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A lot of people bought their homes a the height of the boom and paid top dollar with the intentions of flipping them and making an easy profit not anticipating the bottom falling out on the real estate market. Afterall, everyone said you never lose money on real estate. That is why I ran out and bought a home in 2004.
Though the price I paid was slightly inflated, it was nowhere near what some of these other people paid for their homes, but unfortunately the house was built in 1989 and disgustingly outdated, so we have had to renovate every inch of this house to bring it up to date, but when I see all the foreclosures on all these new homes that are practically brand new, I want to scream. That's why many people are simply walking away from their homes.
I only bought in Spring Hill because the real estate was cheaper than Tampa. I wanted more bang for my buck. I, like everyone else, thought I could sell it in a few years and turn a profit, so I could buy something nicer and more modern in Tampa, but now forget it. I will have to take a loss on it if I want to get out of Florida all together. The housing market will never see that value again in my lifetime. I have lived here for 23 years and that was the first time ever.
To answer your question, I am from Bensonhurst Brooklyn.
My electric has gone sky high due to the rise in rates which was published in the Hernando Times by Withlacoochee.
I have a brand new A/C system, all appliances, water heater doors and windows like I said, my home has been fully renovated top to bottom, so everything I have is energy efficient. My pool was already built before the rates went up, so that is not the issue. The issue was the rise in fuel prices. Everyone jumped on the band wagon and stuck it to the consumer. Just because gas prices went down alittle bit, doesn't mean all these companies lowered their rates back to normal. They are just operating at a bigger profit.
Do you realize my brother pays cheaper property taxes ion his home in Brooklyn than I do in Seven Hills? It is crazy!
Just because someone can buy a home for a lower price doesn't mean they have the finances to run it and upkeep it. That is why we moved to a development because we wanted to be with nice homes that were kept up. Yeah right! Noone can afford to maintain their homes anymore.
Hurricanes have always been an issue in Florida, and the insurance companies will milk this for the next 15 years.
When I bought my first home back in 1995 in The Heather, I couldn't find anyone to write me a homeowner’s policy back then due to the Homestead hurricane back in 1992. I had to use the Florida Joint Underwriters for the first year until they found me a policy.
The education system in Florida isn't isolated to Hernando County. It is all of Florida. This state falls below the national standards constantly. Florida has the highest drop out rate in the country, the highest child abuse, spouse abuse, and animal abuse rate in the nation. If you don't believe me, research it for yourselves. Three of the top five crime ridden cities in the country are in Florida. New York City isn't even in the top five. Number 1 is Tampa, number 2 is Miami and number 3 is Jacksonville.
Obviously buying during such a boom was a mistake unless you were selling and then buying. Buying 1st time during the boom was suicide.
Right, "real estate always goes up". Except when the prices are inflated and they were.
Our story is a bit different. Moved from Brooklyn (Sheepshead Bay)
in 88. Went to Orlando. Rented for a year. Bought a 3bd 1 bath
1952 house that was as it was in 1952. $62,000.00. Over the years
we did some work on the place, new windows, new roof, new doors, new kitchen, a nice driveway, landscaping, 2 paint jobs, it looked great.
In 2005 we sold it for $245,000.00. We moved to Spring Hill and bought our current home for $125,00.00 cash. We moved debt free. Still are.
The house we have now would have sold for $80k, maybe $85k in the "pre boom" and should sell for about that now.
What does "disgustingly outdated" mean? Built in 1989 and you had to renovate it? Emm. Sounds like desires outstripped resources and needs.
We didn't relocate for the thought of flipping anything. We were out to re-start our lives in a new place because Orlando got too big and busy.
It just lost its appeal for us after 17 years. We were (and are) in Spring Hill to stay. We will make improvements to our home as we go along.
So far its been new windows. Those old aluminum frame 3 part windows stink, so we put in the best. Hurricane resistant high impact windows.
New doors, ripped out carpeting and restored the terrazzo. Changed the old vinyl room into a useable year round space using insulated builidng panels. We painted the inside and out as we went along over the past few years. No rush to do it at once, we do it as we can afford to.
Our A/C is probably 10 years old. Appliances are newer, but our
electric from WREC is never more than $180.00 and that is in august.
We keep the place 79-80 in the summer. Our water heater is on a mechanical timer so its off during the day when we are at work. Its off all night while we sleep. No pool. A hot tub, a pond that runs 24/7.
WREC does not operate at a profit. Its a Rural Electric Cooperative.
We own WREC. Yes, fuel surcharges certainly account for 50 % of our
electric bill. WREC does not produce electricity. It buys it off the grid and provides it to us. They have to pass on the extra costs to us or there would'nt be any electricity coming to us.
It always amazed me that NYC property taxes are so low!. How do they do it. Police, fire, sanitation, all provided for your tax dollars. However, go to Nassau County or Suffolk and the taxes skyrocket. $12-15k a year
for a plain old house out there in taxes!. Jeeze mateeze.
Home maintenance is not expensive. Wash your windows, mow your grass, trim your shrubs. What's the problem with maintenance?
If you HAVE TO have a lawn service, a pool service, a pressure washing service, these things cost you money. Do it yourself and save instead of paying someone else to do the same thing.
Developments: Nobody is going to tell me what color I can paint my house, what I can park in my driveway, and tell me I can't fly my American flag. That's for sure. They also want homeowner association fees for the privledge. To heck with that.
Hurricanes have always been an issue in any coastal area from Maine to Key West. Just not in Florida. Hurricane Andrew was an annomoly.
Things like that don't happen that often. If those houses were built properly in the first place they wouldn't have had so much damage.
That's why Deltona homes are built with reinforced concrete. There is rebar in Deltona home walls. Not wood attached to wood sitting on a slab.
As far as your closing statement about the education system, drop out rate, child abuse, spouse abuse, and animal abuse rate.
Who's fault is that? Florida's or the people who live here?
Of course its the people. Crime ridden cities? Yes, urban jungles.
Don't be so sure about NYC. I lived there for 30 years of my life.
I remember the 1970's. I remember the 1980's. Crime was rampant.
It's no paradise today either. Also, NYC is one of the most expensive cities in the world to live in. The quality of life there is what? The museums that locals don't go to? The theatre that gets $100 a seat?
Before we left NYC in 1988 we had already been planning for over 2 years. Researching we would want to go because we had it with NYC.
The noise, the traffic, the people, the cost of living, the quality of life.
We were thinking Texas, Houston specifically but they lost out due to other factors. Orlando won the decision for us and we both left decent jobs. I had 10 years in with my company. A major international trading company. Great future ahead there. What was our options? Living in a pre war apartment building. Rosey. Or we could have went and bought a house in Westchester for $150k and commuted. Problem was we didn't make enough money to afford $150k for a house. We were trying to survive NYC cost of living. Rent, electric, car insurance, clothing, food,
income taxes.
Quality of life? On the weekend we'd go down to some isolated beach areas along the Belt Parkway but the homeless camps, the residents who brought their huge families and blasted ghetto music and left the place a trash dump ruined that. If we went to the regular beaches we'd have the trash there, the knife fights, the stuff stolen off the beach if you went into the water which was cold in August. Fun. Sure, you could ride the subway then and take your chances on getting robbed there. Burglaries were an everyday ocurrance and we had a steel gate on our fire escape window. We had an alarm system in the apartment We had to take our radio out of the car when we parked it and installed a bar on the steering wheel to the brake to keep it from getting stolen. Those were easily defeated with a hack saw. Not to mention alternate side of the street parking and the driving nightmare itself. The tolls on the bridges and tunnels were like $2.00. each way. Now they are $5.
In life you can't have everything you want on demand. You have to work up to better things. You can't have that $250,000 home and the BMW in the driveway when you work as a bank teller making $8.00 an hour.
That is the root of the problem. GIVE IT TO ME NOW. I WANT IT NOW. And lenders were out there saying "sure, you're entitled".
If people would learn to live within their means and work up to the bigger and better things in life they would have an easier time at it, wouldn't be in foreclosure, wouldn't be stuck in the financial mess that they put themselves in.
Sounds to me like you went in over your head at the beginning and will never see the light at the end of the tunnel because you will always be in the tunnell trying to dig out.
Me, I will live in my home probably until I die. Maybe a reverse mortage for better income in the later years. My 10 year old truck will go another 5 years. I will mow my grass, trim my shrubs, keep my house clean and
happy. Maybe it won't have a 16 x 18 swimming pool that I would never use, won't have the stainless steel fridge and dishwasher, won't have the highest end fixtures in the tub and the bathroom will retain that 1970s appeal. However, we will be happy and content because we know one thing.
IT IS ALL A HECK OF A LOT BETTER THAN WE HAD IT IN THAT PRE WAR 1 BEDROOM APARTMENT that had insufficient heat in the winter, an electrical system that could not support a window air conditioner, the neighbors upstairs with their kids, the neighbors downstairs, and next to us on each side. We won't have to hear the fire engine and police car sirens blasting down the street all night, we won't have to shovel snow, slip and fall on ice on our way to work, won't have to hump the groceries 5 blocks in the rain, won't be moving the car from one side of the street to the other twice a week, won't have to ride the subways to and from work, at over $2 a pop, won't have go to stores that stink to high heaven from the garbage rotting in the back, the ability to live where the sun shines most of the time and "a freeze" is a bad bad thing.
Basic point: Never bite off more than you can chew.
Quote:
Originally Posted by princess706
A lot of people bought their homes a the height of the boom and paid top dollar with the intentions of flipping them and making an easy profit not anticipating the bottom falling out on the real estate market. Afterall, everyone said you never lose money on real estate. That is why I ran out and bought a home in 2004.
Though the price I paid was slightly inflated, it was nowhere near what some of these other people paid for their homes, but unfortunately the house was built in 1989 and disgustingly outdated, so we have had to renovate every inch of this house to bring it up to date, but when I see all the foreclosures on all these new homes that are practically brand new, I want to scream. That's why many people are simply walking away from their homes.
I only bought in Spring Hill because the real estate was cheaper than Tampa. I wanted more bang for my buck. I, like everyone else, thought I could sell it in a few years and turn a profit, so I could buy something nicer and more modern in Tampa, but now forget it. I will have to take a loss on it if I want to get out of Florida all together. The housing market will never see that value again in my lifetime. I have lived here for 23 years and that was the first time ever.
To answer your question, I am from Bensonhurst Brooklyn.
My electric has gone sky high due to the rise in rates which was published in the Hernando Times by Withlacoochee.
I have a brand new A/C system, all appliances, water heater doors and windows like I said, my home has been fully renovated top to bottom, so everything I have is energy efficient. My pool was already built before the rates went up, so that is not the issue. The issue was the rise in fuel prices. Everyone jumped on the band wagon and stuck it to the consumer. Just because gas prices went down alittle bit, doesn't mean all these companies lowered their rates back to normal. They are just operating at a bigger profit.
Do you realize my brother pays cheaper property taxes ion his home in Brooklyn than I do in Seven Hills? It is crazy!
Just because someone can buy a home for a lower price doesn't mean they have the finances to run it and upkeep it. That is why we moved to a development because we wanted to be with nice homes that were kept up. Yeah right! Noone can afford to maintain their homes anymore.
Hurricanes have always been an issue in Florida, and the insurance companies will milk this for the next 15 years.
When I bought my first home back in 1995 in The Heather, I couldn't find anyone to write me a homeowner’s policy back then due to the Homestead hurricane back in 1992. I had to use the Florida Joint Underwriters for the first year until they found me a policy.
The education system in Florida isn't isolated to Hernando County. It is all of Florida. This state falls below the national standards constantly. Florida has the highest drop out rate in the country, the highest child abuse, spouse abuse, and animal abuse rate in the nation. If you don't believe me, research it for yourselves. Three of the top five crime ridden cities in the country are in Florida. New York City isn't even in the top five. Number 1 is Tampa, number 2 is Miami and number 3 is Jacksonville.
e education system in Florida isn't isolated to Hernando County. It is all of Florida. This state falls below the national standards constantly. Florida has the highest drop out rate in the country, the highest child abuse, spouse abuse, and animal abuse rate in the nation. If you don't believe me, research it for yourselves. Three of the top five crime ridden cities in the country are in Florida. New York City isn't even in the top five. Number 1 is Tampa, number 2 is Miami and number 3 is Jacksonville.
Statistics please? No, you don't have any, because none of the above is true. Others here have posted links disproving all of that time and again, so if anyone wants to research, they can just check this forum and see that you are just unhappy with the poor choices you made and are trying to blame the whole state for your problems.
Spring Hillian - I agree with your whole post. This is how we live also. When we moved back to Sarasota/Bradenton last year, we bought a nice little 1950's home of solid construction for under $200,000 two blocks from Sarasota Bay. It is small, but lots of character and only needed some minor improvements. While we have a mortgage, we expect to have it paid off by retirement, and our payment is ridiculously low, as is our utility bills, electric bills, reasonable taxes. Only HOI is high, but that is the cost of living in Florida. We mow our own grass, and do most of our own maintenance. We drive a 10 year old Jeep and 12 year old truck, and have no intention of buying new vehicles. Our splurge in life is going out to eat and we do spend a good amount of money on that, but since we don't take vacations, we consider those meals out "mini-vacations." Like you, we also live in an old established neighborhood without the Nazi-esque HOA's, one will find every style, color, and decade of house here going back to the 20's. The lots here are large, minimum 1/3 acre or more, and made larger by the broad streets and sidewalks with right-of-ways.
I definitely agree with you that way too many people seem to want it all, and want it all now, with no thought to how they will pay for it in the future. I think America is going to see some big changes in the future. More and more people are going to down-size and move in closer to the urban core of their towns and cities, while all the McMansion developments in the suburbs will go begging. I love my little house, and the older I get the less size I need to make me happy. I don't like to spend time or money on cleaning or maintenance, I like to have time to enjoy beautiful nature, or playing my musical instruments, or working in my garden - all things that cost nothing but make me happy. We expect to be in this house the rest of our lives, so to us, we really don't care how much the value goes up or down, it won't affect us at all.
A bunch of greedy people from up north came down with the intentions of flipping a few homes. Get rich quick. It didnt work out for many, so they abandoned the homes and the locals are left to clean up.
A bunch of greedy people from up north came down with the intentions of flipping a few homes. Get rich quick. It didnt work out for many, so they abandoned the homes and the locals are left to clean up.
Your are right, not sure if they were all from "up north", but I agree about the greedy people coming to flip - that is one thing that has made me very angry about all this. And I am talking about true "flipping", which means someone who bought something and resold the same day without doing anything to the property; not legitimate re-habbers - that is not flipping.
A few years ago when all this was happening and prices were through the roof I asked my husband - "what is fueling all of this"? when I saw prices going up and up, and people buying properties that I had no idea how they could afford, when they made less money than us. It makes me angry that banks, developers and flippers were so irresponsible, and now the rest of us are left to pay for the bailouts and clean up the mess.
Even now, there are "flippers" in the news, coming to buy foreclosures, tricking the banks and re-selling for more the same day. May they all get their karma!
Thank you for your agreement. I like to state things the way they are, not the way I see them. You're right on the school system. That is such old news. Outdated news.
I like the way you think/live. That is the RIGHT way to do it.
Not the "I have to have it now" way that so many are purusing.
THey lease cars or buy cars they can't afford and try to lives lifestyles beyond their means.
What happened to COMMON SENSE?
Quote:
Originally Posted by gypsychic
Statistics please? No, you don't have any, because none of the above is true. Others here have posted links disproving all of that time and again, so if anyone wants to research, they can just check this forum and see that you are just unhappy with the poor choices you made and are trying to blame the whole state for your problems.
Spring Hillian - I agree with your whole post. This is how we live also. When we moved back to Sarasota/Bradenton last year, we bought a nice little 1950's home of solid construction for under $200,000 two blocks from Sarasota Bay. It is small, but lots of character and only needed some minor improvements. While we have a mortgage, we expect to have it paid off by retirement, and our payment is ridiculously low, as is our utility bills, electric bills, reasonable taxes. Only HOI is high, but that is the cost of living in Florida. We mow our own grass, and do most of our own maintenance. We drive a 10 year old Jeep and 12 year old truck, and have no intention of buying new vehicles. Our splurge in life is going out to eat and we do spend a good amount of money on that, but since we don't take vacations, we consider those meals out "mini-vacations." Like you, we also live in an old established neighborhood without the Nazi-esque HOA's, one will find every style, color, and decade of house here going back to the 20's. The lots here are large, minimum 1/3 acre or more, and made larger by the broad streets and sidewalks with right-of-ways.
I definitely agree with you that way too many people seem to want it all, and want it all now, with no thought to how they will pay for it in the future. I think America is going to see some big changes in the future. More and more people are going to down-size and move in closer to the urban core of their towns and cities, while all the McMansion developments in the suburbs will go begging. I love my little house, and the older I get the less size I need to make me happy. I don't like to spend time or money on cleaning or maintenance, I like to have time to enjoy beautiful nature, or playing my musical instruments, or working in my garden - all things that cost nothing but make me happy. We expect to be in this house the rest of our lives, so to us, we really don't care how much the value goes up or down, it won't affect us at all.
Your are right, not sure if they were all from "up north", but I agree about the greedy people coming to flip - that is one thing that has made me very angry about all this. And I am talking about true "flipping", which means someone who bought something and resold the same day without doing anything to the property; not legitimate re-habbers - that is not flipping.
A few years ago when all this was happening and prices were through the roof I asked my husband - "what is fueling all of this"? when I saw prices going up and up, and people buying properties that I had no idea how they could afford, when they made less money than us. It makes me angry that banks, developers and flippers were so irresponsible, and now the rest of us are left to pay for the bailouts and clean up the mess.
Even now, there are "flippers" in the news, coming to buy foreclosures, tricking the banks and re-selling for more the same day. May they all get their karma!
Oh trust me, I cant stand to look at our subdivision filled with empty houses, some people park their cars in the grass now. Yeah, real nice. The good folks who bought their home to LIVE IN are now forced to deal with the ugly reality of increased renters, increased property crime, the ghetto element, and watching our home values plummet. One of my big gripes about FL is what has happened to it, particularly the WHO that has moved into the state and those who have moved out. I could totally see Mr and Mrs Jones coming to look out houses for sale in our neighborhood and be completely turned off by some of the "ghetto element" that is now roaming the streets, walking their pitbulls w/o leashes on, etc... but how can we stop it? So many foreclosures that owners just want someone in that house paying rent. So we get what we get.
I've watched about 10 or so families with NJ plates buy a house or multiple houses and turn around and walk away because they didnt get to flip the homes. Now we who live here are having to clean up the mess. And this gypsychic, is one of the many reasons I like Asheville so much better.
Oh trust me, I cant stand to look at our subdivision filled with empty houses, some people park their cars in the grass now. Yeah, real nice. The good folks who bought their home to LIVE IN are now forced to deal with the ugly reality of increased renters, increased property crime, the ghetto element, and watching our home values plummet. One of my big gripes about FL is what has happened to it, particularly the WHO that has moved into the state and those who have moved out. I could totally see Mr and Mrs Jones coming to look out houses for sale in our neighborhood and be completely turned off by some of the "ghetto element" that is now roaming the streets, walking their pitbulls w/o leashes on, etc... but how can we stop it? So many foreclosures that owners just want someone in that house paying rent. So we get what we get.
I've watched about 10 or so families with NJ plates buy a house or multiple houses and turn around and walk away because they didnt get to flip the homes. Now we who live here are having to clean up the mess. And this gypsychic, is one of the many reasons I like Asheville so much better.
Sorry, didnt mean to rant forever.
ComSense - the thing is, you know I love Asheville, but the area we live in now (Sarasota/Bradenton) is a LOT like Asheville in so many ways - same size population, resort/vacation community, lots of natural beauty, leads the state in "green sustainability", etc. Asheville has the same type "bad" we have, too - tourist economy, low pay, no jobs, etc. Living in the area of Florida that you do, you probably can't see this comparison, and I can understand that. But almost daily my hubby and are saying "hey, this reminds me of Asheville!" No, not in climate or topography, we have beaches, they have mountains. But there is a connection - did you know our white quartz sands flowed down here years ago from the Appalachian Mountains? And for the most part, people are happy and friendly here, too.
Yes, we have had flipping in this area, and it has hurt things - what about Asheville - didn't developers and flippers hurt that area, too? Remember, on those boards they are complaining a lot about "Floridiots" who have come in and "ruined" their area, and I experienced the bias first hand up there, which is one of the few complaints I had about that town.
I really don't blame you for being unhappy in Orlando, that is not an area that I would want to live in personally for many reasons. Good luck on getting back to Asheville.
ComSense - the thing is, you know I love Asheville, but the area we live in now (Sarasota/Bradenton) is a LOT like Asheville in so many ways - same size population, resort/vacation community, lots of natural beauty, leads the state in "green sustainability", etc. Asheville has the same type "bad" we have, too - tourist economy, low pay, no jobs, etc. Living in the area of Florida that you do, you probably can't see this comparison, and I can understand that. But almost daily my hubby and are saying "hey, this reminds me of Asheville!" No, not in climate or topography, we have beaches, they have mountains. But there is a connection - did you know our white quartz sands flowed down here years ago from the Appalachian Mountains? And for the most part, people are happy and friendly here, too.
Yes, we have had flipping in this area, and it has hurt things - what about Asheville - didn't developers and flippers hurt that area, too? Remember, on those boards they are complaining a lot about "Floridiots" who have come in and "ruined" their area, and I experienced the bias first hand up there, which is one of the few complaints I had about that town.
I really don't blame you for being unhappy in Orlando, that is not an area that I would want to live in personally for many reasons. Good luck on getting back to Asheville.
Thank you Gypsychic. Asheville has been hurt by speculation as well, obviously not to the degree that much of FL has. I have family (on my wife's side) in Sarasota - it's very nice - we liked it a lot, in fact, when we got back to Orlando from our last visit from Sarasota, we were like "ugh ."
Thank you Gypsychic. Asheville has been hurt by speculation as well, obviously not to the degree that much of FL has. I have family (on my wife's side) in Sarasota - it's very nice - we liked it a lot, in fact, when we got back to Orlando from our last visit from Sarasota, we were like "ugh ."
Hey Com: You're in O-town? Lived there from 88-2005. Fabulous Winter Park. Corrine/Bennett area. Got a little too crazy there for me.
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