Sarasota is the 6th most overvalued housing market in FL (Tampa: for sale, bad credit)

[joshan]

I find the road design amazing. The amount of cars that area handles with very little wait is amazing. The real issue is exiting the mall across the street from UTC if you want to head east.

This should help greatly with the UTC traffic from the east as beach brought up.

https://www.yourobserver.com/article...tSaFkbgjtMLinc

[newtovenice]

Originally Posted by joshan

I find the road design amazing. The amount of cars that area handles with very little wait is amazing. The real issue is exiting the mall across the street from UTC if you want to head east.

This should help greatly with the UTC traffic from the east as beach brought up.

https://www.yourobserver.com/article...tSaFkbgjtMLinc

I love the fact that they added in bike lanes. Such a wonderfully relaxing and safe place to take a bike ride.

You might even survive. If not, there may not be enough left of you to identify, so make sure you have ID in your pocket for the cop or EMT who finds what's left of you.

[Kadonny]

Originally Posted by newtovenice

I love the fact that they added in bike lanes. Such a wonderfully relaxing and safe place to take a bike ride.

You might even survive. If not, there may not be enough left of you to identify, so make sure you have ID in your pocket for the cop or EMT who finds what's left of you.

Great post! Gotta love these bike lanes cites/townes put in because they are free courtesy of the federal government, even if they make no sense at all. Our fine federal government at work.

[graceC]

Lumber prices fall 22% in March as housing market cools on soaring mortgage rates.

https://markets.businessinsider.com/...e-rates-2022-3

Apparently new home sales fell for a 2nd straight month in Feb, just 2% drop, but still a drop compared to the runaway high prices we've been seeing.

I do think the housing market is overpriced and it's overdue for a correction. I'm just lucky that I bought before the crazy boom; we can sustain market correction. The builders are going to be fine regardless. They have a lot more toys in their toolbox to switch around when market slows down (throw in more upgrades without lowering their prices, for example). It's the homebuyers that bought in the past 1-2 years that are going to be affected the most.

But then again, if you just bought and don't plan to sell anytime soon, you'll be ok.

[wondermint2]

I wonder what percent of home sales in Sarasota are for cash. Does anyone have an estimate? If the cash buyers are more in Sarasota compared to other locations - the slowdown due to increased interest rates might be buffered to some extent.

[newtovenice]

There is a poster spreading incredible misinformation about housing in Manatee and Sarasota counties.

Apparently, you can get homes on the water in Manatee for $160K and Sarasota county is nothing but jacked up trailers on foundations. Also "Sarasota County is a bit tougher, since it's all much closer to the coast"

https://www.city-data.com/forum/poli...ousing-12.html

post #117 and goes on from there.

[Trying941]

Originally Posted by wondermint2

I wonder what percent of home sales in Sarasota are for cash. Does anyone have an estimate? If the cash buyers are more in Sarasota compared to other locations - the slowdown due to increased interest rates might be buffered to some extent.

I cannot answer directly, but I can inform.

In 2021 in Brandon there were 535 sales between $300,000-$500,000. Most investors buy in this range.

157 were for all cash or 29%.

95 were to LLC's or 18%.

[Trying941]

Originally Posted by LilliesOfTheFields

Paying cash for a house in this nosebleed environment is quite nutty.

Not always Shecky. Where you are trying to get the winning bid, or a discount, cash is still King. Remember, you can always finance later, if that is advantageous. And, if you are an investor seeking to leverage a million dollars into multiple properties, financing gives you the ability to buy several instead of just two or three.

[beach43ofus]

Originally Posted by Trying941

Not always Shecky. Where you are trying to get the winning bid, or a discount, cash is still King. Remember, you can always finance later, if that is advantageous. And, if you are an investor seeking to leverage a million dollars into multiple properties, financing gives you the ability to buy several instead of just two or three.

Convert cash into property during periods of very high inflation (its ~9.6% here right now) is good because holding eroding dollars, can wind up costing you. The cash is de-valuing, but the home is appreciating.

[MOforthewin]

Originally Posted by beach43ofus

Convert cash into property during periods of very high inflation (its ~9.6% here right now) is good because holding eroding dollars, can wind up costing you. The cash is de-valuing, but the home is appreciating.

What happens when the house prices go down?


I wonder what's going to happen with used cars, especially with auto makers cracking down on pricing new cars over MSRP.


Like the C8 Corvette. next year when the production is caught up and is back to normal what will those dealers do that bought a lightly used C8 and trying to sell it for 105k when you can order a similar NEW one from the factory for 70k?


The car will either collect dust or the dealer will have to sell it and a pretty good loss.