Property Taxes- Cost of Living

[MrTudo]

Originally Posted by LeavingScotlandforFL

Hey Mr.Tudo,
I know the feeling and I don't even live in the US!
So I have come to the decision that it is better to put up with this in the sun, instead of our crappy climate in the UK

Hehehe well LSFFL, you all are much more familiar with the word exodus and believe me I'm on the same page.

NYLATINQT, I already did, returned and sometimes am wondering why.

[Getusoutofthesnow]

I was wondering if anyone has any information on what homeowners ins. costs in the Port Saint Lucie area. I am looking at moving down that way and I need some advice. I heard that to figure out what your taxes will be just figure 2% of your sales price of your home. Does that include state, city, school, and county taxes? What are the average cost of utilities to operate a home? I am coming from NY so it a total change. If anyone has any helpful information I would greatly appreciate it. Thankx

[06Hemi]

I too would like to know what the Insurance rates are.

I would give up my 2300 sq ft half acre $200K home here for a small 600 sq ft cottage near the beach. I LOVE having all this space here but wouldn't need it if I lived down in Fla. I would be outside and near the beach and really only need my home for sleeping. lol

The husband and I have considered buying a home in Fla but this talk of property taxes has me now a bit worried. Hrmm, guess i'll just have to see how things pan out.

[SKB]

Originally Posted by MrTudo

We were looking at houses in Wellington. I saw listings in the 300-390's ( houses that frankly were low 200's in 1999-2001 with prop taxes in the less than 2K a year range then ) I have a real problem paying 5-8,000.00 a year in prop taxes for a 300K house. Couple that with the cost of homeowners and health insurance and I'm getting discouraged.

When we lived in West Boca in 1996-1999, the fellow across the street made 75K a year as management for Fedex. His Wife made 25K as a part time teacher. My neighbor to the right of me made 100K a year as a hospice specialist. The houses there were in the 175-225K range. I believe I sold mine for more than any house ever sold in the neighborhood and I sold it for 235K in 1999. Now, did the people across the street and next to me suddenly see a doubling of their incomes to support this real estate market and the cost of living?

My Wife and I earn in the 6 figures range and I truly don't know how people are making it on less and I know that most people are in the less income than that category. While we can certainly afford to buy another house in the
300's, we are also savers. If we were move back into those areas on the east coast and pay those numbers we would give up an additional 10K a year ( taxes, insurances) more than what we spend here on the west coast in the house we're in. I'm not willing to give that up for a house. No way.

This is really something. I was reading yesterday where people in Ohio are going down the tubes with houses in Cleveland as low as 15K. 15K! No jobs. Foreclosures all over the place in California. This is all over the country to one degree or another but here in Fla it's starting to get annoying now.

We could stay where we are and keep saving but we want a larger house. I'm starting to think about moving back to Asia to be honest with you. The cost of living here has become ridiculous. For what?

We have a meeting on Friday to look at houses in Northport-Port Charlotte. Maybe my attitude will change by then. Grrr.

People that experienced the big gains in their home value that didn't take out MEW's and HELOC's are the only ones that are going to come out of this crash with their wallets and credit still intact.
The ones that didn't borrow money and are listing for twice and three times, four times what they paid in 2000, they can FORGET it, I am not going to finance their retirement. The party is OVER.

NONE of these same people would be able to afford to buy back their own homes at the current prices. That is the thought that I continually think as I drive through neighborhoods looking at homes for sale.
Salaries certainly didn't go up to much over the bubble years, my husbands salary went up 3% each year, and he also was able to get a couple of promotions during this time but not enough to justify the run up prices. His salary would have to double for us to feel right about paying these bubble prices.
Those people including you, living in your old neighborhood were living within their means at 2.5 - 3 times their salaries for homes. It is simply madness to me for anyone to pay over that amount for a home and think they can afford it.
People paying 4-5-6-7 times their salaries for a house?
If the toxic lending and 1% teaser rates had not been handed out, NONE of this would have happened. Home prices would never have climbed the way it did. There would have been NO bidding wars, and people camping out on lawns to get into a model home to try for home lotteries buying multiple homes at once. This was all simply madness like fools gold. It is like people thought they found their way to wealth without having to put any sweat, or sacrifice into it. Principles that have been in place for 200 years simply failed to exist any longer. People lost their common sense for the almighty dollar.

We are sitting in this rental house and watching and waiting the slow downward trend of lower home prices. When we are back to pre bubble prices we will make our purchase. Frustrating as heck to be having to wait this out but, unlike the homeowners that are underwater and are hurting to make their ends meet each month and worrying how they are going to pay their taxes and insurance, we are doing just fine.

Have patience and stop looking at homes, things are going to look a lot different another year from now, as they are looking a lot different than they did from a year ago.

2009-2010 will be OUR years. You don't need to move to a different country, you just need to have patience and wait.

What I do is look up listings in the 350-400 price range and bookmark them so I can follow their demises. I spend a lot of time looking at the property appraisers web sites to see what these homes sold for pre bubble. I also have a spread sheet I made that calculates a generous 3% year over year appreciation to calculate MY TRUE VALUE.
This will be the price I will be willing to pay when we buy a home, which is what determines true value, what someone is willing to pay. What was good for the bubble years DOESN'T EXSIST ANY MORE.

We have our cash and cash will be very much needed to purchase a home in two years.

[casualobserver]

[quote=SKB;3317855]
2009-2010 will be OUR years. You don't need to move to a different country, you just need to have patience and wait.

quote]

I admire your discipline, SKB. Nonetheless, given these inventory statistics as of March, it may take well beyond 2010 to clear out this overpriced backlog.


There are currently 11491 single family homes listed for sale in Palm Beach County.

For the month of March, 346 Single Family Homes SOLD in Palm Beach County.

[chili555]

My wife and I lived in Boca Raton for 30+ years. Upon retirement, we move away! We lived in an 1800sf house and paid $3000 in taxes (because we owned the home for many years) and our insurance was $4900. Homeowners association dues, including special assessments amounted to about $1500 per year. We sold our home and moved just outside Charlotte, NC where we bought a 3200sf home on a 1.2 acre lot. The taxes are $1546, insurance $610 and there is no association. There is also no Glades Rd. at 5:15pm.

I don't know how you all do it.

[Marlin331]

[quote=06Hemi;3313732]I would give up my 2300 sq ft half acre $200K home here for a small 600 sq ft cottage near the beach. I LOVE having all this space here but wouldn't need it if I lived down in Fla. quote]

I think that's awesome. Too many people think that they need a 3000 square foot home to be happy, and then complain about paying $650,000 and sitting in traffic for 30-60 minutes or more to get to the beach from way inland. If you consider condos, homeowner's insurance tends to be a lot lower. Besides, $200K may be able to buy you a nice 2 bedroom condo in a nice area semi-close to the beach!