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Old 02-23-2010, 02:27 PM
 
12 posts, read 90,132 times
Reputation: 22

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Hey everyone,
I have been a member of this forum for a few weeks now, and have found it very useful so far. We are looking at buying a condo in either Sarasota or Venice as a vacation home. I have been reading that some people forecast another round of foreclosures, so here is my question - is now a good time to buy or should we wait until later in the year? Are certain areas doing better than others - for example, are certain cities experiencing less foreclosures and showing some signals of recovery? We are from Canada and our housing market is completely different than what's going on in the U.S., so whatever help anyone can give would be most appreciated. I know noone has a crystal ball, but opinions would be nice!
Thanks
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Old 02-23-2010, 03:50 PM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,351,360 times
Reputation: 1245
Quote:
Originally Posted by aboutflorida View Post
Hey everyone,
I have been a member of this forum for a few weeks now, and have found it very useful so far. We are looking at buying a condo in either Sarasota or Venice as a vacation home. I have been reading that some people forecast another round of foreclosures, so here is my question - is now a good time to buy or should we wait until later in the year? Are certain areas doing better than others - for example, are certain cities experiencing less foreclosures and showing some signals of recovery? We are from Canada and our housing market is completely different than what's going on in the U.S., so whatever help anyone can give would be most appreciated. I know noone has a crystal ball, but opinions would be nice!
Thanks
That is a very difficult question. If you are a cash buyer, and don't have to worry about interest rates increasing, you can make a good deal now, and hold it without having to worry about the debt service issues. Prices right now are really good, but I think that the current market trend has housing prices rising. There may be more foreclosures, and with that prices could drop - but the government has been doing a lot to influence the pace to market - keeping supply and demand in check so prices dont fluctuate wildly like they did over a year ago. There are a lot of cash buyers here, so they havent been slowing down, and since the stock market hasn't been such a good investment lately, people have been buying real estate with the idea they will hold it for a while.

So If I was to look into my crystal ball - it tells me to buy unless you decide not to buy. In which case you may be right, and wrong concurrently. In other words, you guess is as good as mine. But if you do buy, you will have a place to go and enjoy the weather. If you can use it, and enjoy it, and can hold on to it, maybe that is the answer.
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Old 02-23-2010, 05:03 PM
 
Location: Ohio/Sarasota
913 posts, read 2,251,967 times
Reputation: 445
Quote:
Originally Posted by aboutflorida View Post
Hey everyone,
I have been a member of this forum for a few weeks now, and have found it very useful so far. We are looking at buying a condo in either Sarasota or Venice as a vacation home. I have been reading that some people forecast another round of foreclosures, so here is my question - is now a good time to buy or should we wait until later in the year? Are certain areas doing better than others - for example, are certain cities experiencing less foreclosures and showing some signals of recovery? We are from Canada and our housing market is completely different than what's going on in the U.S., so whatever help anyone can give would be most appreciated. I know noone has a crystal ball, but opinions would be nice!
Thanks
We bought our vacation condo last May and asked ourselves the same questions. After much research we decided to buy in a smaller, established, non-conversion complex. Smaller because we wanted to know our neighbors. Established to decrease the chance of foreclosures. If you look at complexes that were converted or built from about 2003 to 2008, the owners probably paid too much and are underwater. Even if the complex is older there could be owners that re-financed and are underwater, so that's not a guarantee. We wanted a conversion because we felt the units are better constructed. Here is a link to our saga, if you wish to read the whole sorry story.
[SIZE=3]//www.city-data.com/forum/sarasota-bradenton-venice-area/665952-after-18-months-we-finally-got.html[/SIZE]
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Old 02-23-2010, 06:49 PM
 
172 posts, read 454,521 times
Reputation: 58
Yes, if you find a good deal. We have another year or so of market correction overall, but the reo props might be at the bottom right now. I suspect our area will see 2 more years of reo activity and then 5-7 of values bouncing along merrily at 0% appreciation. So, you still have plenty of time to buy, but if you find a great deal go ahead and pull the proverbial trigger. Just make sure you don’t overpay as the market is still overvalued. Renting is almost always a better option.... still. :-) Check the county web site for the value of the property before the bubble... in 2000... And make an offer based on this knowledge. You should be fine with this simple guideline. Best Wishes!
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