Now Most Sellers “Want To Be Insulted” In FLorida
The Ledger reports from Florida. “For the first time since the housing boom began in 2005, Polk’s median home prices decreased 5 percent from March 2007 to March 2006: $178,300 to $168,300. Daytona Beach, Melbourne, Panama City and Punta Gorda all posted double-digit declines in median prices, which is happening to coastal communities where prices were heavily inflated by investors during the peak of the building boom.”
“Home sales around the county dropped nearly 42 percent from 592 in March 2006 to 345 last month. ‘Right now, it’s hard to sell and slow to close,’ said Brooks Chandler, a Realtor in Lakeland. ‘You have the hills and valleys and that’s how it is.”
The Herald Tribune. “In the Charlotte County-North Port market, sales of single-family homes fell 25 percent from March 2006 last month. Prices in that market also took a beating, dropping 14 percent to $193,000 and well below the $200,000 price point on which the area had been teetering. Sarasota-Bradenton posted a pricing decline; 9 percent.”
“‘Buyers are looking for bargains, there’s no question about it,’ said David Lipstein, founder of Manasota Key Realty. ‘They are making offers that are much lower than list prices. In the past, sellers would have been insulted by such low offers and would not have responded, but now most of them want to be insulted. At least that gives them a starting point for negotiations.’”
“There were 8,376 single-family homes listed for sale in Sarasota as of April 15, according to Team DuToit at Keller-Williams Realty. The result is that Sarasota’s MLS has been left with a 110-week supply of homes at the current sales rate.”
“That makes for odd requests: ‘I’d like to make an appeal to everybody who does not need to sell to take your home off the market,’ said (realtor) Marianne Zoll.”
The Miami Herald. “In March sales of existing single-family homes were down 33 percent in Miami-Dade County and 25 percent in Broward compared to a year ago. For condominiums, sales plummeted 45 percent in Miami-Dade and 32 percent in Broward.”
“Nearly 75,000 houses and condos were listed for sale in March, a 4 percent increase over February and a 58 increase over a year ago. ‘Sales are soft. I think the next thing will be a softening in home prices. That would be a very good sign, part of the healing process in our real estate market,’ said Richard Barkett, CEO of Realtor Association of Greater Fort Lauderdale.”
“Four months ago Marty Blondwine put her 2-bedroom condo in Fort Lauderdale up for sale. Since then she has dropped her price from $269,000 to $239,000. ‘No buyers yet, no showings,’ said Blondwine, an accountant pondering a move out of the state because of the high cost of living. ‘I can’t lower the price anymore. If I do, I will lose money.’”
The News Journal. “Sales of existing homes plunged in March, with the median price for a home in the Volusia-Flagler market dipping below $200,000, the Florida Association of Realtors reported Tuesday.”
“‘Home buyers are now able to negotiate with sellers since there are so many homes on the market,’ said Jalene Stockhausen, president of the West Volusia Association of Realtors. ‘I think the mentality is that homes need to sell quickly, so sellers are more willing to bargain.’”
“The number of existing single-family homes sold in Volusia and Flagler counties was down 24 percent in March to 681 from 897 in March 2006, according to the state association. The median sales price was $199,600 in March, down 12 percent from $225,700 a year ago.”
“‘Buyers are in the driver’s seat,’ said Maggi Hall, a DeLand Realtor. ‘A lot of sellers are lowering prices to get their homes to sell,’ Hall said. ‘It’s good to see a lot of people adjusting their prices to reflect the market, and being much more realistic.’”
The Palm Beach Post. “The Treasure Coast suffered the biggest drop in single-family home sales in the state last month, the clearest evidence yet that the housing boom has gone bust.”
“‘There was a tremendous amount of speculative investment in the home-buying market in 2004 through 2006,’ said analyst Stan Gerberer. ‘Some reports, and some anecdotal evidence, show as much as 50 percent were speculative sales. Everybody who plays the investment game hopes the buck stops with the next guy rather than him.’”
“‘We seem to be selling less and less, and listing more and more,’ said Sheri Wetzel, president of the Realtors Association of St. Lucie County. Bob Lowe, a Treasure Coast broker and a Florida Association of Realtors officer, agreed. ‘The market has totally done a 180-degree turn and has become a buyers’ market,’ said Lowe.”
“A recent report revealed a 21-month supply of existing single-family homes and a 27-month supply of condos in Palm Beach County. ‘The speculative days are over, but there are some very tempting deals from builders,’ said economist Bradley Hunter.”
The Sun Sentinel. “The South Florida home and condo market could get worse before it gets better. Nearly 37,000 homes and condominiums were on the market last month in Broward. At the current pace, it would take several years to sell those properties.”
“Analyst Brad Hunter of West Palm Beach said buyers might seriously consider new single-family homes because builders are slashing prices and offering ‘mind-boggling deals.’”
“Properties that are selling have two things in common: they’re renovated and priced slightly below market value.”
“‘I think that over the next two months most of the buying will be done,’ said David Dweck, an agent in Broward and Palm Beach counties. ‘Come summertime, with hurricane season, I don’t think we’ll see a lot of buying and we’ll see a lot of motivated and desperate sellers.’”
“Frank Pagliughi’s looking for a two-bedroom condo in Broward, and prices for similar-sized units vary wildly. Two nearly identical condos in Sunrise, for example, were priced $60,000 apart, he said. The price gap, along with the uncertainty surrounding property taxes and insurance, makes Pagliughi wonder why he’s going through the hassle.”
“‘I ask myself, ‘Do I really want to buy right now?’ he said. ‘It’s just off the wall what people think they can get for their homes.’”
The Tampa Tribune. “Sales of single-family homes in the Tampa Bay area continued to plummet in March, and the median sale price of homes fell by $9,000 from the same time a year ago, according to new housing data.”
“Carrollwood resident Elaine Fernandez decided to sell her three-bedroom house and buy a town home about a year ago. But the selling part wasn’t as easy as it sounded. ‘Now I’m the proud owner of two houses,’ she joked.”
“The number of existing single-family homes sold in March in the Bay area fell to 2,502 from 4,006 in March 2006. That’s a drop of 38 percent. The condominium market was even softer in March, with 500 condos sold in the Bay area, compared with 968 condos sold in March 2006, a 48 percent drop.”
“Overbuilding is partly behind a huge inventory of homes on the market. According to the Greater Tampa Association of Realtors, for example, Tampa had 19,814 homes on the market in March, which is up from 12,230 homes a year ago. At the current pace of sales, it would take 14.6 months to sell that housing stock, according to GTAR numbers.”
“Aside from cutting prices, many sellers understand it’s more challenging to sell a home today than it was at the height of the real estate boom, said real estate agent Bill Knecht. ‘They have a certain level of resolve,’ he said. ‘They are certainly willing to try things that maybe weren’t on the table before.’”
The News Press. “In Lee County, there were 636 single- family homes sold with the assistance of Realtors in March. That’s…below the 955 sold in March 2006. ‘Some of the sellers have adjusted to the new reality. Some say we need more price reductions from the sellers. It’s the sellers who are overpriced at 2004, 2005 prices who need to come down if they’re stuck in la-la land,’ said (realtor) Brett Ellis in Fort Myers.”
The Naples News. “In March, the median price of a single-family home sold with the help of a Realtor in Lee County was $268,000, 5 percent below the 2006 March median of $281,300.”
“Condominium sales continued to plummet also, down 19 percent in one year. The median price of condo in Lee County dropped drastically from $318,900 in March 2006 to $250,000 last month. ‘The developers are killing the condo market,’ said Wes Brodersen with Exit Gulder Real Estate in Bonita Springs.”
“He said that with the condo inventory high, developers are offering up to 10 percent finders fees to agents to bring them clients. Brodersen said that in the past it was hard to even get 3 percent from builders. ‘The developers are making deals on top of deals just to sell condos,’ Brodersen said.”
“Fort Myers agent Bob Oxnard also blames developers for creating a saturated market. He said developers held their product out of the market last year in fear of speculators making more money than them. Now developers are paying the consequences, Oxnard said. ‘Now they will sell you anything at anytime for almost any reasonable offer,’ he said.”
Yeah, I’ll take a developer up on his offer, provided that offer includes having my insurance paid in perpetuity.
Good idea…until he declares bankruptcy and the company goes solvent. Then you get to be the recipient of some really angry sex….no kissing, of course.
“Yeah, I’ll take a developer up on his offer, provided that offer includes having my insurance paid in perpetuity.”
On a brand new home insurance isn’t the problem.
Hurricanes don’t care of a home is brand new or old.
“Hurricanes don’t care of a home is brand new or old.”
But the insurance company does. Difference of a $1200 yearly premium and a $5,000 yearly premium.
Depends upon the location.
And, nowadays, your credit score could play a role as well.
“And, nowadays, your credit score could play a role as well.”
I wasn’t aware of any companies using credit to determine rates on homes in Florida. If anyone knows different with specifics I’d like to know.
Insurance companies definitely use credit scores to determine if they will insure you at all. If your credit score is low, they figure you will be the type of person to file minor claim after minor claim. Also nationwide they will refuse to insure a house if either the buyer or the seller of the house has had prior claims. They even consider it a claim if you call to inquire if some damage you had was covered. When I sold real estate that was a major problem, so much so, that we had to write on the contracts that it was contingent on the buyer obtaining insurance at a reasonable cost per year.
I would be interested in what the info is for the Florida Keys-Monroe County.
Whatever it is, it probably isn’t too good. Hell, they’ve stopped converting apartments to condos in Marathon and Islamorada.
As a bitter renter who’s tired of hearing my co-workers in so cal talk about how much their homes have gone up in value, the Acura they just bought with their refi, and how ‘lucky’ they are to have made so much money in RE, I’m reveling in this. I think realtors are going to be having the ‘come to Jesus’ talk a lot more in the near future. The panic has yet to set in here in socal, but I can’t wait!
-another bitter renter
I’m a single guy (35 SWM likes long walks on the beach) and when I go on a date and happen to mention that I live in an apartment the girl usually says, “You don’t own your own place?!”
That tells me one of two things. She’s thinks I must not have or make enough money to own and therefore I’m beneath her. She’s mortgaged to her eyeballs and maxed out her credit cards at Bed, Bath & Beyond & Ikea and needs a man to bail her out sooner or later. They get crossed off the list quick.
Sounds like they are doing you a favor by showing their materialism right up front. Even if you did have a home, it wouldn’t be big enough or fancy enough anyway - so good riddance.
I agree, that’s why I cross them off the list.
Yes. Unfortunately most attractive women in their 30’s and on up pick the man they date by his ability to earn or by how much he has.
That’s why they ask questions like this during the dating phase of a relationship. Women are trying to size up your worth to them.
It is a hard truth. I read a great article about this recently.
The article states that a woman usually lies to you and to herself about the qualities that she wants in a man. And most women are quite capable of believing these lies. Not all mind you, but most.
She will cite a long laundry list about how she wants a man who is honest, loyal, caring, loving, funny etc. Then watch her forget all this as she scrambles to be first in line as a philandering arrogant Doctor roars up in his Ferrarri.
A stock man a the local grocery may be quite capable of loving her forever and being loyal, but she will immediately cross him off her list due to his percieved inablity to earn for her. I suspect that most men would be happy dating a woman who works on a garbage truck if she was attractive enough. I suspect that most attractive women would not date a man who works on a garbage truck due to his percieved inablility to earn for her.
It sad, but it is very very true. And just because there may be a few gals who say, “Oh Not me”, doesn’t mean that it does not apply to most women. Because it does. You may argue with me but by and large my words ring true.
As an aside, I applaud the ladies that are on this site because they make their own money and operate a little differently than the masses. So what I am saying may not apply as much to you ladies who read and post here. But that overall it does to most women. Especially the type we read about here who pressure their men to let them buy a house.
most attractive women in their 30’s
What is an attractive woman in her 30’s? That’s an oxymoron. Attractive women are, by definition, under 25.
or they’ll have a bunch of babies with some loser who dumps them, then they look for a sucker to bail them out. i’ve seen way too many of those around. maybe if they cared a little more about personality instead of looks and/or money, they wouldn’t be in such a bad situation
I’ve got personality and descent money (3+ times average income). I’m not rich, but I’m financially secured. I’m not handsome, but I’m at least average looking. Yet, I can’t find a girl that’s marriage material.
Well, Dan, if you don’t think that women over 25 are attractive, I take it that you are under 25 yourself. You have plenty of time to find a marriage partner. And you’ll be amazed to find, that, wonder of wonders, after you are over 25, you will find “old” women over 25 attractive!
“What is an attractive woman in her 30’s? That’s an oxymoron. Attractive women are, by definition, under 25.”
Couldn’t disagree more. Some of the most attractive women I’ve ever seen are in their 40’s.
In 6 months to a year you can pay her $300 for the “special services” she’ll need to perform to cover the monthly nut.
Just be yourself if the girls a money grubbing b*tch move on. There’s more fish in the sea.
She can put together menu. For a car payment I get “X”, mortgage payment “Y”. I wonder what I could get for paying off her $20,000 in CC debt?
There’s more fish in the sea.
Unfortunately, they are mostly sardines. Desirable fish are actually quite rare. That’s why they catch such a high price, until they age.
As a DWM also in the dating pool, I feel your pain. My conclusion: for whatever reason, Women in general are far more likely to fall into the American materialism/consumerism trap than men are. They are more “social”, which means they are more likely to compare all of their “stuff” against all of their girlfriends’ “stuff” and if there’s a deficit, they feel they don’t match up.
And when they’re evaluating a guy as a potential partner, they’re looking at your “stuff” and eyeing it up the same way. It’s sortof like a business acquisition to them. Only they don’t care about the “balance sheet” (debts/liabilities versus assets). They’re just looking at the amount of “stuff” you bring to the party….
Yes, guys do this too (but it’s a much smaller percentage of guys who do this).
You’re putting all your worth in your material possesions. If you feel your “worth” is defined by the objects you own that sucks. Be yourself and if you are a fun person to be around people will want to be around you.
Guys tend to compare their toys (cats, TV’s etc) with each other. Women, even financially succesful women, tend to compare their men (occupation mostly) and what their men do & can buy them (engagement/wedding ring, clothes, vacations etc).
that should be “cars” not “cats”. If any guys out there are comparing their cats……nevermind.
That’s so true.
I’ve heard some catty comments (from women) about the guy I’m dating. He doesn’t fit into their Yuppie American wet dream. But -
a: his house is paid off
b: he’s got money in the bank
c: he knows how to fix my darn car
and
d: there are other benefits involved.
He just doesn’t have the “right” job or car, or live in the right ‘hood - according to them. I’m not complaining.
(BTW I’m single never married and I’ve bought my own dang clothes, jewelry, etc. my entire working life.) Having a companion is not about “stuff” acquisition.
I actually do own a cat, and I do compare him to other people’s, thank you very much!
My cat goes from 0 to 60 in 2.7 seconds when I use my catapult. I think my cat is far sexier than yours.
Where are the beaches in Chicago
I’d probably cross a guy off MY list who did own a house. Too tied down.
(35 SWM likes long walks on the beach)…
…and puppies. He forgot about the puppies.
They’re there but they’re only open for 4 months.
One of the wealthiest guys I ever dated lived in a rent controlled one bedroom apartment and slept on a mattress on the floor. It was rather funny because he owned one of the largest home furnishings companies in the USA.
Like my mom always said: You can’t judge a book by it’s cover.
that ’s why he is wealthy - the true wealthy do NOT spend money like the fake (credit) wealthy…
Most women would refer to that guy a cheap.
why are you bitter? you are smarter than the people around you…..
No Kidding! It’s called Schadenfreude and you should be enjoying it!
I know I am.
I’m waiting for a couple of real dorks (real estate agents) I know who are carrying two mortgages to get hammered.
I’m not bitter just sharing some anecdotal information. I’m certainly not smarter than the average bear…well, maybe if that bear is Tank Johnson.
At the outset of this blog and for several months thate were bubble deniers who called us bubbleheads bitter, jelaous renters.
It became a badge of honor, especially among those who sold their homes, rent at 1/2 the cost of buying, are sitting on piles of cash, and have no debt.
I am happy to be a BJR
I too was around when the blog started, and started the Socal Bubble Blog in April ‘05. The term was more or less coined over at Patrick’s, and they always called it JBRs, Jealous Bitter Renter. Just a small nit to pick.
I was so jealous and bitter that I sold my place in July ‘04 and have been sitting it out since (in a nicer rental house, anyway). Do I wish I had a house? Damn straight. But, it’s not worth it to put your family in peril to appear more wealthy. We’re doing just fine for now, thanks.
Chuck Ponzi
http://www.socalbubble.com
“In the past, sellers would have been insulted by such low offers and would not have responded, but now most of them want to be insulted.”
Sellers are now masochists: Oh, yes, insult me! Whip me, spank me, make me write short sale checks!
OMFG,
Sellers are starting to get it… Florida must have crossed into Desperation.
Too little… too late. Yawn.
Buyers have been discouraged. While I’m in another state, most of the potential buyers at work have stopped looking. They’re either focusing on other parts of life or looking to transfer out of state. They’re just done.. no interest. They will not talk real estate for the most part. It is going to take a HUGE correction to wake them up.
Got popcorn?
Neil
What is funny about Florida is I bet that most of the people that are capable of buying, or smart enough not to have bought in the past, have already left Florida to go to someplace where they could afford a house to raise a family.
not true Carlsbad. I am a very capable buyer with three children. We love Florida, refuse to leave as do many of our friends. We will continue to rent in a family friendly neighborhood for a fraction of the homeowning costs. Of course we do have to watch many who are desperate. Yes, the real estate conversations have stopped dead here in Bradenton.
Same thing in FT Myers. Mortgage broker friend of the wife used to take us out in his mercedes and buy us dinner. Not anymore. I think he had to turn the Benz back in and bartends again. I am sitting on cash about the same amount, and its not going anywhere soon.
Why would want to raise a family?
Why would want to raise a family?
So I can put them to work as real estate agents in the next boom, circa 2040.
“They’re just done.. no interest. They will not talk real estate for the most part.”
That is what I’m seeing, too.
I echo that sentiment.
Noone talks about real estate any more. Especially recent buyers.
That’s to be expected. I know when I floated the idea on a blog posting about 1 1/2 year ago that people would come to loathe real estate and see it as a no-win investment, it raised a bit of ire from the trolls.
In Socal, though, there is still a non-stop barrage of Realtor-paid ads about condos and townhomes and what a great investment they are, and “your total net worth” or some such garbage. Sickens me personally, trapping first time buyers to make a buck. It seems those least able to defend themselves are truly the most likely to fall prey to shysters with talk of get-rich-quick. Truly sickens me. The NAR should be ashamed.
I look forward to the next 10 years when nobody asks me why I didn’t buy, why I don’t own, or if I’ll buy soon. My current response? Get Bent.
Chuck Ponzi
http://www.socalbubble.com
What state, Neil?
California, South bay area.
I would consider myself a discouraged potential buyer in another state at this point, and we know of several other discouraged potential buyers.
We’re looking at moving up in to a nicer rental at 1pm this afternoon, and then I’ll low ball a builder at 3pm (trying to get a nice solid house built without the 2-story great room and granite countertops). My wife says we should wait and see if things improve in the next couple of months, but I just don’t see that happening. In a couple of years, I’ll be back on the market but for now it just takes too much time/energy to even watch the listings and go look at homes a couple times a week.
And for what… a lot of overpriced, poorly build tract homes that sold for $150k 4 years ago now listed at $240k, energy sucking “custom” tract homes at $300k+, and 1960’s vintage ranches in need of work starting at $220k.
The MEDIAN home price in this town circa 2002 was $185k!
Jeff would like to be *insulted* about now;
http://www.websitetoolbox.com/tool/post/sdcia/vpost?id=1854186
But Jeff should take heart with his motto:
“The first million is the hardest..”
alligators are a b*tch.
This guy has been the poster boy of the Carleton-Sheets-Sheeple who we all knew would be a trainwreck in waiting.
I remember reading his posts from last year, marveling how he blithely took on significant debt and risk, THINKING he “diversified” by buying RE haphazardly in all the “hot” markets, then using home “equity” as income, and doing MEWs as much as possible. (he would berate people who left money in their homes as “wasting” it).
We need his type to implode, to return sanity to the market.
I feel some sympathy for his family, but he gets what he deserves, nothing more nothing less.
oh, and I hope we bail him out with taxpayer money. [/sarcasm]
(he would berate people who left money in their homes as “wasting” it).
He actually was right about that, that’s all gone too.
Wow, I am suprised TxChick hasn’t shown up with her trout. If I recall, this is, “Mr Pine Box.”
Josh
The other morning I was listening to some RE show on the radio (”Making Money in RE” or some such) and one of the hosts said, “The stock market is a roller coaster–it goes up and down–while real estate is a nice, steady rise.”
Unbelievable. I have to wonder what they’ll be talking about in six months (that is, if they still have a show).
…but he gets what he deserves, nothing more nothing less.
The guy gets to have poor credit for seven years, and few sleepless nights. He certainly deserves more punishment than that.
He is a blithering idiot who could only see the reward side of the risk-reward relationship (a.k.a., GREED). Now the other side (aka FEAR) is eating him alive.
How many others are there out there? Casey butchered 8 homes, Jeff did 5, I’ve read about lots of others who are in the same boat.
How many others? 500,000 homes in deep distress? 1,000,000 on the edge? No one ever talks about these guys who have abused the sub-prime mortgage market for their own get-rich-quick schemes.
OK, Jeff, here is the answer:
- You abandoned ethics when you decided to become a no-money-down RE King. Don’t worry about the ethics now.
- Sell the SLC homes NOW. Get short sales on the three FL homes.
- Take the hit on your credit report
- Never go near RE again; You do not have the brains for it.
Never go near RE again; You do not have the brains for it.
hahaha.
It could be argued that he doesn’t even have the brains to live in it.
Actually… holding on to the first million is the hardest.
Depends on how you earn it and what you invest in.
That guy’s an @ss clown. His game is over - he needs to stick another quarter in the machine to continue playing.
I like how he’s unwilling to sell other assets to fulfill his liabilities on the Cape Coral debts. What a swell guy! Sure glad I didn’t loan him any of my money!
Oh wait - I’m a taxpayer who has to help in the Great Real Estate Bailout. Nevermind.
Wow same old song.
I remember in the mid-90’s meeting LOTS of people who were WIPED OUT in RE in the early/mid 90’s. They were all JBR’s and wanted nothing to do with owning RE ever again.
One guy had half his paycheck garnished by the IRS for 12 years for unpaid taxes on RE gains but the losses wiped him out and he still owed money.
These people were EVERYWHERE in Socal back then, what we are seeing is a whole new generation of down-n-outters being formed as we read this blog.
Maybe it’s time we ask the sellers to write us a letter telling us all the reasons we should buy their house from them. Hopefully, one of them will offer to feed the squirrels thereafter or remove them, at our option. “Remove” can be interpreted very loosely.
Ah, the squirrel thing will never die! I expect that it will slowly slip into urban legend.
I was trying to popularize the term “squirrel feeder” as a synonym for FB, but it never caught on.
Hey, don’t forget about the “cupcake lady” of Castaic.
Somebody has to put those two examples on the Wikipedia housing bubble page. I also throw in a vote for the van full of genius investors who headed to Philadelphia(?) looking for RE bargains. Anybody remember that dandy?
Take 50% off of Florida prices. With the insurance and property tax problem you’ll need it hjust to breakeven.
I agree, Renter. I think Florida prices would have to decline below 2000 levels just to get back to what used to be “manageable”.
It’s fun to watch realtors do a 180 from just 1 year ago. What slime.
It’s ALL ABOUT AFFORDABILITY. PRICES ARE TO DAMN HIGH. IN BUBBLE MARKETS BY 40-50%!
We need substantial price drops. It is not a buyers market until prices go down!
I really enjoy hearing how a $9k price drop is a “plummet.” If they blow all their hyperbole this early, what will they do when the blood is really in the streets?
I never thought I’d see the words “Florida” and “high cost of living” in the same sentence. What a shame. I loved living in South Florida during the early 80’s. It hadn’t been “Miami Viced” yet.
“I loved living in South Florida during the early 80’s. It hadn’t been “Miami Viced” yet.”
Ah, Mugsy, I loved it, too. One of the best times of my life. The early 80s in South Florida were the golden times, I had a blast. But I even enjoyed the Miami Vice part of it. Had a chance to go on the set and then attend a lunch with Don Johnson and PMT. Those two were real superstars, loads of charisma and they just electrified a room when they walked in.
Back then you could still sit in Captain Tony’s and hear stories about “Old Key West” and the tourists weren’t thick as flies on Duval Street. Miami was a fun weeekend getaway and there wasn’t any traffic on South Beach.
Matter of fact, most of the people in the Keys back then were running away from life but unfortunately, life caught up.
Heh…I have the Capt’n hanging in my bar…long live the Conch Republic. Hopefully this correction will make it easier for the everyday folks to hang on in the keys…
There was guy singing a song down by the fishermans warf last night, the lyrics where “why won’t someone buy my condo”
Made me laugh
Hey, Palmetto -
Did you know there is a Palmetto Street in Phila?
why did they name a street after you? (I mean, shtreet)
“That is still historically high — the kind of figure that makes for odd requests: “I’d like to make an appeal to everybody who does not need to sell to take your home off the market,” said Marianne Zoll of the Re/Max 5 Star/Zoll Real Estate & Auction Team.”
LMFAO!
“The Zolls, Marianne and her husband, Reid, certainly hope so.
Together, they landed a set of listings that is heading for auction: nine beachfront motel units converted into condos on Casey Key. Priced from $300,000 to $900,000, the units were part of a 14-unit condo conversion called “A Beach Retreat” by a team of developers from Indiana. “The ones I have are right on the beach,” said Marianne Zoll. “They really want to sell them.”"
A realtor appealing for people to remove their listings because she is about to dump some major inventory on the market at auction. You just can’t make this stuff up folks.
I wonder if they have any of their own “investment” properties that they’re trying to unload. Hopefully they don’t, because I’d…Id…well, I’d just be a little suspicious about their motive for encouraging others to pull their signs down.
Good evening, Titanic passengers. This is your captain speaking. We’re going to be running a little exercise with the life rafts for the next few hours. Please avoid that part of the ship unless we call your name. In fact, this might be a good night to just stay in your cabins. Thank you for your cooperation. The band will be playing on the poop deck for your entertainment if you’d like to get out a bit.
if i had any artistic talent, this would be a great simpson’s like cartoon. Unfortunately, i can barely do stick figures
(‘I’d like to make an appeal to everybody who does not need to sell to take your home off the market,’ said (realtor) Marianne Zoll.)
Let’s form a cartel and force the young to pay prices they can’t afford! Well good luck with that.
Did any of the realtors say during the bubble “I’d like to make an appeal to everybody who does not need to buy to keep renting until inventories rise and prices fall?” I don’t think so!
If nothing else, realtors should be required to hand buyers a piece of paper with the following in 18 point type:
“Brokers are primarily interested in their own commissions, but are supposed to represent the seller’s interests at the expense of yours. Either way, they’ll make you overpay and cheat you if they can. Think of them as fast talking, emotionally manipulative, used house salespeople.”
That reminds me — as far as I can tell, sellers haven’t even come close to reckoning with the fact that in a declining market, IMO, a used house generally is not worth what a new house is worth, if they are of the same general style in the same area. I’m not referring to the solidly built 1940s bungalow in prime territory, but instead to the eight-year-old house in the subdivision that is close to built out. Add for window treatments (if you like them) and landscaping and other upgrades, and then subtract for the wear and tear on everything, the more-dated styles, and the lack of a “new” feel. Roughly analogous to a new versus a used car — even if it’s the same year and model, it’s just not the same perceived value.
When buyers have beaucoup choices in a given area, the difference should be reflected in the asking price. In the areas I keep my eye on, the new houses, on average, sell far faster than the used ones. Not only do the builders usually have more experience (and good sense) in cutting prices when they need to, but also they are selling squeaky-clean, brand-new product and a lot of buyers like that.
Chip -
There is no doubt in my mind about that - in the development where I bought, there are abt 30 flipper homes that have been on the market - most of them for over a year - and very few selling - every one of them has the BIG print saying “cheaper than the builder” and “don’t wait to build” - but these are priced at cheaper than what the builder was charging a year and a half ago - not what they are charging now - the only couple that sold recently were ones where the seller finally capitulated and sold near or below the price they paid. The others are hanging on but will have to capitulate at some point. They just can’t compete with the builder who has lowered prices and is throwing in all kinds of upgrades. Invariably, the flipper homes were bought with few if any upgrades are are very plain inside. Builder (Ryland) is still managing to sell a good amount of homes.
So even new homes that are only a year old will not sell when the builder is still building. My opinion is that resellers are bent over anywhere that isn’t built out yet. As has been pointed out on this blog many times, the homebuilders have to keep building to stay in business and they will entice whatever homebuyers there are left with better deals than they can possible get from any reseller.
Sometimes a older home has more improvements such as mature landscaping and other upgrades .
On the cheaper tracts apparently the builder puts in the landscaping in the front yard but it doesn’t include hardscape improvements or bigger plants . Usually the back yard is up to the buyer to landscape .Than with a new home you have to buy window treatments which can add up with 15 to 20 windows usually .Usually you need to add concrete for a patio with a new home and usually you wont be able to use the back yard without a patio cover .Alot of these spec. homes don’t even provide a block wall to surround the home .
Sometimes a older tract can have more charm and be more stable than a new tract . For instance, I feel a buyer will be taking a risk on new home construction if they don’t know how many speculators and sub-prime buyers bought into the tract . If you got a bunch of vacant homes or people who can’t even afford to put window treaments in or water the lawn the project is going to look like hell in a short time .
The sub-prime borrowers and speculators were really flocking to the new condo and home projects . Sometimes the builder can’t even finish off the tract .
I think that buyers really need to research any development they want to buy in .The lenders failed in making the prices stable in developments by the faulty lending so some projects will fall more than others in spite of being new .
Any bitter homeowners out there?
Can’t make the escalating debt payments?
Go ahead try to refi your way out.
LOL!
Are you taunting JBHs (Jealous Bitter Homedebtors)? How very cruel, *sniff, sniff*… chuckle.
“There have been indications that those tightening lending standards are making themselves felt in in Southwest Florida. Many listings that seemed to be on their way to closings are bouncing back, said Steve DuToit, head of team DuToit at Sarasota’s Keller-Williams Realty.
“We had one day last week where we had 30 back-on-the-markets,” DuToit said. “Financing is tightening up and a lot of people are changing their minds and backing out of contracts. A lot of Realtors are writing contracts that they are not qualifying, they are so anxious for sales.”
Uh, oh.
The Herald Tribune is a bloody hoot today. Still LMFAO!
“We had one day last week where we had 30 back-on-the-markets,” DuToit said. “Financing is tightening up and a lot of people are changing their minds and backing out of contracts. A lot of Realtors are writing contracts that they are not qualifying, they are so anxious for sales.”
Definitely a hoot. I wish I knew the “conversion ratio” from pending to closing. During the boom… near 100%, most fall outs due to sellers or really bad defects in the home being found.
Yawn… this has to overshoot the other way. Sales will slow dramatically more as the news gets worse. And credit is far from done tightening. Down payments will be required. LARGE down payments. FHA will stay 6%, everything else will grow; to as high as 25%+ for a prime 30 year. No investor is going to want to touch MBS paper backed by the first 25% of a house in a year.
Got popcorn?
Neil
What ever happened to the RE agents duty to screen borrowers and only show them property they can afford . What a waste of time for sellers to be tied up with escrows with bum deals that won’t fly now .Some of these sellers purchased another property thinking they had their homes sold .
It aint a done deal until its funded and lenders are even pulling fundings now with all the changes going on in lending .
I was selling a property one time and a RE agent brought me a deal were they didn’t even know who the buyer really was . I told the agent to come back when they knew all the information and I would need to pre-qualify the buyer and know where the down payment money was coming from before I would be willing to go into escrow on this deal .
As I see it , agents have been really spoiled with the easy money market and the fact that lenders were going on any deal . Lenders are changing now and you can’t let some hard up la la land agent tie you up with deals that won’t fly . You also need a good listing agent that knows how to determine what chance a deal has of flying with the lenders now or you need to learn how to determine it yourself .
heck, I actually have some sympathy for (sur)realtors on this one. Subprime is hitting a brick wall and alt-a not far behind. Even though credit tighetning has only gone from completely bug-shit crazy to merely insane, it has happened so fast the mortgage brokers themselves can’t keep up, expecting the realtors to know the rate sheets day by day seems optimistic.
Its part of the job of a realtor to know what is happening in the market IMHO . If the market is changing daily than realtors need to research it daily . It does not pay for a realtor to waste their time either will a deal that doesn’t fly . Time is money for everyone .
Its really starting to get into the kind of maket that realtors have to do alot more work to earn the commissions . After 10 years of order-taking by the REIC I think it’s about time that realtors come out of the clouds and do their job . I’m not saying that this is a great market to work in but it’s the market that it is .
Also , I really wish that realtors/lenders would stop telling people that real estate will go up . Don’t give buyers and sellers rope that they can hang you with down the road .Can’t realtors just show property without making future predictions on the value of the property ?
When I was in the business (many years ago ) we just didn’t make these kind of future predictions on home values .Yes, we would comment on the current market value of a home and talked about what property had sold for ,but never what it would sell for in the future .
If you read the whole Herald story above you’ll see they’re doing a victory dance “we’re special in Sarasota, the bottom is behind us.”
I sure hope not. I live in Sarasota and im cheering for huge losses still.
“Overbuilding is partly behind a huge inventory of homes on the market. According to the Greater Tampa Association of Realtors, for example, Tampa had 19,814 homes on the market in March, which is up from 12,230 homes a year ago. At the current pace of sales, it would take 14.6 months to sell that housing stock, according to GTAR numbers.”
Not to worry. 1000 people are moving to Florida each day! Those homes will be gone in no time. The time to buy is now! Spring selling season is here, buy now! This is a once in a lifetime opportunity, buy now! This is the bottom of the market, buy now! Then again, maybe not.
I’m not selling my pets.com stock for less than $500 a share. Or my beanie baby for less than $1000. Otherwise, I will lose money. I am a business-savvy accountant from Florida.
I haad to laugh when I saw that “will lose money” remark in the article. Well, gosh, who’d have thought you could actually LOSE money on real estate? Bwwaahahahahaha! Honey, you either lose some money now, or lose even more later, take your pick. I think a lot of FB’s aren’t figuring that one out.
The Motel to Condo conversion….?
They take a freaking motel room and sell it as a condo? Surely, I’m missing something.
“…I’m missing something.”
Nope — that was the rage — a mini-rage — a year or two ago. Mostly, it seems to have died out as fast as it appeared. Stupidest RE purchase I can think of, other than those “ranch” lots out west that will have a dirt road cut near them sometime in the next 50 years.
In addition to those who fell for the CCI scheme, I still think the dumbest Florida purchaser was the guy from New York who paid $265,000 for a house in Sebring.
“Properties that are selling have two things in common: they’re renovated and priced slightly below market value.”
Huh? A sale takes place between a willing seller and buyer and that somehow isn’t the market value? Would someone please teach these people the meaning of the phrase “market value”?
Exactly. All this talk of sellers pricing homes “below market value” in order to sell drives me nuts, it’s all semantic nonsense meant to somehow mask a steady decline in ACTUAL market value. We see the same B.S. when NAR officials and their ilk point to price “softening” rather than biting the bullet and calling them price decreases.
“Excuse me, Mr. Dealer, I’d like to buy this car, but could you soften the price a little?”
That would be a very good sign, part of the healing process in our real estate market,’
But when prices go soft the market heals. Get it?
Good, because I don’t.
The good news is that new home sales are down 23.5% compared to March 2006. Looks like we’ve bottomed. Never a better time to buy!
I agree with he posters that said Florida needs to go below 2000 prices. The insurance, gas, and taxes leave buyers with less money to put towards principle and interest. Florida has not even scratched the surface of the price drops that are coming over the next few years.
UHaul rental comparison- 26 foot truck for one-way rental, picking up on May 15.
Sarasota to Raleigh, NC: $1416
Raleigh, NC to Sarasota: $666
How’s that for a big flashing warning sign.
“Raleigh, NC to Sarasota: $666″
Appropriate number, too.
This March my son rented a Penkse truck for his move to Murfreesboro, Tn. from Palm Bay, Fl. for $700.
He was fortunate in selling his house in Palm Bay for a tidy profit.
He moved because of rising real estate and house insurance costs.
His house was not a investment, it was his family’s home.
Seems like just yesterday it crossed 100k listings.
http://www.housingtracker.net/askingprices/Florida/Miami-FortLauderdale-MiamiBeach/
I don’t know. I’m really frustrated with this whole sit and wait game. They announce that the median sale price in any given area has dropped 5-8% YOY and many think it’s a big deal. Hell, they were rising at 20-25% per year. Who the hell cares about 5%? These idiots are still jumping right in! I need to purchase a house and am disappointed with how slow this thing is playing out. I’m still not going to buy any time soon, but I sure as hell wish I had more backers in this. That is, I wish so many fools weren’t out there purchasing homes. It seems to me the only ones with any sense in this whole thing are those who post hereon.
‘dropped 5-8% YOY and many think it’s a big deal. Hell, they were rising at 20-25% per year. Who the hell cares about 5%?’
Write those gains out, year by year, and then take 5% off and you’ll see it is a big deal.
I don’t follow you on that. Please elaborate.
Easiest illustration is to take it to the extreme -
Take any number - multiply by 100%. Then do it again, and again, and again - as many times as you want, until the number is really really huge.
Then take away 100% of that really huge number - just once. What are you left with?
I think there’s 3 reasons.
1) the 5% decrease is a decrease in homes that actually sell. many homes are “worth” substantially less but aren’t selling (hence increase in inventory). also, the 5% is a median decrease, and we’ve discussed how the median isn’t dropping much, because people are simply buying a bigger/better house for the same money, instead of paying 5% less for the house they previously wanted. don’t even get me started about ‘incentives’ which are clearly a price drop, but not represented in the numbers.
2) the % of change down is MORE in actual dollars than the % of change up.
EXAMPLE: house goes up 100%, then goes down “only” 50%.
Starting price: $100k.
Goes up 100%: now worth $200,000
Now drops “only” 50%: now worth $100,000.
so a 50% drop wipes out 100% gain.
3) psychology. The mania was “housing only goes up”. Now housing is going down. Hence, shift in psychology.
so a drop in 5% is very significant.
(in almost every market right now you can get SUBSTANTIAL reductions on a home sale. The median REPORTED price might be down about 1-5%, but I’m seeing more than this in a lot of markets, including mine, once you take into account incentives, kickbacks, add ins, etc)
5% from the top is a big deal. If the home you want was previously listing for 350k, that’s a 20k cut. Even realtors will tell you that the trend is now downward.
My research tells me, though, that in Palm Beach County, the cuts are MUCH more than 5%, though. Nearly every house that I have seen sold in the spring bounce are at least 10% down. And, now that we have a falling market, the wise will try to beat that 10% while they can.
I was pretty frustrated all last fall when I saw nothing happening. But I believe that now, things are happening.
I posted my lowball offers earlier. But I’ll keep the board updated.
Not big enough.
People amaze me too, Franco. I bumped into a couple yesterday and mentioned I was moving up to Seattle. Did you buy, they ask. I’ve told them on numerous occassions that I think there’s an historically high housing bubble, so no, I’m renting, a great place for (relative) cheap. They say they have friends who just bought in Seattle for 750K. I say, dumb, nobody should buy right now. The husband gets a sheepish look, turns out they just bought in Boulder, CO. He says, sometimes the smaller markets are different. It turns out they’re going to rent the place out for a year before moving out there. WTF? What’s the hurry to buy then? I say, well, as long as the rent covers your PITI, you’re fine. Another sheepish look, well, it almost does. These are people I gave a detalied and well-reasoned account of this national/international equity bubble, and here they are, buying, even when they don’t have to. Bizarre.
bet them, that’s what I do
wow, they back down fast
And to think peer pressure only has a grip on us as kids. Boulder, CO is just as bad as Seattle, if not more so. There are places on Lake Washington near NOAA that goes for $800K+, only to be torn down for new house. Imagine buying a 14,000 sq ft lot for $800K!
I agree with you francotirador (Mr. Sniper). After a house appreciates from 200K to 600K, are we supposed to get excited over a 30K price cut?
Thank you. That’s exactly my point. When a house goes from 300K to 600K in just 3 years, why in the world would I care about a 30-100K price cut? And what makes it hurt that much more is knowing that it was all BS money. That is, money given to idiots to purchase 500K houses when they couldn’t even afford a place for 200K. It just still amazes me how slow this is all playing out. Those loans should dry up so we(those of us who can truly afford the house we wish to purchase)can get on with our lives. I don’t see a home purchase as an investement. I just see it as stability.
I fear that the powers that be will do everything they can to defer the day of reckoning, probably hoping that the next bubble will start before the dam breaks.
I wouldn’t be surprised to see fixed rates drop into the 4% range, even though this will generate even more inflation. The worst part of it is that since most of the rest of the world is in a bubble too they won’t wag their knowing fingers at us to raise rates, since their economies will be under similar stress.
I guess the silver lining is that if rates do drop I can refinance my 5.5% mortgage into something even lower.
Update on the soon to be FB friends:
From what the wifey tells me, they are “closing” soon. They have no idea what their mortgage payment, taxes, or insurance payment will be. They do not know what the interest rate will be or the terms.
WHY? Turns out that the won’t own it. The husband’s employer will be buying it and doing a lease/option to them. They tell my wifey they don’t have those “details” yet,because the boss hasn’t secured financing yet. OMFG
I don’t have the heart to inform them they are essentially RENTING, not buying. I did some quick back of the envelope math and their PITI will be about $4200 a month. This is on a $400,000 house they paid $480000 for. WOW. They could have “rented” a house for half that., but the husband is one of those, ” I am throwing money out the window by renting” types.
I don’t have the heart to inform them that they are RENTING to own, that they cannot deduct the interest on their RENT payments on their taxes, that they property cannot be lagally homesteaded, etc. OH, and he hubby forgot to notify his current RENTAL he was moving two months ago, so he has to pay a two month penalty- $3000. Plus, they haven’t boxed anything for moving. And they don’t have any money to move the wife and kids down that currently live out of state.
Oh, btw, their cell phones were turned off for non-payment and they are discussing buying groceries twice a week vs. once a week so they don’t have to “float the money so long.”
I could go on but I am too tired. Unreal, There is a HUGE flashing sign that says BRIDGE OUT AHEAD and they push the gas pedal into the firewall.
No problems here folks.
BigDaddy,
That must be so painful to watch.
Oh my gawd. This is looking like a disaster in the making. Please keep us updated as the train wreck progresses. What a mess they are headed for.
floating money for groceries…
is that the new paradigm?
you mean that isn’t what all the credit card offers are for?
Pardon my density, but what exactly is ‘floating money for groceries” ? I can see why you go grocery shopping only once I week (I usually only do a big shop every couple, then top up with fresh stuff every couple of days), but why would this be an issue financially.
Don’t mean to sound obtuse, I really am curious why it would be an issue.
Sounds like the ‘employer’ want to buy a house and have a guaranteed renter for the near term.
How and when will the employer transfer deed to them?
From what I “hear” they are telling the lender it’s a one year Lease option to buy, but supposedly the employer is “giving” them a 5 year Lease option to buy.
Yes…. I know……….. what can I tell ya.
The LAST thing I would want is for my employer to be my landlord. Talk about endentured servant.
What a bunch of debt zombie dopes!
Lots of debt zombies roaming the streets soon.
Now Most Sellers “Want To Be Insulted” In FLorida
LOL, we’ve got just the blog for them…
What a minute, I came here for an argument, not to be abused.
That’s an argument
No its not.
Yes it is and that will be $50.
Got popcorn?
Neil
Listen to the grumblings between builders and realtors and all the other thugs in the reic. What a bunch of scoundrels. Not a peep outta any of them the past 3-4 years when the phoney bonanza played out.
Frig them all.
I’d think it would have been mentioned somewhere on the blog yesterday, but in case not… Our own regular poster, Mike Larson, is one of the two featured guests in the following MSNBC piece (the second video, with his image on the screen). Nice job, Mike!
http://www.msnbc.msn.com/id/18289082/
Thanks for the heads up and the link Chip. I thought Larson did a pretty good job considering he had about 1/3 the time allocated to bullish Stanley.
I do wish Mike could have gotten a bit more in about the rise of foreclosures and their impact on the housing market. Foreclosure is one word that will scare a lot of potential FBs away from the housing market. Most people don’t have the foggiest idea what subprime is about but when the talk turns to foreclosure and bankruptcy the light goes on real quick.
a neighbor down the street from me down here in sarasota fl built a spec home in north port florida and still has no buyer and they bought some lots when sarasota county had a big land sale last year
she encouraged me to get in on the big land sale and i said no thanks
‘They are making offers that are much lower than list prices. In the past, sellers would have been insulted by such low offers and would not have responded, but now most of them want to be insulted. At least that gives them a starting point for negotiations.’
FL seller to reluctant buyer: “Take my house, please.”
“FL seller to reluctant buyer: ‘Take my house, please.’”
Sell now or be priced in forever. That’s my new mantra!
“You have the hills and valleys and that’s how it is.”
You also have the great desert where nothing grows and the bones of the unfortunate are scattered.
Then there’s the raging ocean where the waves of reality dash you against the rocks of truth.
And that’s how it is.
LOL. The potential range of landscapes is a little broader than the Realtors(tm) would admit.
There’s also the lake of Fire and Brimstone into which the Realtors and mortgage fraudsters will be tossed to be consumed like the chaff.
With apologies to Matt Groening:
The market is a snowmobile racing across the tundra, and then suddenly it flips over, pinning you underneath. At night, the ice weasels come.
For the first time I just saw classified ads for bank foreclosure homes placed by a local realtor in the weekly bargain rag called the pennysaver. There were five in a row. Prices were still too high. New Smyrna Beach/Edgewater area.
http://tinyurl.com/37frow
Was it not just yesterday that sales were at their lowest in the past 2 decades?
Liers Figure and Figures Lie!!!
The Census Bureau—>>> does not make
The Census Bureau—>>> does not make
Crap fugures
The Census Bureau—>>> does not make
“Frank Pagliughi’s looking for a two-bedroom condo in Broward, and prices for similar-sized units vary wildly. Two nearly identical condos in Sunrise, for example, were priced $60,000 apart, he said.
That’s nothing. In my neighborhood, identical 3-bedroom condos have disparity of $174,000. 10% of the units are for sale and are all over the board in price.
In Florida, also?
Naples
wow- Ground Zero of the FLA boom/bust
It really is. The local board of Realtors won’t release data to the Florida board to publish. they either keep the data quiet or cook it in a way to suit them.
Anyhow, the asking prices around here are still unreal. Some people price very agressively and are able to sell, but most trying to sell think that property has never stopped appreciating.
All Right NOW!..
A little RE Agent suggested “SYMPATHY” for our once Arrogant little Sellers.
Someone PLEASE take their BAGS, cut little bitsy eyeholes out and Place them upon their pointy HEADS.
CAUTION .. Small Children running with scissors or Upsidedown Sellers and/or FBer’s with Sharp Pointy Objects, CAN be DANGEROUS to themselves and OTHERS!
The RE selling season is over in Florida. The snowbirds are either packing up or are already gone. Hurricane season starts in just 5 weeks, and the media reminders to get prepared begin in early May.
Don’t be surprised to see inventory drop somewhat, as those who truly don’t have to sell take their properties off the market until next fall.
“That makes for odd requests: ‘I’d like to make an appeal to everybody who does not need to sell to take your home off the market,’ said (realtor) Marianne Zoll.”
ie: Realtor attempts to manipulate market.
BLOOD ON the HUMMER
“Is everybody happy?, cried the Banker looking up,
Our Hero feebly answered “yes”, and then they stood him up,
He leaped right into the House, his common sense unhooked,
HE AIN’T GONNA FLIP NO MORE!
(CHORUS)
He counted long, he counted wrong, he waited for his bucks,
He felt the need, he felt the greed, and waited for his gain,
He milked his HELOC, and bought himself new trucks,
HE AIN’T GONNA FLIP NO MORE!
(CHORUS)
The holding costs wrapped around his neck, mad creditors at his door,
His credit lines were snarled and played, around his silly plan,
The happy home became his shroud, it hurled him to the floor,
HE AIN’T GONNA FLIP NO MORE!
(CHORUS)
The days he lived and loved and laughed, kept running through his mind,
He thought about the job back home, the one he left behind,
He thought about Suzanne and wondered what she would find,
HE AIN’T GONNA FLIP NO MORE!
(CHORUS)
The Repo-man was on the spot, the Cops were running wild,
The bubbleheads jumped and screamed in glee, his neighbors merely smiled,
For it had been a week or more since another “FLIPPER” died,
HE AIN’T GONNA FLIP NO MORE!
(CHORUS)
He’d hit the ground, the sound was “SPLATT”, Flipper blood went spurting high,
David Lereah was heard to say, A Helluva way to die”,
He lay there rolling ‘round, next to the assets in his gore,
HE AIN’T GONNA FLIP NO MORE!
(CHORUS)
There was blood upon the Hummer, there was brains upon the door,
Intestines were a‘dangling from his investment working boots,
They picked him up still clinging to his prize and STILL HE WANTED MORE,
HE AIN’T GONNA FLIP NO MORE!
(CHORUS)
GORY, GORY,WHAT A HELLUVA WAY TO DIE,
GORY, GORY, WHAT A HELLUVA WAY TO DIE,
HE AIN’T GONNA FLIP NO MORE!
GORY, GORY, WHAT A HELLUVA WAY TO DIE
Credits to someone in the US Army Airborne, “Blood on the Risers” and troopers everywhere for the butcher job with the Flipper.
The pace of the tune reminds me of Charlie Daniels’ “The Devil Went Down to Georgia.”
so called lowball offers = fair offers compared to the madness of these prices.
50% off is justified “Fair” in these stupid housing markets that went up 100-150% in 5 years.
Thank God my husband and I never bought in to the “why don’t you guys refi and pull out the equity…” We both are old fashioned I guess in our way of thinking..I didn’t need a new car, or fancy vacations..we believe in paying upfront for what you need or want..in the end we sat on our house egg, let it hatch and rolled over the crazy profit to a nicer home we built in GA and put $100K towards out retirement fund.. we left behind the insane taxes and insurance and for all those that said refi..well..they are in debt to their eyeballs and don’t know which way to turn..sometimes slow and steady does win the race..
“That’s significant,” said Bob Oxnard, a Fort Myers Century 21 agent. “The median price has gone up because the lowest part of the inventory has sold and it’s moving upward again.”
Yeah right buddy! I’ve seen condo’s here in naples that were priced in the 250k range now in the 190k range. I’ve seen whole built out complex’s here in Naples with absolutely no one living in them, nada!
Another 50 percent drop and maybe things will start selling again.
Naples has all the $10.00 an hour jobs you could ever want. If your looking for a job for one of these jobs they just about hire you on the spot they are so desperate here. The problem is there is no affordable housing, anywhere! The cheapest rent you will find here is about $1000 a month, granted you’ll get a great place for that rent but it’s very hard to make it on $10.00 an hour!
I’ve had seasonal people here in Naples tell me “At least you speak english”. Soon the seasonals will all have to get used to “hablo espanol?” Either start paying people a living wage here or that’s what your going to get in Naples.
Six more months until my lease is up and I’m packing it in for a less expensive location, with good services (health care for example, it sucks here).
2 Condos in Foxfire - Naples, FL
$199,900
Condo\Town Home
2 Bedroom(s) /2 Full Bath(s); 0 Half Bath(s)
Size: 1100 SqFt
Naples, 34104
$299,900
Condo\Town Home
2 Bedroom(s) /2 Full Bath(s); 0 Half Bath(s)
Size: 1100 SqFt
Naples, 34104
Two identical units - one for $300,000 and one for $200,000.
Hmmm, I wonder which one sells first?