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Old 02-17-2013, 09:34 AM
 
18 posts, read 31,214 times
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Moving from CT to WPB - focused on Jupiter and PBG - put a full price offer in on a home in Mirabella with the only contingency being my mortgage and appraisal and lost it. Fair market value based on comps was 40K less than my offer. I admit it was a premium lot but 40K is a lot to give for a premium lot. Most homes that I have interest in are gone before I can even get down there to look at them. If this another bubble for WPB or will it sustain?
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Old 02-17-2013, 11:36 AM
 
Location: Florida and CT
638 posts, read 1,352,199 times
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It could partly be the time of year - I think that area is very seasonal with vacationers and potential investors looking around right now, and anything good will go fast. For that reason, I would not be surprised if another bubble formed in southeast Florida just as it has in the past. A better time to shop is probably July, although it's inconvenient for most of us.
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Old 02-17-2013, 02:32 PM
 
355 posts, read 839,135 times
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There is a shortage of inventory, so those eager to move soon need to act quick. You will probably see more supply next month since a lot of people move during the summer break.
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Old 02-17-2013, 07:47 PM
 
Location: Parkland 561-213-2252
166 posts, read 359,222 times
Reputation: 37
Inventory is down 60 percent since the peak of 2006 and there is a lot of pent up demand right now. The good markets are projected to keep increasing at a rate of 2-5 percent per year for the near future. Appraisals have been a problem so as a buyer they can be your friend and will insure that you won't pay over market value.
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Old 02-17-2013, 07:52 PM
 
1,111 posts, read 1,600,371 times
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Personally I think that the market is approaching 08 levels and will soon tank again when the banks flood all the property's they are holding off the market. As soon as they can offload the MBS off onto the Fed Reserve/Treasury things will drop again. I wouldn't buy anything for another two years.

Just My wizened opinion.
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Old 02-18-2013, 12:16 AM
 
Location: West Palm Beach FL
39 posts, read 103,636 times
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The real estate market is getting ridiculous down here. Prices have gone up about 10% over the past 6 months alone, based upon absolutely no logic other than that the supply of foreclosures has dwindled significantly. The economy in general is getting worse, not better, despite what the idiots in the media say. I'd say the price increases are based purely on people being hasty and overspending because rentals are hard to find, foreclosures aren't holding down home values, and it's the time of year all the snow birds come down - though they'll be leaving in a few months. Don't buy anything unless you get a killer deal on it because prices are likely to come crashing down again in my opinion.

Were you trying to buy with conventional of FHA? Most sellers hate FHA, which I'm sure you already know. My guess is the reason you didn't get the lot was because of a cash buyer. It's also true that there is tons of competition for houses in Jupiter and PBG. You're better off looking in Jupiter Farms or even Loxahatchee because you'll get more house for your money and you'll get away from competitive buyers and the dreaded HOA's.
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Old 02-18-2013, 05:26 AM
 
1,759 posts, read 1,892,335 times
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RE summer. WEirdest thing ever. IN Palm beach gardens and we thought the summer would contain better prices due to it being... SUMMER. WRONG. Bids were coming in on places we wanted every day. Prices were rising due to many many bids.

Some said it was due to school starting (mid August) and people need to be settled. I swear I would have bet money summer would have been better for buyers.
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Old 02-18-2013, 06:40 AM
 
17,288 posts, read 27,606,875 times
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The banks are not flooding the market with foreclosures as predicted, however. They are holding back the inventory they have.


There may be a slight bubble, but mortgages aren't being handed out like candy anymore. So, it's cash buyers (who would not "walk away" from a property, even if it goes down in value unless they couldn't even find a renter - not likely), or people who have sound financial credentials and jobs that are getting mortgages.

The prices are thus higher than they probably should be at some point, but it isn't a 2006-2007 bubble situation because people actually (apparently) can afford these houses they are purchasing.
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Old 02-18-2013, 08:38 AM
 
355 posts, read 839,135 times
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For a bubble to form you need to have an overabundance of buyers which there are not. I am also seeing what I consider to be "fairly priced" homes sitting on the market for months. The homes with premium lots, good layouts and don't need updating are the ones that are selling in days.

The foreclosures and short sales that I've seen are no longer bargains. I think it also depends on the neighborhood. There are some neighborhoods that came through this fairly unscathed with maybe a handful of properties being a distressed home.
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Old 02-18-2013, 09:26 AM
 
1,759 posts, read 1,892,335 times
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There are some neighborhoods that came through this fairly unscathed with maybe a handful of properties being a distressed home.

Yes. This has probably always been true. LOCATION.. LOCATION.. blah blah. The GOOD neighborhoods, good location, safe etc, have held up all too well.
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