when he forcast the growing housing bubble in Florida. It surely has been exposed as possibly the worst in the nation. Did anyone listen and get out from under an overpriced house and mortgage in time? I hope so, and I for one will be paying closer attention to what this bold Vet has to say...Glen
Mitch hit the nail on the head..
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There's been a "growing housing bubble in Florida for at least 10 years. Half of my neighbors own property in Florida!quietstar said:
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Any of 'em own property in the Keys?Cabin Fever said:
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I got out of a mortgage a couple years ago and made a killing. Disgraceful what we got for ours. We have no mortgage now and I am ever so thankful. 
God Bless,
Michele
God Bless,
Michele
I read in the paper last night that new housing sales fell in 41 states last month. The housing market is not in good shape right now. I know in this area I have felt that housing was extremely overpriced for several years. I anticipate prices will drop to a more reasonable level over the next few years.
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I wish I could talk my mom into selling her 2 lots she owns in Cape Coral. She and my dad bought them in the 70's, sort of thinking it might be nice to build and retire, but yuck, I wouldn't want to live there. It's one of those little developments where they dug a system of canals to make more property "on the waterfront" but you can't swim in it, of course, just boat. My parents were never into boating (my mom has a boat phobia!) so I have no clue what they were thinking. We visited the lots a few years ago and they're small and butt ugly, had to buy two to make a place big enough for one house, but the past several years mom's been getting outrageously high offers for them. She kept saying "no, it'll just keep going up," but I think she's just using that as an excuse to procrastinate. My mom is the Procrastination Queen. Just one more reason to "think about it tomorrow." If she keeps it up they'll be worthless. Which IMO they are anyway.
Florida property prices have been climbing for a lot longer than the decade Cabin Fever mentioned but were mostly driven by rational market forces like population growth. I don't believe that qualifies as a "bubble" as reported by Mitch months ago. In this case, Mortgage lenders dropped most accepted requirments needed to get a home loan. A huge number of new buyers came out of the woodwork and naturally drove demand through the roof, just following the American dream of home ownership. Prices naturally followed until mortgage lenders were reminded of the reason rational loan underwriting requirments had existed. 925,000 USA home loans have been or were filed for foreclosre in the first 180 days of this year. Estimates for just 2007 exceed 2,500,000. Some lender foreclosed homes have resold for 50% of a 3 year old purchase price and that was outside florida. Thats what I think Mitch called a bubble that was sure to pop and it has. Sad to think about, but almost certainly some friends on HT will be caught up in this wild market. The good news is that your lender may not want your home or property and some are willing to reduce the loan amount and/or extend the term. My firm has been helping do that for our manufactured home sellers ever since that market started South some years ago. Pre-approved or cash home buyers seem to be holding some good cards in most parts of the country. As always, just opinions shaped by my study and experience, Good luck to all...Glen
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Ahem....well.....HELLO from the butt ugly city of Cape Coral, where we currently live. Nice to see we are so well thought of! LOLedayna said:
If your parents lots are on a out of the way gulf access canal they average no less than $90,000 per lot right now. But selling anything here is just not happening. She is right to hold on to them. In 3 more years depending what canal she is on and its distance from from the river (which by the way is the point of the canals..to get you to the river which takes you to the Gulf - boaters paradise. Swimming is done in pools, unless of course your not afraid of alligators!) she can can probably get 3 times as much a least.
As far as this being a "little development".....our population is currently at 165,000 and growing daily. We are the 2nd largest city in land size in Florida.
All that said, we do not like here and moved here for one reason alone, my son to go to high school here. Once he is done we are moving to acreage in Mississippi/Alabama. I won't complain too loudly cause the land we owned & sold here has given us a almost completely debt free life here (just our Suburban loan now) and will help us afford the debt free life in Mississippi. That and DH's ESOP payout. We have a lot of things paid for that most don't at our age of the late 30's. We are truly blessed.
God Bless,
Michele
I do half day odd jobs, part time; one of my clients is a real estate attorney, and horse collector on 90 acres. She stated that real estate was completely dead in Florida, she knows agents that are flipping burgers to survive.
The over priced households have started to down size, but the illegals hold the modest priced structures. The 4,000 to 6,000 square foot mansions have became a albatross for those that suckered into the winding spiral ascent, and I don't find myself really sad. Maybe some of the DYs (Definantly Younger, or some thing like that) will go home now, so the locals can find affordable places.
Back in the 1950s my father bought 80 acres but could not make the payments on the $2,700.00 loan that it took to buy such, he sold it for $3,200.00 and was on top of the world. His salary was $37.00 per week at a local grocery, now days that amount wouldn;t cover the thieves cost on a single lot.
The over priced households have started to down size, but the illegals hold the modest priced structures. The 4,000 to 6,000 square foot mansions have became a albatross for those that suckered into the winding spiral ascent, and I don't find myself really sad. Maybe some of the DYs (Definantly Younger, or some thing like that) will go home now, so the locals can find affordable places.
Back in the 1950s my father bought 80 acres but could not make the payments on the $2,700.00 loan that it took to buy such, he sold it for $3,200.00 and was on top of the world. His salary was $37.00 per week at a local grocery, now days that amount wouldn;t cover the thieves cost on a single lot.
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Michele --- I did not say that Cape Coral was a butt ugly city. I said that my mom's property is butt ugly! Big difference! I'm sure the town itself is very nice.MicheleMomof4 said:Ahem....well.....HELLO from the butt ugly city of Cape Coral, where we currently live. Nice to see we are so well thought of! LOL
If your parents lots are on a out of the way gulf access canal they average no less than $90,000 per lot right now. But selling anything here is just not happening. She is right to hold on to them. In 3 more years depending what canal she is on and its distance from from the river (which by the way is the point of the canals..to get you to the river which takes you to the Gulf - boaters paradise. Swimming is done in pools, unless of course your not afraid of alligators!) she can can probably get 3 times as much a least.
As far as this being a "little development".....our population is currently at 165,000 and growing daily. We are the 2nd largest city in land size in Florida.
All that said, we do not like here and moved here for one reason alone, my son to go to high school here. Once he is done we are moving to acreage in Mississippi/Alabama. I won't complain too loudly cause the land we owned & sold here has given us a almost completely debt free life here (just our Suburban loan now) and will help us afford the debt free life in Mississippi. That and DH's ESOP payout. We have a lot of things paid for that most don't at our age of the late 30's. We are truly blessed.
God Bless,
Michele
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Edayna,
I know, I was teasing hence the 'LOL'. I guess my humor is lost on you. Sorry. :shrug:
Mitch,
After being here 24 years I am leaving this state to the investors, lawyers, doctors and DY folks. I don't think the price of homes and the salary of the average person will ever ever meet again here. DH got a $.40 an hour cost of living wage and our expenses doubled. Something is stinky. So, we are done here. Time to head for cheaper land and a pay decrease, but thats ok. Aleast somewhere up there we can be out right home owners with no mortgage and decent property taxes. I hope your not over run with Hummers or McMansions anytime soon.
God Bless,
Michele
I know, I was teasing hence the 'LOL'. I guess my humor is lost on you. Sorry. :shrug:
Mitch,
After being here 24 years I am leaving this state to the investors, lawyers, doctors and DY folks. I don't think the price of homes and the salary of the average person will ever ever meet again here. DH got a $.40 an hour cost of living wage and our expenses doubled. Something is stinky. So, we are done here. Time to head for cheaper land and a pay decrease, but thats ok. Aleast somewhere up there we can be out right home owners with no mortgage and decent property taxes. I hope your not over run with Hummers or McMansions anytime soon.
God Bless,
Michele
McMansions and Hummers are of constant exposure here, I just hope they return to creeks and cat fish over them. Northern people come here constantly, selling their very overpriced dwelling and contribute to the other Northern people (developers) whom come to exploit the available resources.
Thousands of acres have been ruined due to such. Acreage that I (could have bought for $2,000.oo is now $99,999 or more per acre, water front is totally outrageous). right, like living in a mosquito rich environment is the thing to do. 'Bring more poison, kill them all; still trying to find a place to apply that statement').
I am going to quit, I think my disturbances are completely displayed.
Thousands of acres have been ruined due to such. Acreage that I (could have bought for $2,000.oo is now $99,999 or more per acre, water front is totally outrageous). right, like living in a mosquito rich environment is the thing to do. 'Bring more poison, kill them all; still trying to find a place to apply that statement').
I am going to quit, I think my disturbances are completely displayed.
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