% above "list" and include lot and upgrades.

A Pallazio at LWR starts at $971,653 with lot and upgrades. Base price is $638,900.

I predict they'll sell them all that day. Lets see if they go at 30% above asking or more, that could give us a look into the future.

[MOforthewin]

Originally Posted by Trying941

For those interested in a Taylor Morrison home at Esplanade at Skye Ranch or Azario Lakewood Ranch the builder is releasing 6 homes at Skye Ranch at 10 at Azario for highest and best bids. Offers are accepted February 23rd only. Bids are for home, lot and builder selected upgrades.

By way of example only, a Lazio at Skye Ranch lists for $597,900 without lot or upgrades. Bids start for the Lazio complete at $784,261. Most homes open bidding at about 30% above "list" and include lot and upgrades.

A Pallazio at LWR starts at $971,653 with lot and upgrades. Base price is $638,900.

Jeez. That's not a lot of houses. They're treating them like they're some rare limited production Lambo, or the new C8 Corvette which is rare to find.

These builders in their marketing materials seem to fluff stuff in order to make you hurry up and buy.

These "selected" upgrades are overpriced add ons that the builder chargers more than what you could pay to do it yourself.

But you also have to look at it this way now. These buyers in their 50s thru mid 60s are not like their parents. They fall for marketing stuff easier now as they're still within that age where they too use social media and see tons of advertising and fall for marketing gimmicks. The builders and salesmen are laughing all the way to the bank when they fluff it up and sell you expensive upgrades on the house which are highly marked up.

[beach43ofus]

So long as prices keep escalating, and homes keep selling, this is not an overvalued housing market. Its over-valued when sales stop at the existing asking prices, and buyers can start negotiating again. As we've established in another thread here, we have not been in any bubble from Jan 2019 until Jan 2021.

Upgrades...we bought ~$100,000 worth of new home builder upgrades because I didn't want our home to be a construction site after we took possession of it. I know people who paid nothing in the design center, were going to do it all on their own, but then tragedy struck. I know others whose first year in their home was turned upside down by constant construction...cabinets, counter tops, backsplashes, ceiling molding, flooring, pools. Some of those contractors did lousy work, and some ripped people off...there's added risk.

The stuff we paid for were the things that are tougher to do later...8' interior doors, extra can lights in the ceiling, TV cable pre-wiring, oversized garage, ceiling tile material upgrade, elevation upgrade, utility easements to add more seperation between homes. Not all upgrades are froo froo interior design fluff.

[AaronDavidSchultz]

Most any clear-thinking owner of a simple house is to SELL on the UPSIDE of a dramatically accelerated JUMP in prices in a very short period of time (lol...not over 5, 7, 10 or more years where you might see what could be considered "normal appreciation" lol...which itself might be bogus lol)....you never, ever, ever "take the bait" in a fast jump in a housing market. Why be a fool in a hurry? for a house? shelter? in a hurry for that pool? that 4-car garage? that stupid membership in The Club? that nice electric gate at the entrance? lol, that pickleball court? that nice driveway with those special -ordered Pavers? or those Coffered 12-foot cellings with the 600 dollar fancy ceiling fan/light package?? that upgraded (but cheapazz) quartz countertops? that up-charged narrowazz Lot with a "water view", i.e. backed up to a large retention Pond?


er, ok


Stay in that "hurry". Be happy. Be dumb.....er, in my sole opinion.


Sell on the upside, when things are irrational. I like it, I like it A LOT. I like it when I measure twice and cut once.

[MOforthewin]

Originally Posted by SylvieMarchande

Fools abound. No shortage throughout economic history.


Damn fool buyers, or the money is burning a hole in their pockets.


Ray Charles could see that these pos houses and upgrades are overpriced. Never get into a bidding war on a damn lot, house, or both. A rare Lambo or a limited production and rare Patek may be another matter. Nothing rare about a house with an "oversized garage" or "8-foot doors" or a "Butler's Pantry"....ha ha ha....how silly to get sucked into that kind of buying...it's no Le Bleu de France.


Oh well, not my money.

Why are homes built so cheap and crappy in general in FL? Is it the builders being cheap or is it the lack of skilled labor?


This has been going on for years.


Look at SEFL. The homes trashed by Andrew were not built up to code. They were supposed to but inspectors didn't do their jobs or turned a blind eye. Literally some of the homes were cardboard literally. There is a video on youtube of it a reporter showing it back then how cheap they were made.

[Hbcapital]

Latest stats out from Sarasota realtors. Prices up 36.6% in the last twelve months. Inventory continues making record lows. Until inventory increases, more of the same in the future.
https://www.myrasm.com/wp-content/up...01_Summary.pdf

[Trying941]

Originally Posted by Hbcapital

Latest stats out from Sarasota realtors. Prices up 36.6% in the last twelve months. Inventory continues making record lows. Until inventory increases, more of the same in the future.
https://www.myrasm.com/wp-content/up...01_Summary.pdf

The only positive statistic is that new listings slightly exceed new sales. If this were to continue for a few months, it is likely that the rate of increase will subside.

[MOforthewin]

Originally Posted by AaronDavidSchultz

Most any clear-thinking owner of a simple house is to SELL on the UPSIDE of a dramatically accelerated JUMP in prices in a very short period of time (lol...not over 5, 7, 10 or more years where you might see what could be considered "normal appreciation" lol...which itself might be bogus lol)....you never, ever, ever "take the bait" in a fast jump in a housing market. Why be a fool in a hurry? for a house? shelter? in a hurry for that pool? that 4-car garage? that stupid membership in The Club? that nice electric gate at the entrance? lol, that pickleball court? that nice driveway with those special -ordered Pavers? or those Coffered 12-foot cellings with the 600 dollar fancy ceiling fan/light package?? that upgraded (but cheapazz) quartz countertops? that up-charged narrowazz Lot with a "water view", i.e. backed up to a large retention Pond?


er, ok


Stay in that "hurry". Be happy. Be dumb.....er, in my sole opinion.


Sell on the upside, when things are irrational. I like it, I like it A LOT. I like it when I measure twice and cut once.

That's why my association fees are so high. When they put the second, main club house in they built a pickleball court, shuffleboard court, and large pool and indoor clubhouse. The pool is cool and all but hardly anyone uses the Pickeball or Shuffleboard courts. In fact I never see anyone playing Pickleball on it. They should have just stuck with the pool and clubhouse.


It's a large development and I know the fees for it they must be making a profit. They use lawn service company that one of the board members is friends with. No wonder why the price for lawn service went up so much over the old company lol. Basically using businesses to maintain it that are friends of the board members.

[Jensen440]

yeah, what about that scam and lousy service of Envera Systems as well?