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Good buys in FL - MSN Article

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Deuce of Spades

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Nov 7, 2005
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Certified Residential Appraiser
State
Florida

Wendy

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Feb 23, 2004
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Certified Residential Appraiser
State
Florida
I'm hoping we will pick up now that prices are getting more reasonable. The bottom has got to be close. Please, oh, please!

I did an ocean front condo last week. Average unit in an average older building that contracted for the low 200s. It was a short sale and the sale price two+ years earlier was almost 400. Ouch. The real number loss in value was 41% total or 17.50% annualized. (Both sales were MLS exposed w/ no changes to the unit between sales)

My gut says that once decent units slip under the 200 pricemark, sales will start to pick up. Then again, it could take getting to the 150's before the market perks up. Who really knows? :shrug:

Forget the luxury high-end buyers; we need the middle income retirees who plan to settle in for the long haul.
 
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Dee Dee

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Jan 16, 2002
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Certified Residential Appraiser
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Colorado
A reality article on the S Fl market. Perhaps it will spur some snowbirds to come back down and take another look. Last I heard, we were actually loosing more retirees than those coming in. Retirees are key to our economic health and afordability is the key to retireees.

Hint: If Florida truly wants to get sales going again its full-time residents should rally to ease up on property taxes for non-resident snowbirds.
 

Willie

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Tennessee
Hint: If Florida truly wants to get sales going again its full-time residents should rally to ease up on property taxes for non-resident snowbirds.


Just another let somebody esle pay my taxes, "eat my cake and have it too" statement which is all to common within the ever growing liberal American populous. Pay no attentions Floridians, the cold obviously affects the mind.
 

Jerry Still

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Sep 20, 2002
Professional Status
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State
Florida
Folks,

Me thinks, that when prices get to where a average two earner family employed in the local area, can afford to buy a home...we will have a normal market again,

Normal is...mostly relying on local working people and not investors or Snow Turds to purchase.

Prices like back in 2000? The sales volume would only be about 25% of the boom 2005 year and also the amount of surviving appraiser's.

First get rid of the over priced homes (its happing). Second get rid of the glut of appraisers...also happing. Me guess is about 2009-2010?

Just what me thinks,

JS
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Folks,

Me thinks, that when prices get to where a average two earner family employed in the local area, can afford to buy a home...we will have a normal market again,

Normal is...mostly relying on local working people and not investors or Snow Turds to purchase.

Prices like back in 2000? The sales volume would only be about 25% of the boom 2005 year and also the amount of surviving appraiser's.

First get rid of the over priced homes (its happing). Second get rid of the glut of appraisers...also happing. Me guess is about 2009-2010?

Just what me thinks,

JS


Jerry, it has been proposed that the snowbirds have their property taxes lowered and therby your property taxes would be raised. Sound like a good idea to you?
 

Daystar

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Sep 7, 2006
Professional Status
Certified Residential Appraiser
State
New York
Florida was a good thing for retiries 20 years ago...who can afford $12,000 in taxes when your in retirement? If they restructure the way homes are assessed then maybe people will come back. For now it looks like last one out shut the lights, people are leaving in crowds.
 

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Daystar - a $250,000 home (about median in my area) would be less than 1/2 that. Taxes are bad, but not that bad.
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Wendy, the no income tax in minimum sales tax is nice as well.
 

Greg Bell

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Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
There were some super deals in 1930.Didn't help much when they were upside down for 15 years....
 
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