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Is now a good time to buy a vacation home in South Florida? Has that market hit bottom?
November 20, 2009 11:48AM
November 22, 2009 at 2:22 pm, Anonymous said:
Absolutely! you have to have lived and currently live in florida to be able to comment here, specific areas have seen significant drops in price, Miami about 60% in some areas, Palm beach county the same, Florida is the ground zero of foreclosures which started about 2 years ago, I recently purchased a condo in Palm beach county which originally sold for 189,000 for 40,000 Bank foreclosure, Awesome time to buy if you KNOW the market, cant just be a no it all New Yorker and post here
November 20, 2009 at 12:22 pm, Anonymous said:
No, No,NO!!!!! The market is in free fall…people are leaving the state for the first time in MANY years…thus values are falling back to their true value.
Bad for the older folks and many others underwater on their mortgages. The innocent always pay for the sins of the greedy, unfortunately.
November 20, 2009 at 12:27 pm, Anonymous said:
Not even close – just because it’s off 50% doesn’t mean it can’t and won’t fall further.
The problem is that so many people are underwater – once they realize that prices aren’t going back up anytime soon they will walk – the foreclosure problems in PHX, Vegas, and FL have just begun – again the foreclosure problems in PHX, Vegas, and FL have just begun.
November 20, 2009 at 12:39 pm, Anonymous said:
But already 1 in 4 homes in South Florida are in foreclosure or late on their payments. Hard to imagine how it would get way worse
November 24, 2009 at 2:29 pm, Anonymous said:
Hi,
Do you know where in florida the house price dropped the most but has the greaterst potential to climbing back?
November 20, 2009 at 1:31 pm, Anonymous said:
Its not a question of hitting bottom so much as when it will start to go up. Why buy now, even ifs its at the bottom, If its going to be ten years before it starts to go up again?
November 20, 2009 at 1:34 pm, gowithgary said:
So, often I read that properties are going back to their true value. Well, actually, before this bubble, they were grossly undervalued, so at this point they are going back to be undervalued and that is a potentially dangerous point.
November 20, 2009 at 1:52 pm, Anonymous said:
gowithgary you have no clue. You wish. If they were so undervalued pre-bubble, how come people can not afford them and are walking away. Could they have appreciated tooooo much??? Hmmmm
November 20, 2009 at 2:14 pm, Anonymous said:
Property values in South Florida have historically been stagnant, compared with other large cities; the exception being waterfront property, which always increases faster in value the non-waterfront property. I would have already purchased a condo in S.Florida with the prices dropping 50 percent, except the bank won’t write the mortgage unless the condo has full occupancy and isn’t in any kind of financial distress.
November 20, 2009 at 3:35 pm, Chuck said:
Prices are going to do down even further. Banks are sitting on “shadow inventory” and short sale prices are a pretty good indicator of where the prices are heading.
As mentioned above, banks are not lending on condos and they are worthless right now. Sure you can sell it…but a bank will not give a mortgage to the buyer.
There is a glut of rentals. People who are underwater are trying to rent. Rents are going down and home prices are going down. Couple that with un-employment and the rising costs of running a home and it still makes sense to rent. Florida shot itself in the foot by overbuilding, corruption and run away costs.
November 20, 2009 at 3:37 pm, Chuck said:
Oh, do not forget about the correction in the commercial market which will wipe out more banks and small business. The bottom line is no jobs than no recovery. Those doomsday people hunkering down with food and water might be the smartest after all.
November 20, 2009 at 4:07 pm, Anonymous said:
On the beach or intra-coastal ?
December 03, 2009 at 3:32 pm, Anonymous said:
RENT VS OWN PEOPLE!
Do the math. The market is cyclical and will overcorrect (as it always does) in both directions. This being said, use basic logic. If it is cheaper to rent the place than to own it, then the price on a purchase is likely to fall. If it is cheaper to own than to rent, then you can buy the place and rent it out for a profit until the prices rise. Parity will eventually be reached.
This being said, if it is truely a vacation home and emotionally you NEED to own a 2nd home, it should not be viewed as an investment. Go, buy and enjoy.
November 20, 2009 at 10:37 pm, Anonymous said:
I am buying a second condo in the deveopment I am in. They are cheaper then what I paid in 1996 and investors are snatching them up. It should earn me easy income for a couple years, then thing should be up at least 10%
November 29, 2009 at 3:53 pm, Anonymous said:
I wonder what the best thing for me to do. I want to sell my properties and buy into another state, mainly farm property in Arkansas or West Virginia. Would I bet better off selling now or waiting until the home values go up?
September 13, 2011 at 5:56 pm, hooher tod said:
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November 21, 2009 at 3:50 pm, Anonymous said:
#1 you say people are leaving the stat. Where are they going?
November 21, 2009 at 3:50 pm, Anonymous said:
#1 you say people are leaving the state. Where are they going?
November 28, 2010 at 12:41 am, Tish said:
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