House Hunting

[SlickSlider]

Wish me luck y'all, I'm gonna need it. The prices of houses and condos in south Florida are insane. There is no more room to build between the Everglades and the ocean so properties keep going up by 2-3,000 a month. Condos which just a few years ago were valued at 60,000 are now selling for 180,000 and higher. I nearly bought a house last weekend and was about to put down a downpayment on it, but it was priced at 19,000 over what the actual appraisal value is so the banks won't go for it, it's too much of a risk to them. I tried to get the guy to drop his price but he is adamant, which is why the house has been on the market for almost a month and a half without being sold. But oh well. So this weekend I'm going out shopping again and I'll be visiting several houses, and hopefully I'll find the one that's right for me and get my ass in there before the prices jump again.

[koky]

good luck dude !!

[lalate]

Wish me luck y'all, I'm gonna need it. The prices of houses and condos in south Florida are insane. There is no more room to build between the Everglades and the ocean so properties keep going up by 2-3,000 a month. Condos which just a few years ago were valued at 60,000 are now selling for 180,000 and higher. I nearly bought a house last weekend and was about to put down a downpayment on it, but it was priced at 19,000 over what the actual appraisal value is so the banks won't go for it, it's too much of a risk to them. I tried to get the guy to drop his price but he is adamant, which is why the house has been on the market for almost a month and a half without being sold. But oh well. So this weekend I'm going out shopping again and I'll be visiting several houses, and hopefully I'll find the one that's right for me and get my ass in there before the prices jump again.

Do NOT buy now. We are at the peak before a potential massive drop off. Houses prices are expected to pull back or fall potentially Q4'05 or thereafter. Sustained high gas prices are a predecessor to a recesionary enviornment (as is a runup on unemployment numbers - google the unemployment report this week, ur mouth will drop). In a recessionary environment, housing prices fall, stocks rally. (You're old enough, think '97 when everyone was out of work, stocks rallied exponentially and housing went nowhere.) September is a very slow month normally for existing home new listings for sale but in So Cal you can see a sudden rush to sell (before a possible fall ?) suddenly since Katrina. THAT is a red flag. It is NOT a time to buy. Finally, remember, that certain markets go into a recession before another market. First one in, first one out. Additionally, all analysts say that certain markets where 2nd home sales have driven the prices up (considered speculative purchases, because its not ur primary residence, being using for investment purposes), those markets have been labeled the most fragile in a drop (because the purchases are speculative; you speculate, the market falls, its not your primary residence, now its time to worry). Parts of Florida are repeatedly mentioned in those reports about being speculative markets (for 2nd home sales); check if that is your area.

[koky]

Do NOT buy now. We are at the peak before a potential massive drop off. Houses prices are expected to pull back or fall potentially Q4'05 or thereafter. Sustained high gas prices are a predecessor to a recesionary enviornment (as is a runup on unemployment numbers - google the unemployment report this week, ur mouth will drop). In a recessionary environment, housing prices fall, stocks rally. (You're old enough, think '97 when everyone was out of work, stocks rallied exponentially and housing went nowhere.) September is a very slow month normally for existing home new listings for sale but in So Cal you can see a sudden rush to sell (before a possible fall ?) suddenly since Katrina. THAT is a red flag. It is NOT a time to buy. Finally, remember, that certain markets go into a recession before another market. First one in, first one out. Additionally, all analysts say that certain markets where 2nd home sales have driven the prices up (considered speculative purchases, because its not ur primary residence, being using for investment purposes), those markets have been labeled the most fragile in a drop (because the purchases are speculative; you speculate, the market falls, its not your primary residence, now its time to worry). Parts of Florida are repeatedly mentioned in those reports about being speculative markets (for 2nd home sales); check if that is your area.

yeah ive been reading on that and i agree .. id wait .

[headpusher]

Do NOT buy now. We are at the peak before a potential massive drop off. Houses prices are expected to pull back or fall potentially Q4'05 or thereafter. Sustained high gas prices are a predecessor to a recesionary enviornment (as is a runup on unemployment numbers - google the unemployment report this week, ur mouth will drop). In a recessionary environment, housing prices fall, stocks rally. (You're old enough, think '97 when everyone was out of work, stocks rallied exponentially and housing went nowhere.) September is a very slow month normally for existing home new listings for sale but in So Cal you can see a sudden rush to sell (before a possible fall ?) suddenly since Katrina. THAT is a red flag. It is NOT a time to buy. Finally, remember, that certain markets go into a recession before another market. First one in, first one out. Additionally, all analysts say that certain markets where 2nd home sales have driven the prices up (considered speculative purchases, because its not ur primary residence, being using for investment purposes), those markets have been labeled the most fragile in a drop (because the purchases are speculative; you speculate, the market falls, its not your primary residence, now its time to worry). Parts of Florida are repeatedly mentioned in those reports about being speculative markets (for 2nd home sales); check if that is your area.

what he said

[SlickSlider]

Do NOT buy now. We are at the peak before a potential massive drop off. Houses prices are expected to pull back or fall potentially Q4'05 or thereafter. Sustained high gas prices are a predecessor to a recesionary enviornment (as is a runup on unemployment numbers - google the unemployment report this week, ur mouth will drop). In a recessionary environment, housing prices fall, stocks rally. (You're old enough, think '97 when everyone was out of work, stocks rallied exponentially and housing went nowhere.) September is a very slow month normally for existing home new listings for sale but in So Cal you can see a sudden rush to sell (before a possible fall ?) suddenly since Katrina. THAT is a red flag. It is NOT a time to buy. Finally, remember, that certain markets go into a recession before another market. First one in, first one out. Additionally, all analysts say that certain markets where 2nd home sales have driven the prices up (considered speculative purchases, because its not ur primary residence, being using for investment purposes), those markets have been labeled the most fragile in a drop (because the purchases are speculative; you speculate, the market falls, its not your primary residence, now its time to worry). Parts of Florida are repeatedly mentioned in those reports about being speculative markets (for 2nd home sales); check if that is your area.

I have been hearing and reading about different analysis about what you've just told me, for many months. To be honest, I'm moving forward and I'm not so sure I know which path is the more solid choice, waiting or buying in now. I have found info and conclusions both for the changes you've mentioned, and against; experts on both sides of the fence who are convinced that the prices will drop or continue climbing. But from what I understand about property values here, is that there is a moratorium on building in Broward, Palm Beach, and Dade counties because there isn't any place to build on. But people still continue moving to south Florida in large numbers and it's a matter of supply and demand which keeps boosting the values of current properties.

I do need, and intend, to further research all of this over this weekend because I need fast answers. I found two homes today that were not only large (1825 and 1957 square feet), but in prime condition with a strong value being that they are both with four bedrooms (I plan to have a few roommates). My broker, a family friend I trust, is going to be making a speculative offer on both of them on Monday for me. But what you've posted, LaLate, goes along with info I've already been given, both by people in the field who either confirmed it or were convinced against it.

My ears are open and I'm listening, but at the same time I'm eager to push forward and get myself settled down. So I am both determined as well as cautious and hesitant, at the same time. It is not a good conflict to have at this point in the game.

[raincry]

best of luck, slick!!

[SlickSlider]

Thanks Rain. I am either about to make the biggest move of my life, or the biggest mistake of my life, so I need all the luck I can get.

[lolahotass]

my condo tripled in price.. i hope it stays that way until next summer when i will more than likely relocate out of state... which scares me a little

[SlickSlider]

my condo tripled in condo.. i hope it stays that way until next summer when i will more than likely relocate out of state... which scares me a little

It scares me too...you're one of Florida's finest attractions and you will be missed.

Update. I bailed out today. Considering buying a 325 home, WTF was going through my head? A lot of people got lucky early like Lola, but a lot of others are trying to get into it too late in the game to benefit. South Florida is insane. Unless you're making a huge income you're looking at a hard to manage loan payment and the dangers of the market dropping. A friend bought a 3 bedroom home with a basement and a backyard in Loveland Colorado for 180,000 over the summer. You can't even get a decent 2 bedroom condo here for less than 200,000 anymore. I'm thinking that Loveland, or any of a number of smaller communities away from metropolitan and coastal areas, may be the only way for me to get a decent home for a survivable mortgage rate.

Thanks for the info and the advice, LaLate. I've been reading similar reports from different sources, too many to discount. indecision

[lolahotass]

It scares me too...you're one of Florida's finest attractions and you will be missed.

ahhh thanks Slick

my boyfriend lives in knoxville but just took a job in charlotte... and if things keep going like they are (wonderful) i may relocate... I'll tell you all about it when i get a chance to call/write

[SlickSlider]

Losing you to the other team sure sucks, but if you're enjoying the field you're on, I wish you a long, long time of touchdowns.

Looking forward to both.

[copahc]

slick,

I know exactly how you feel. I was thinking about buying a condo in south beach a couple years ago for 200, now it’s worth almost 400. I wish I had the money back then. I’ve been living in DC for a year now, when I moved here prices where expensive… now they are astronomical. Properties in the metro area went up by an average or 30% in the last year. I wish I had the money when I moved here too. About a month ago I finally decided to go balls out and buy a place. I dropped a half mil on a 2 bdrm condo just across the river from geogetown. The location is so great that I don’t think the price will drop, but we’ll see. Let me know what you decide on… I’d be interested in knowing.

copa

[headpusher]

slick,

I know exactly how you feel. I was thinking about buying a condo in south beach a couple years ago for 200, now it’s worth almost 400. I wish I had the money back then. I’ve been living in DC for a year now, when I moved here prices where expensive… now they are astronomical. Properties in the metro area went up by an average or 30% in the last year. I wish I had the money when I moved here too. About a month ago I finally decided to go balls out and buy a place. I dropped a half mil on a 2 bdrm condo just across the river from geogetown. The location is so great that I don’t think the price will drop, but we’ll see. Let me know what you decide on… I’d be interested in knowing.

copa

cant wait to test out the bedroom in that condo

[jimk29]

slick,

I know exactly how you feel. I was thinking about buying a condo in south beach a couple years ago for 200, now it’s worth almost 400. I wish I had the money back then. I’ve been living in DC for a year now, when I moved here prices where expensive… now they are astronomical. Properties in the metro area went up by an average or 30% in the last year. I wish I had the money when I moved here too. About a month ago I finally decided to go balls out and buy a place. I dropped a half mil on a 2 bdrm condo just across the river from geogetown. The location is so great that I don’t think the price will drop, but we’ll see. Let me know what you decide on… I’d be interested in knowing.

copa

Wait, a couple of years ago you couldn't afford a place for 200 but now you can afford 500? What the hell have you been doing? slinging rocks!?

[copahc]

haha... i got as better job

Wait, a couple of years ago you couldn't afford a place for 200 but now you can afford 500? What the hell have you been doing? slinging rocks!?

[SlickSlider]

I'm going out again to check out condos on Saturday. I've given up on houses, though I wanted one bad, I'll tell you that much. So maybe Saturday will be a good day and I'll find something decent and affordable and start making the next step to make this life better. I hope it's a good day as far as that, because it's already a bad day as far as anniverrsaries. See, my mother died last year on October 19th, after a 2 year battle with breast cancer. On October 1st was when I had to leave work and pick her up and bring her to the ER, and then found out the next day that she was going to be gone in 3-4 days from kidney failure (the cancer had spread and shut down her kidney, and it was inoperable). She lived for over 2 weeks though, and it was the hardest 2 weeks of my adult life. The first week was great because friends and family were visiting her every day all day and spending their last times with her, but the 2nd week was hell because she was in and out of awareness and getting worse as the potasium levels rose in her body and brain, and she was hallucinating, babbling, and going from unintelligeble to legible and back again, and getting worse every day. When the 2 weeks started it was a nightmare; when it ended it was a blessing. Anyone who has been caretaker to a terminally ill loved one will understand what I mean. Well, my point is, and I guess I'm posting this cause it's on my mind, is that tomorrow will be a hard day for me. Tomorrow will be a hard day to face, with the memories of ther start of the 2 weeks, but if I find and buy the right place for me, I guess it will be a good day after all, and poetically fitting.

So wish me luck, if you're reading this on or before October 1.

[SlickSlider]

Do NOT buy now. We are at the peak before a potential massive drop off. Houses prices are expected to pull back or fall potentially Q4'05 or thereafter. Sustained high gas prices are a predecessor to a recesionary enviornment (as is a runup on unemployment numbers - google the unemployment report this week, ur mouth will drop). In a recessionary environment, housing prices fall, stocks rally. (You're old enough, think '97 when everyone was out of work, stocks rallied exponentially and housing went nowhere.) September is a very slow month normally for existing home new listings for sale but in So Cal you can see a sudden rush to sell (before a possible fall ?) suddenly since Katrina. THAT is a red flag. It is NOT a time to buy. Finally, remember, that certain markets go into a recession before another market. First one in, first one out. Additionally, all analysts say that certain markets where 2nd home sales have driven the prices up (considered speculative purchases, because its not ur primary residence, being using for investment purposes), those markets have been labeled the most fragile in a drop (because the purchases are speculative; you speculate, the market falls, its not your primary residence, now its time to worry). Parts of Florida are repeatedly mentioned in those reports about being speculative markets (for 2nd home sales); check if that is your area.

There are many different educated views on the housing market. I've read info from both sides, and it looks more like in south Florida it's going to keep rising. There is no room to expand here, between the Everglades and the ocean, and with casino's eventually going to open down here, the population rise will continue to rise. Here is another one of many articles I've read about the housing market. Not concrete proof in itself, but it says what I've been reading elsewhere as well. http://moneycentral.msn.com/content/Banking/Homebuyingguide/P104867.asp

My agent is making an offer on a townhouse today for me, but like a diver on a highboard aboutt o make a high dive, I'm hesitating and backing up from the edge of the board. So, today I'm making the move to buy a house...again. And I might chicken out...again. So, wish me luck...again.

[calebdead]

I never wished you luck the first time. So I'll make like usual, and not wish you luck, AGAIN...

[kaydup]

I never wished you luck the first time. So I'll make like usual, and not wish you luck, AGAIN...

awesome post!

[elevatedflow]

I hope that this first week wasnt to rough on you, and that you find some type of comfort in the next coming days. Your mom is watching over you now man and hopefully she will guide you to make the right descion in this big next step in your life ..

[SlickSlider]

I never wished you luck the first time. So I'll make like usual, and not wish you luck, AGAIN...

Heh...thanks, or no thanks, whatever. I'll ignore your post...again.

[SlickSlider]

awesome post!

I know, the kid is aspiring to be the most profound poster on CP.

[SlickSlider]

I hope that this first week wasnt to rough on you, and that you find some type of comfort in the next coming days. Your mom is watching over you now man and hopefully she will guide you to make the right descion in this big next step in your life ..

I appreciate that. Was a very decent thing to say, and I'm thinking that way all this week, too. Thanks again.

[SlickSlider]

Well, it's done. She accepted my offer and now the process is in motion. So by October 31st I'll be moving into my new townhouse. It's too late to back out now.