It Appears We Are Headed In The Right Direction
The Pelican Press reports from Florida. “A real estate auctioneer hired by Sarasota County to sell off more than 2,000 residential lots in the North Port area last year is still owed a $240,000 bonus for doing a good job. But some of the people who bought lots have walked away from the deals. ‘Our staff got overwhelmed and there was a delay in getting deeds transferred,’ outgoing County Commission Chair Nora Patterson said. ‘Then the local real estate market collapsed and some people reneged on purchases.’”
“Most of the lots were located in remote areas of North Port that still don’t have utility services. There was a time when the lots were considered to have little or no value, but they became hot commodities several years ago when real estate values skyrocketed and drove the cost of new homes to record highs. Developers and speculators lined up to buy them.”
The News Press. “Ed Bonkowski is a real estate broker and asset manager (who) specializes in identifying real estate bargains. Q: What opportunities do you foresee for your company over the next year in this market climate?”
“A: I would caution that, unfortunately, all ’sellers’ opportunities,’ ranging from raw land to partially developed projects, have resulted from bank and/or lending sources, and (you) may have to watch a drastic market downturn as the loans begin to fail more frequently. A major investment emphasis will be in the form of foreclosures, where as many as 1,500 per month are now taking place in Lee County alone.”
“For the first time in 30 years, I have witnessed tenant resistance to normally accepted fair-market rentals. I believe this is directly attributable to tremendous vacancies in Lee County, which has left tenants as the new king in negotiations. The old adage of first and last month’s rent and security deposits for long-term rentals are a thing of the past.”
“Roberta and Don Licker were ready to start construction on their dream house in east Lee County — now they spend their days researching the complex details of a bankruptcy reorganization by Fort Lauderdale-based Levitt & Sons.”
“‘This company left people high and dry,’ said Roberta, referring to the 21 people who bought houses that weren’t finished and the additional 89 who are now living in Cascades, which had been planned for 570 home sites when it was started two years ago.”
“Levitt’s the first national builder whose bankruptcy has sucker punched Lee County residents but Fort Lauderdale-based attorney Robert Charbonneau said more are almost certainly coming. ‘I can assure you, it won’t be the last.’”
The Herald Tribune from Florida. “Million-dollar homes are the norm in Esplanade on the Bay, a small gated community on the banks of Sarasota Bay. But even here you can find signs of neighborhood neglect. An unfinished house, idle for years, is no more than a two-story, cinderblock shell with masonry clinging precariously to its rebar skeleton.”
“‘What happens during hurricane season?’ asked Loretta Saracino, who lives next door. ‘I don’t want concrete blocks flying into my home.’”
“The banks take ownership but often do not maintain the homes or make sure squatters have not moved in, said Ann Marie Harper, a county worker who tracks crime in Manatee nuisance properties. Sometimes it takes weeks to even determine ownership, she said.”
“Abandoned homes are sometimes used as a base for drug sales and prostitution. ‘Once you have one property like that, it just ripples through the neighborhood,’ Harper said.”
The St Petersburg Times from Florida. “The white brick and concrete block house off Beacon Square Drive in Holiday, has been empty for six months. This used to be home for a single dad and his son who grabbed their piece of the American dream with the help of a $70,000 bank loan and a $40,000 second mortgage from Pasco County.”
“But on Wednesday morning, Pasco Community Development manager George Romagnoli drove up to the courthouse in New Port Richey to bid on the foreclosed Holiday property. During the boom years, Romagnoli found himself competing with investors. But this week, no one else wanted the two-bedroom, two-bath ranch.”
“‘Things are bad out there,’ Romagnoli said.”
“How bad? During the first 11 months of last year, Pasco recorded 7,809 property foreclosures, a 133 percent jump over the previous year, reported RealtyTrac. In Hernando, 3,011 families fell behind on their mortgages and lost their homes last year, a 300 percent increase over 2006.”
The Palm Beach Post from Florida. “Nearly 5,000 St. Lucie County households defaulted on their mortgages in 2007, as resetting mortgages crashed head-on into plunging home prices and tightened loan policies.”
“Every single month of 2007 had more foreclosure filings than all 12 months of 2005, the figures for St. Lucie County show.”
“To understand just how fast and how high foreclosures have shot up in Port St. Lucie - the fastest-growing city in America a few years ago, according to a front-page story in The New York Times - consider that there were only 203 foreclosures in all of 2005.”
“The bust may have been unavoidable. ‘This (boom) was filled with speculators, weak borrowers and people stretching to buy more than they could afford,’ said real estate analyst Lewis Goodkin of Miami.”
The Orlando Sentinel. “55 West on the Esplanade, the troubled condominium high-rise in downtown Orlando, has been foreclosed on by the lender and is now being developed by a South Florida-based company that vows to finish the project by the end of the year.”
“Of the original 405 condo units planned, about 75 percent of the space was sold, but about half of the sales were to speculators who rescinded their purchase contracts or are in the process of doing so, said Bob Hensley, CEO of Grosse Pointe Development Co.”
“Hensley said everyone who wants their deposit back will receive it, though the lender, SNS Property Finance, will take a loss on the project.”
“‘We’re trying to minimize that [loss],’ he said. They will redesign or market some of the building differently, possibly to accommodate a small number of boutique hotel units.”
“Penthouse units atop the building are going to have to be used for some other purpose, Hensley said, because ‘they were overdone’ and would be too expensive for the Orlando market — $4 million or more.”
“‘An unfinished building like that would be really bad,’ said Greg Morrison, owner/president of Morrison Commercial Real Estate, which has its headquarters nearby.”
“Though he specializes in the commercial-office market rather than residential condos, Morrison said the condo market clearly remains ‘very soft’ in Orlando and elsewhere in Florida. ‘I really don’t know how much of a chance they would have to fill it.’”
“Break open the piggy bank: More Florida condos are going on the auction block, including a bunch near the beach an hour’s drive northeast of Orlando.”
“Locally based Stirling Sotheby’s International Realty’s auction group said Monday it will host its first major international auctions this month. On the block: 27 new, three-bedroom luxury condominiums in Naples, and 30 luxury condominiums at Ocean Walk in New Smyrna Beach (no relation to Wyndham Ocean Walk Resort in Daytona Beach).”
“Both events will be ‘absolute auctions,’ meaning no minimum bids are required, and all condominiums will be sold regardless of price, Soderstrom said.”
The Naples News in Florida. “Local Realtors see glimmers of hope in a new monthly sales report put out by the Naples Area Board of Realtors. Overall, there were 275 sales pending in the MLS in December. That came within two sales of breaking a 27-month downward trend.”
“The number of available condominiums dropped to 5,816 in December, down from 6,014 a year ago, a 3 percent decline. In December, there were 269 single-family and condominium sales, down from 312 a year ago. The median home price fell to $380,000, from $412,000 in December 2006, according to the report.”
“‘The facts are the facts, and when you look at the numbers it appears as though we are now once again headed in the right direction,’ said Arlene Carozza, NABOR’s president.”
“Last year, condo prices fell the most. The median price went from $365,000 to $300,000. ‘I know the average person, when you listen to the news, and read the various news stories, you think everything is going down. Yet that is not the case here,’ said Broker Michael Hughes in Naples.”
The Atlanta Journal Constitution from Georgia. “Amid a flood of gloomy economic indicators, the auctioneers at foreclosure sale specialist Hudson & Marshall are returning to Atlanta on Wednesday for a four-day frenzy of bidding and bargaining.”
“The company will offer 527 homes through Saturday, an indication of the rising tide of foreclosures.”
“The homes in the current crop of Hudson & Marshall offerings range in value from $30,000 to $700,000, according to Crystal Wright, a spokeswoman for the company. ‘There are some very nice properties in this lot,’ Wright said.”
“Among them is a Stone Mountain estate with five bedrooms, six baths, a media room and an indoor swimming pool last listed for $619,900.”
The Dothan Eagle from Alabama. “Sellers have had a great run in the Dothan real estate market, but the inevitable slowdown has put Dothan in a buyer’s market and 2008 is expected continue the trend, according to one Dothan realtor.”
“With around 900 homes for sale in the Dothan market — almost a record high — those looking to buy will be able to choose from several options, keeping prices steady or even lower.”
“‘If you’re looking for a $150,000 house to buy, you may have 10 to choose from right now instead of three or four as in the past,’ said broker Charles Woodall.”
The Island Packet from South Carolina. “Home and villa sales in the Hilton Head Island market were down slightly more than 10 percent in 2007, but the median price remained relatively stable, dropping less than 3 percent, according to data from the MLS of Hilton Head Island.”
“It was the second straight year where sales and prices dropped. Sales of single-family homes fell 20 percent in 2006 from 2005, and prices on those properties fell 9.3 percent, according to MLS data.”
“Andy Twisdale, a Realtor with Charter I North Realty and Marketing, said it would take two years to sell the current inventory if no other homes come on the market. Villas have about three years’ worth of inventory.”
“Because of the high inventory, Realtors will be happy if 2008’s sales and prices are on par with the last two years, Twisdale said. Still, those who bought before 2003 are realizing a profit on their home if they sell now, Realtors said.”
The Sun News from South Carolina. “When there’s blood in the streets, start buying. It’s an adage that local real estate investor Jeremy Finger lives by, and he thinks today’s market gives him the perfect chance to apply it.”
“‘Whenever there is chaos and whenever there is a lot of bad news somewhere, there’s usually opportunity,’ he said.”
“On the Grand Strand, some sellers have slashed prices by $5,000, $10,000 - even $60,000 to get buyers to bite. There are about 5,880 single-family homes for sale on the Coastal Carolinas Association of Realtors MLS - a 15-month supply.”
“There is a 23-month supply of condos with 7,659 listings.”
“Centex Homes is advertising $8,000 to $40,000 reductions in its base prices on homes to be built in its 11 local communities. Homes in Chandler’s Run near Myrtle Beach are being sold at $25,000 discounts, according to Prudential Burroughs & Chapin’s Web site.”
“Other homes listed on the MLS are selling at prices roughly $10,000 to $60,000 cheaper than the asking price. The Litchfield Co. sold a three-bedroom house in Murrells Inlet this week for $385,000, which was $10,000 less than the asking price. And the Dieter Co. sold a three-bedroom in Pawleys Island for $240,000, down $59,000 from the asking price.”
“Now builders are cutting prices, which is usually a last resort, said William Harrison, director of the Center for Real Estate at the University of South Carolina. ‘As a general rule, builders nationally are trying to become liquid, and they are pulling out all the stops in general to move their inventory,’ he said.”
“Centex Homes is advertising $8,000 to $40,000 reductions in its base prices on homes to be built in its 11 local communities.”
“‘I don’t think we’re going to see a significant recovery in 2008,’ Harrison said. There’s too much inventory and turmoil in the financial markets, and foreclosures will continue in 2008 that will bring down prices and glut the market further, Harrison said.”
“‘While it may be a buyer’s market, if I’m a buyer and I’ve got some patience, I don’t think I’d move into the market yet,’ Harrison said. ‘I don’t think we’ve seen the bottom.’”
“On the Grand Strand, some sellers have slashed prices by $5,000, $10,000 - even $60,000 to get buyers to bite.
Anyone think 5k or 10k is a significant “slash”? 5k to me sounds more like grudgingly than slashed…
A $5k price cut doesn’t quite fit my definition of “blood in the streets,” either.
I’ll buy when there’s Realtor(tm) blood in the streets
“For the first time in 30 years, I have witnessed tenant resistance to normally accepted fair-market rentals. I believe this is directly attributable to tremendous vacancies in Lee County, which has left tenants as the new king in negotiations. The old adage of first and last month’s rent and security deposits for long-term rentals are a thing of the past.”
It’s good to be the king.
This last-months rent thing always perplexes me. Where exactly is it permitted and accepted? I have never heard of it here in Chicago and a few other big cities whose other rental markets I have looked at (Denver, Seattle, Portland OR, North Carolina, the rust belt), and I understand it is illegal in California. Usually security is only one month’s rent, sometimes plus or minus. I guess the point to keep people from stiffing landlords on the last month, but I’d guess this would only be present in normally tight rental markets. Otherwise competitive forces would preclude it.
Amen, passthebubbly. First+Last+Security has NEVER been “standard” anywhere I’ve lived –and I’ve “been around”. It’s usually First+Last. or First+Security, but not all three. Unless, of course, you happen to be an underwater specuvestor that is planning on stealing your tenant’s money then disappearing before the lender forecloses.
Some jurisdictions forbid the security deposit to be used in lieu of rent; consequently landlords want the last month also.
“Abandoned homes are sometimes used as a base for drug sales and prostitution. ‘Once you have one property like that, it just ripples through the neighborhood,’ Harper said.”
One bad apple can spoil a boxful of apples…
Foreclosure.com now lists one foreclosure and three preforeclosures in my old Sarasota neighborhood of about 200 homes. The subdivision was built between 2000 and 2003 and prices for new units were in the $110 to $125 per square foot range at the end. According to homes.com, prices are down to $100/sq ft (plus or minus), with one sale last fall at $66/sq ft.
http://www.homes.com/Content/Sold-Homes-Prices.cfm
What is a “preforeclosure”?
Notice of default has been sent but the bank hasn’t yet taken the property or had the sherif evict the residents.
It’s funny how many of these builders are saying they’re illiquid and can’t move properties at a loss and still stay afloat. I’ve been in business now for over 20 years, and there’s one common element that even a small business owner like myself knows: boom years are years you don’t accept as the norm, and sock the extra profits away for the down years.
If you’re used to growing 15% a year, and you have a few years of growth at 50%+, don’t jump in and grow that fast, or you’ll be stuck with a large overhead when equilibrium growth returns. If you do decide to grow faster than the norm, sock away the profits for the sure-to-come downswing where you’ll grow slower than the norm, or even shrink.
In my businesses, we only allow extreme growth via contractors: people we can disassociate with when the growth spurt slows or contracts entirely. Hiring extra full time W2 staff means layoffs, unemployment, and a bad office opinion of management.
The builders made a ton of money over the boom years — look at the CxO compensations. That money was moved out of the businesses when it should have been kept in reserves. Big builders are no different than big government in this case: when they reap big profits, they think they’ll reap them forever.
This entire industry is ripe for a new process to protect buyer’s interests: fulfillment insurance. If you’re having a house built, take out an insurance policy that guarantees a cash payout if the process is halted, delayed or nixed entirely. If the insurer won’t give you coverage, then you know it’s likely not going to happen.
If I sign an agreement with someone for work to be done in the future, the contract is only as good as the person’s financial capability to finish the work. If they run out of money, what do I sue for? If they don’t run out of money, the chance of them not completing the work is slim to none. Duh!
Of course, all of this is worthless information to the common, lazy American. Look who they’re supporting in the elections: more thugs who want to steal from me (and you) to support these lazy, fat, incompetent and worthless “middle class” folks who have been stealing from us hard workers, and hard savers, for a generation. The average American is as useful as a sixth toe.
A.B.
I work for a 200 year old “family” owned company, German company makes big cast iron stuff. The management has recently undergone the generational turnover and all the new brass is young. 2007 was a huge boom year. We’ve got the extrapolate to infinity mindset going and have added 50% to our physical overhead. I’m thinking 2009 will get pretty interesting, as these freshmen graduate from Expansion 101. The loans won’t be paid off until the next generation.
“This entire industry is ripe for a new process to protect buyer’s interests: fulfillment insurance.”
Already available. It’s called a Performance Bond. Quite common in commercial work. The problem is that the bonding industry is infected with the same virus as the lending industry, the FICO score. If your subcontractor is on the edge but paying his bills he looks like a good risk when really he isn’t.
A side note. I agree there’s phenomenal gov’t waste, and we should pare back our bloated bureaucracy. I do find it interesting, though, that folks scream for tax cuts and then complain when the goberment doesn’t have the inspectors/regulators/officers/agents/whatever to enforce our laws and protect them from fire/earthquakes/hurricanes/snipers, life in general.
SaladSD:
The problem is that many of those government workers, who historically made significantly less than those in the private sector but received good benefits, now make much more than those in the private sector AND still get the gold plated benefits. I have seen this in both Buffalo as well as DC Metro (police, bus and train operators making in excess of 100K and getting retirement packages based on inflated salaries).
have you ever actually SEEN or OBSERVED any govt workers on the job? no, of course not because 80% of the staff run desks that are hidden from public view, so the average person cannot get an accurate observation of their work … so the only way to gauge performance is by the LACK of it!
Yeah, like when the telephones go unanswered, emails not read, inspections or laws not enforced …. hmm.. well gosh, I guess its all due to this long standing gentlemens agreement of govt workers get paid less than civilians in exchange for long term job security & retirement benefits. The only problem with this is when the govt workers, unsupervised & out of sight, take advantage of their positions and do even LESS than required. You cant fire em because of their strong unions. Ever try to fire a california state employee for bad job performance ? HA. HAHAHAHA !!
As Arnold is finding out, so full of gusto when he took office, the state has so many entrenched unions that its virtually impossible to get any constructive changes made. Reminds me of that Shawshank Redemption scene of the outgoing warden telling the new one ” you want it, you got it ! ” and ol Redford/Brubaker later realizing what a holy hell of a mess he had gotten into.
Lets face it; govt workers enjoy the protections of their jobs, their supervisors enjoy the ego boost of turf building, and adding more police(oakland) or firefighters wont get any better results because the existing force is made of goldbrickers who quickly school the rookies on how to avoid work. You think adding 100 extra officers to Oaklands force will cut crime !?? Please - get real , all that will happen is that now 9 squads will respond to a jaywalker instread of 7. Do you REALLY think more officers will make a dent in crime? That would expose just how lax/unefficient the current crop has become, and that will NEVER be allowed to happen.
No one in any job will allow new recruits to come in & shake things up. Not willingly. If you think differently yer just wishing for a majority of people to act more responsibly than the minority. Those days are long over.
rant off - for now . . .
Well said. Nobody wants to talk about about these bloated agencies that are milking us because everyone has a relative or neighbor who is making a killing working for one of these agencies that is so vital to public safety. Give me a break! Here in California they are clammering for Indian Gaming money to keep the charade going a little longer. If any “industry” is actually turning a profit our faithful public servants race to get a cut. This can’t end well.
Well they could fund those inspectors and cut taxes if they weren’t funding bridges to nowhere, pickle studies, hot pepper museums, big dig redundancies, (in the case of my town) plowing 2 inches of fluff w/the big rigs when there’s no storms to plow, etc, etc, etc.
Be careful what bridge you cross too.
“the common, lazy American.”
Speak for yourself bub. As I recall, you’e not from these parts. If you despise us so much, why not head for home, and enjoy the company of your productive compatriots? No need to hang around, taking up space.
“Penthouse units atop the building are going to have to be used for some other purpose, Hensley said, because ‘they were overdone’ and would be too expensive for the Orlando market — $4 million or more.”
a $4mm condo in Orlando!?
Yes… I believe those condos will have to be “repurpsosed” as $1.5 million dollar condos. I think they’ll perform nicely in their new role.
Maybe they were expecting Tiger Woods to buy one. And what “other purpose” could there be for such units that would not degrade the remainder of the building? Maybe they’ll turn them into a spa.
“And what “other purpose” could there be for such units that would not degrade the remainder of the building?”
If there a real estate office in the building you could put a whore house on the roof and not degrade the bldg…..or is there a building exclusive for the RE whores and that is a redundant customer base?
You know, I read some guy talking to a newspaper, who was involved in the Florida condo craze of the early ’70’s. He said, “In those days, our mistake was to bring way too much product to the market, overbuild, at price points people could actually afford. This time, we’ve done it at price points NO ONE can afford…”
Food for thought.
maybe in the next boom they will shoot for price points nobody could even think of affording.
LOS ANGELES (AP) — Mortgage lender IndyMac Bancorp said Tuesday it will slash its work force by 24 percent, laying off 2,403 employees in a bid to cut costs as it tries to weather the worsening housing slump and sagging demand for home loans.
But, I thought mortgage applications were up like 28%. I guess it doesn’t take a large staff to apply the “DECLINED” stamp to a huge stack of apps.
OK now…. after reading this post… I blew coffee all over my screen & have it coming out of my nose… =)
But, I thought mortgage applications were up like 28%. I guess it doesn’t take a large staff to apply the “DECLINED” stamp to a huge stack of apps.
Probably take the apps home and have their 5th grader stamp them.
I love looking for “plays on words” in statements. When talking about a over-priced complex which buyers are not interested in, Bob Hensley of Grosse Point Development said, “We will probably turn them into boutique hotel units.” In other words, nobody could afford the bigger p.o.s so we are going to divide them up into smaller p.o.s which people can afford. Next up: “If that doesn’t work, these boutique units present a great opportunity for people to invest in a time share.”
Yes. Prices per square foot are perfectly reasonable. If those cheap bastards in Orlando can’t pay for it, they just need to cut the units up to sizes they can afford. I assume some executive there can afford a 10*10 luxury unit. You have to pay to live the Orlando lifestyle.
What’s the Orlando lifestyle? Disney and dinner theatre at Medieval Times every weekend? Wow!
Dude. They have several Bennigans.
Man, do I look like an idiot now. No wonder people were flocking there. LOL
If you don’t have a family member under the age of 5, there is absolutely no reason to go there and many reasons not to….
I go out of my way to drive around Orlando.
Alternate translation: “nobody who knows the market on the ground here will pay us what we need, so we’re changing the development to something that can be marketed to suckers - er, ‘investors’ - from around the country. Maybe we can pull some two-for-one deals where we can sell some reverse mortgages AND get the marks to invest the proceeds into one of these gems. We’ve purchased some excellent telemarketing lists of senior-citizens with more-dollars-than-sense, and we’re lining up some out-of-work subprime mortgage brokers to run it.”
I started writing the above scenario as a tongue-in-cheek post — and, sadly, by the time I was done, I realized that plenty of folks are probably playing that very angle in a very serious manner.
“If that doesn’t work, these boutique units present a great opportunity for people to invest in a time share.”
In Celebration they’re trying to get one of these condo hotels off the ground. The units are $400-500sf (each are about 700 sf) and you can only use them 170 days a year. So I’m assuming the other 195 days a year they can rent them out since they haven’t robbed the buyers enough already. I’d bet the 195 days start in Nov. and go until May. You can buy a condo there from $123-175sf. Why would anyone spend $500sf for something they can use less than half the year.
I’ll bet the times are spread out over the whole year — probably some kind of limit to number of days in any given month you can use it — which, of course, causes maiximum inconvenience (and makes it even less likely you’ll use all those days than a consecutive block of time.
I’ll bet there is a raft of cleaning and administrative fees every time you come and go, as well. And - those fees are priced so they’re making plenty of profit after the $8 an hour the maids get. They nickle and dime you into submission, I’m sure. Not to mention, I’ll bet it’s hard to get a full and easy to understand accounting of these charges and procedures at the start - and, they are, of course, “subject to change.”
If condo-hotels cashed flowed they would just be called hotels, and the owners wouldnt share the wealth. Instead of marking-to-mark, its marketing-to-marks. Trump and others are getting lawsuits all over this place on these things. Who would think the owner would sell them a unit that cash flowed? It makes no sense. Of course they were being screwed. Then as stated, the developer controls the management in most cases, and makes sure you’re screwed again each month.
“Of course they were being screwed. Then as stated, the developer controls the management in most cases, and makes sure you’re screwed again each month.”
Good! Anyone stupid enough to buy a condo-hotel deserves to lose every cent they have.
“Roberta and Don Licker were ready to start construction on their dream house in east Lee County — now they spend their days researching the complex details of a bankruptcy reorganization by Fort Lauderdale-based Levitt & Sons.”
That sounds funny to me. They were expecting to make a killing now they have to actually read the docs.
What happened?
They want to get their deposit back.
On the bright side, at least his parents didn’t name him Richard.
Spit my coffee on the screen again…. D’oh!!
Reminds me of a client who’s last name was Head. His parents named him Richard. If that had been my parents, I probably would have been charged with patricide once I came of age.
This just in from Tucson: An agent begging people to buy a house:
http://www.azstarnet.com/opinion/220639
I love the “if you don’t have to sell, please don’t sell” advice. I translate it as “I have a bunch of property/listings to move - please don’t add to the competing inventory”
I love the presumption that people can be begged to hold off on selling to help folks who “must sell” — like it’s a spur-of-the-moment, whimsical decision for anyone involved.
‘Tother evening, I was visiting a friend who’s in a rehab following an accident. A couple of her friends were also visiting, and Slim just had to bring RE agents into the conversation. One of the friends jumped on that one by saying, “Buncha jerks!”
And, if you’re ever inclined to read the comments following the Arizona Daily Star and Tucson Citizen stories that get posted here, you’ll see that this sentiment is widely shared.
Excellent observation, like if your just testing the market, it won’t be an easy sale for them.
Did a google search of “north port lots” — seems to be a lot of people flogging these. Good thing they’re not making any more land in ol’ ef-el-lay, eh?
Here’s just one entry: http://www.northportlots.com/
I went on google maps and looked at the sattelite image (I just used wells ave., north port, fl.) - looks like about 1 out of 15 lots are built on now. must be weird living in an are like this. probably a very dark/unsafe vibe on the streets at night. but a good locale for a grow house or meth lab or anything else looking for don’t-screw-with-me privacy levels.
I assume this stuff is at least better than the un-buildable scrub and wetland stuff often sold on ebay. I’m fascinated by stuff like this - and how much of it is probably purchased sight-unseen.
WASHINGTON - Higher costs for energy and food last year pushed inflation up by the largest amount in 17 years, even though prices generally remained tame outside of those two areas. Meanwhile, industrial output was flat in December, more evidence of a significant slowdown in the economy.
http://news.yahoo.com/s/ap/20080116/ap_on_bi_go_ec_fi/economy
But…all is well …Carry on…Hugs, Your Government ”
“Hugs” LOL
Oh, pish-posh. Who buys energy and food anyway?
Unwanted hugs in a prone position are called “rape.”
“Higher costs for energy and food last year pushed inflation up by the largest amount in 17 years, even though prices generally remained tame outside of those two areas.”
How true! I saw some great bargains over at the “Candles, Candles and More Candles” shop with the going out of business sign at my local mall! Who needs to eat?
Hey, they come in handy when your electricity gets turned off for nonpayment.
“Local Realtors see glimmers of hope in a new monthly sales report put out by the Naples Area Board of Realtors. Overall, there were 275 sales pending in the MLS in December. That came within two sales of breaking a 27-month downward trend.”
Oh my… one is desperate if they hope for just a flattening of sales. Think about it, 27 months of softening sales. Even if sales go up to 30/month, the market will still tank.
As others here note, the greatest ‘real estate gold rush’ in history will have repercussions that last years. The idea of a quick recovery is insane.
Got popcorn?
Neil
close tag
Was this part of a new economic plan to stimulate the economy?
A realtor friend of mine in Naples told me that as of December there were no sales in the high end Aqualine Shores area. There have been about 10 sales in Port Royal..very high end. Once the recession hits and stock indices tank, look out below.
This town is toast. A big name jewelry store is going under, furniture stores going under, and the season traffic is much lower then last year.
1
“Last year, condo prices fell the most. The median price went from $365,000 to $300,000. ‘I know the average person, when you listen to the news, and read the various news stories, you think everything is going down. Yet that is not the case here,’ said Broker Michael Hughes in Naples”
I think we have a new Champion Doublespeaker in our midst, congrats, Broker Michael Hughes. Unbelievable.
Don’t be so negative…..Actually the man is correct. Not everything is going down—The foreclosure rate is going up.
OT, but Hillary was just interviewed on CNBC. Wants to implement a 90-day moratorium on foreclosures to give FB’s time to “work things out.” Also wants to freeze interest rates on ALL ARM’s for 5 years.And last but not least, wants to give consumers money to help pay for their winter heating.
Argh. Part of me feels like by the time AltA and Prime loans really start to crack, the problem will simply be too massive for government to fix. But I hate hearing this talk about price controls on housing. How will anyone be able to buy a house responsibly unless prices fall a whole lot??
She’s just vote-baiting. She knows she can’t actually do that or get her way. She knows as well as we do that by the time she raises her right hand [AUUUUUUUUUGHHH!] we’ll already be screwed beyond belief.
She’s impotent to change it, she knows it, so she can say whatever she wants.
True dat.
Doesn’t matter. She won’t win. There are too many people who would lay down in traffic to keep her out of office. I have never seen a candidate illicit such a visceral negative reaction. These people will be sure to get out and vote. Most other voters are more apathetic.
close italics
Next to “optimism” in the dictionary should be a picture of whichever joker decided to build a $4 million condo in Orlando.
The following is one key reason why housing prices will continue to plummet in the Tampa Bay area. Check out this article in the sptimes.com:
Water cooler: $100,000 jobs not so easy to find in Tampa
When it comes to hot markets for jobs paying more than $100,000, Tampa Bay is positively chilly.
By Times Staff
Published January 13, 2008
Affordability!!! Given the massive over-indebtedness of the “lazy Americans”, house prices will need to move close to two times income.
I definitely agree with Lereah and Yun on one thing: real estate is different this time. Oh boy, is it ever different. And it will never be the same again.