Florida Real-Estate

[Dianna Vesta]

I’m just curious… Do you think that property values will maintain, drop or rise? How many people do you think have had enough and are looking to sell cheap and get the hell out of Florida or at least off the coast?

I’ve noticed an increase in postal mail from mortgage companies looking to refinance and it seems like a bunch of investors looking to buy property real cheap. I have always done well with real estate and can somewhat predict trends but I’m having a hard time deciding on this one.

My instinct tells me that we’ll continue to see investors trying to steal properties but that a lot of people will hang on for insurance, upgrade and then perhaps look to sell. I think that this winter there will be a lot of Florida sales in all areas. I had some land for sale that I’ll probably take off the market until I see what it does. I’d like to purchase some section 8 properties and just hold on to them. The state is looking for housing now for 1000’s of people. I had wanted to do this before the hurricanes but even the section 8 low rental housing properties were 80K and up. It will be interesting to see which way it falls.

DV

[JFK]

I figured that there will be a price drop, Or I am hoping so I can buy something down there

[Dianna Vesta]

Originally posted by JFK@Sep 28 2004, 11:32 AM
I figured that there will be a price drop, Or I am hoping so I can buy something down there

lots of owners selling and getting creative. Check out Cape Coral by Fort Meyers. They have developers there offering loans on new homes. Almost anyone can get approved. It's affordable and pretty nice. It's going to take a while to turn around but I have no doubts that it will.

I'm sure they will be looking for buyers and getting very creative this winter.

DV

[Jesse_DD]

I think there will be a temporary drop in the average selling price.
This will be due to people selling homes that still need to be repaired,
and the like. In addition, I think there are a lot of people that were
prepared to move down to Florida that may hold off their plans for a
little while longer. Maybe this will last a year and then everything
should return to normal.

[Dianna Vesta]

Originally posted by Jesse_DD@Sep 28 2004, 12:28 PM
I think there will be a temporary drop in the average selling price.
This will be due to people selling homes that still need to be repaired,
and the like. In addition, I think there are a lot of people that were
prepared to move down to Florida that may hold off their plans for a
little while longer. Maybe this will last a year and then everything
should return to normal.

I think people have short memories and hopefully will forget or it won't matter. I think the real estate values will climb very high and it will move through a transition making it expensive to live here. That in itself creates increases. If someone can afford the insurance they don't care especially if it's a second home.

One thing I do have to say is that most people were prepared. We at least have a good idea when a storm will hit and what we need to do.

DV

[Mike AI]

Originally posted by Jesse_DD@Sep 28 2004, 12:28 PM
I think there will be a temporary drop in the average selling price.
This will be due to people selling homes that still need to be repaired,
and the like. In addition, I think there are a lot of people that were
prepared to move down to Florida that may hold off their plans for a
little while longer. Maybe this will last a year and then everything
should return to normal.

I agree with this.

I also thought it could be a good buying opportunity, but I do not think it will be as big as many people think. Florida is still a growing State and a month of bad weather will not effect this long term.

I also think there will be a lot of vultures looking for steals, so it will be a tough market to get into - it will take some luck finding right person who is fedup. ( There are companies already setup to exploit these opportunities. I am sure you have see the "we buy ugly houses" people.

I still think Re is a great investment, and is something I will be spending more time working on.

[Peaches]

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