Absolute house insanity (Tampa, Gainesville, Brandon: townhouse, construction, property taxes)

[MOforthewin]

Originally Posted by cjairo191

They will say everyone works from home now which is a big lie. These stores and schools are not all close together cough

Certain jobs, and mid level jobs, sure some are still working from home. Lawyers, Doctors, nurses, teachers, police, executives, managers can't work from home.


other that computer programming and certain accounting jobs, most of the permanent work from home jobs seem to pay under 70k a year.

[MOforthewin]

Originally Posted by EngGirl

Very true.
Our friend is selling their house. 700K price range. 14 offers within 3 days with 5 cash offer at or above asking. It's amazing. They bought this house for 400K 3 years ago.

Our neighbor is selling a house (500K range) - roof needs replacement and leaking. House sold as is. Bidding war is going on. It's truly crazy. People seemed desperate. These with cash it kind of make sense though because of default coming just around the corner

Stupid IMO. If you have half million to throw down on a house that's a POS that's a terrible investment. Why not rent a condo or something until the market cools down and buy a better home?



500k, plus 20k or so for a roof, plus another 20k lets say to fix it to your standards.


Hell, might even be better to buy a manufactured home to live in for a couple years until the inventory gets back in line. Then get a better price on a home. Even if you have to sell the manufactured home for a loss it would still save money versus buying a overpriced turd right now.

[louie0406]

I purchased a new construction Townhome in June of 2020. Waited 8 months for the build and moved in Feb 2021. With the upgrades that my wife wanted we paid 208k @ 2.7%. Pre housing insanity levels. This year alone at least 6 owners have sold as they’re being offered 125-150k above what they paid just a year ago. Issue is, while yes they’re buying larger 1 family homes, they’re doing so at a much inflated price. Some of our neighbors have yet to even find a home, or are being vastly outbid by Northeasterners who are moving down with lots of cash in hand.

I’m sticking it out. At the price/interest rate we got, I will always be in the black regardless of how the market turns. Especially now with the Fed raising interests rates.

[YahwehPower]

Originally Posted by MOforthewin

Stupid IMO. If you have half million to throw down on a house that's a POS that's a terrible investment. Why not rent a condo or something until the market cools down and buy a better home?



500k, plus 20k or so for a roof, plus another 20k lets say to fix it to your standards.


Hell, might even be better to buy a manufactured home to live in for a couple years until the inventory gets back in line. Then get a better price on a home. Even if you have to sell the manufactured home for a loss it would still save money versus buying a overpriced turd right now.

of course, but you're thinking too rationally! everything is overpriced but some like kool aid I guess

[Nutz76]

Originally Posted by MOforthewin

Stupid IMO. If you have half million to throw down on a house that's a POS that's a terrible investment. Why not rent a condo or something until the market cools down and buy a better home?



500k, plus 20k or so for a roof, plus another 20k lets say to fix it to your standards.


Hell, might even be better to buy a manufactured home to live in for a couple years until the inventory gets back in line. Then get a better price on a home. Even if you have to sell the manufactured home for a loss it would still save money versus buying a overpriced turd right now.

There won't be an inventory increase anytime soon. As in a decade or 2. They're not making any land and the residential units that need to be replaced replaced with high density residential are locked up by old people who won't sell because that's where they retired. It's a mess.

[MortonR]

Enjoy this:

https://www.cltampa.com/news/most-ta...H4UPP_Bjp5E1U8

RM

[Chickrae]

So basically if I am coming from out of state to buy a home, I will not find one without offering over for what a home is listed for? That's discouraging.

[LKJ1988]

Originally Posted by Chickrae

So basically if I am coming from out of state to buy a home, I will not find one without offering over for what a home is listed for? That's discouraging.

It won't last much longer. Things are gonna come down hill fast once all this mess comes together in less than 3 years.

[beach43ofus]

Originally Posted by Nutz76

There won't be an inventory increase anytime soon. As in a decade or 2. They're not making any land and the residential units that need to be replaced replaced with high density residential are locked up by old people who won't sell because that's where they retired. It's a mess.

Its all moving inland where there vast amounts of farmland, & we'll also see some build-overs near the coast and in highly desireable urban areas...like Hyde Park.

I saw these trends play out in SE Florida when I lived in Boca Raton in the late 1970's to early 1980's. Back then, there was almost nothing West of I-95 out by the Turnpike, & today, its a mature suburban area.

Take a look at Parrish, and all the new building going on down there on former farmland. Many of those buyers commute into Brandon & Tampa for work...soe even cross the Skyway into St. Pete.

[lavender]

I started this thread one year ago, and since then, it has just escalated in a way that is very hard to comprehend. Listed a house Thursday, more than 100 visits, 15 contracts and waiting for more before six tonight, nothing below asking. It is destined to sell for a fabulous price for the sellers, but my heart is truly saddened for buyers. They are desperate. I have not seen this kind of behavior since I started 18 yrs ago, even through the noughties madness. I don't see a crash, but I do see it reaching tipping point. Which can't come soon enough in my opinion. We need some equilibrium in the market.