Single-family homes are out of reach for most ( S Florida)
06-28-2006, 07:50 AM
#41
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Originally Posted by F900
Century Village west of Boca has 282 listings, he said. Kings Point west of Delray has 255, and roughly 20 percent of those have been on the market for 200 or more days, continued.......
http://www.sun-sentinel.com/business...ostemailedlink
http://www.sun-sentinel.com/business...ostemailedlink
Yep, and the baby boomers haven't even started to sell off their retirement condos... Heck, most of 'em are still buying...
Wait till the boomers start selling off (or more likely their estates selling off), and you'll see a similiar, if not bigger scenerio...
06-28-2006, 08:25 AM
#42
Originally Posted by F900
Another reason.....
Retirement condos flooding the market in South Florida
Published June 26, 2006
David Dweck couldn't believe it.
The founder of the Boca Real Estate Investment Club scanned the multiple listing service last week and found 2,700 condominiums for sale just in Palm Beach County retirement communities. That represents roughly 9 percent of the county's total listings.
"That's a staggering number," Dweck said.
Century Village west of Boca has 282 listings, he said. Kings Point west of Delray has 255, and roughly 20 percent of those have been on the market for 200 or more days, continued.......
http://www.sun-sentinel.com/business...ostemailedlink
Retirement condos flooding the market in South Florida
Published June 26, 2006
David Dweck couldn't believe it.
The founder of the Boca Real Estate Investment Club scanned the multiple listing service last week and found 2,700 condominiums for sale just in Palm Beach County retirement communities. That represents roughly 9 percent of the county's total listings.
"That's a staggering number," Dweck said.
Century Village west of Boca has 282 listings, he said. Kings Point west of Delray has 255, and roughly 20 percent of those have been on the market for 200 or more days, continued.......
http://www.sun-sentinel.com/business...ostemailedlink
In my searches, all the cheap condo's are 55+ Most are in CV in Boca, CV in Palm Beach, & CV in Deerfield Beach.
For those that don't know 55+ means they don't allow anyone but 55+ owners/renters.
06-28-2006, 09:23 AM
#43
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Originally Posted by fuzzy02CLS
In my searches, all the cheap condo's are 55+ Most are in CV in Boca, CV in Palm Beach, & CV in Deerfield Beach.
For those that don't know 55+ means they don't allow anyone but 55+ owners/renters.
Fuzzy have you secured financing yet ? If not let me know, I might be able to help you...
06-28-2006, 11:00 AM
#45
Originally Posted by MR1
My, we aren't opinionated or harsh and close minded are we??? 
While I agree that that where possible one should pay ahead, for some it just isn't possible. Likewise, some can only just afford the monthly payment and are very happy to be able to own a home at all. Paying off the mortgage early or even bi-weekly payments can't happen. Everyone one is not as gifted, talented and affulent as you seem to be. That certainly does not classify them as idiots. There are also people who have different priorities than you, imagine! FWIW, my situation is more similar to yours but I know plenty of of people 'poor but proud and hard working'. Then there are the people with the new cars, clothes etc that continue to pay the rent for our income property.
It's all good, just different paths. End of rant.
While I agree that that where possible one should pay ahead, for some it just isn't possible. Likewise, some can only just afford the monthly payment and are very happy to be able to own a home at all. Paying off the mortgage early or even bi-weekly payments can't happen. Everyone one is not as gifted, talented and affulent as you seem to be. That certainly does not classify them as idiots. There are also people who have different priorities than you, imagine! FWIW, my situation is more similar to yours but I know plenty of of people 'poor but proud and hard working'. Then there are the people with the new cars, clothes etc that continue to pay the rent for our income property.
It's all good, just different paths. End of rant.
But I will admit that idiot was kind of harsh, however, as was mentioned above by others, any little bit extra can shave years off of a mortgage. Additionally the term was used more to convey the point then as a derogotory term. I also never said people had to pay any certain amount, just that any amount helps. In our first house we had much less disposable income, however, we paid whatever extra we saw fit each month... $10, $50, $100, whatever. I you can afford a home then you are in a great position as it is a lovely asset. To be able to have the money for a down payment as well as to balance your monthly bills means you have at least a basic understanding of finances. If you can shave years off of your mortgage by paying even the smallest amount extra monthly, any advisor would let you know it was a great idea. I personally have never met anyone, ever, who was happy to fork over 10's of thousands, or even hundred's of thousands of dollars to a bank when they had an option to do otherwise. Never, ever met anyone like that, regardless of financial standing. In fact, most people seem very happy to be able to save that much money and own their house outright earlier. There wouldn't be industries built around helping people to acheive this if that wasn't the case. Does everyone do it? No. People who have rental properties or people will little to no write-offs may not be as eager to pay off, but for the most part, most people would want to keep as much of that interest in their pockets to they could invest in businesses, other homes, education, donate it to charity, or whatever else you can think of... all better then giving it to your bank. And to quote you... those "poor but proud and hard working" folks are usually the first ones who love to hear a very small extra amount towards principal payment can save them thousands in interest over 30-years.
So the gist of my entire reply which everyone else seemed to understand as a whole was that yes, mortage rates are going up, but in the big picture they're still not that bad, and even small principal contributions can help to relieve the pressure one may be feeling with the higher rates by saving you interest in the long run.
Last edited by juniorbean; 06-28-2006 at 11:15 AM.
06-28-2006, 11:11 AM
#46
Originally Posted by GreenMonster
Yep, and the baby boomers haven't even started to sell off their retirement condos... Heck, most of 'em are still buying...
Wait till the boomers start selling off (or more likely their estates selling off), and you'll see a similiar, if not bigger scenerio...
This is why the townhome residents were outgaining detached homes in NY when we moved. Everyone was selling their homes since the kids were in college or married, etc and moving into townhomes which were as big, or bigger then their houses, but didn't come with the maintanence or taxes. Crazy stuff.
06-28-2006, 12:21 PM
#47
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JB I think what MR1 was not so eloquently trying to say was that for some people $10 is a lot of money. It's the difference between ramen noodles for dinner or chicken. Some are truly trying to find ways to make ends meet.
Let's put the whole pay off your mortgage as soon as you can to bed.
Let's put the whole pay off your mortgage as soon as you can to bed.
06-28-2006, 12:37 PM
#48
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Originally Posted by MR1
My, we aren't opinionated or harsh and close minded are we???
While I agree that that where possible one should pay ahead, for some it just isn't possible. Likewise, some can only just afford the monthly payment and are very happy to be able to own a home at all. Paying off the mortgage early or even bi-weekly payments can't happen. Everyone one is not as gifted, talented and affulent as you seem to be. That certainly does not classify them as idiots. There are also people who have different priorities than you, imagine! FWIW, my situation is more similar to yours but I know plenty of of people 'poor but proud and hard working'. Then there are the people with the new cars, clothes etc that continue to pay the rent for our income property. It's all good, just different paths. End of rant.
While I agree that that where possible one should pay ahead, for some it just isn't possible. Likewise, some can only just afford the monthly payment and are very happy to be able to own a home at all. Paying off the mortgage early or even bi-weekly payments can't happen. Everyone one is not as gifted, talented and affulent as you seem to be. That certainly does not classify them as idiots. There are also people who have different priorities than you, imagine! FWIW, my situation is more similar to yours but I know plenty of of people 'poor but proud and hard working'. Then there are the people with the new cars, clothes etc that continue to pay the rent for our income property.
It's all good, just different paths. End of rant.
.5*2=1
1*1=1
06-28-2006, 12:41 PM
#49
Originally Posted by NSXNEXT
JB I think what MR1 was not so eloquently trying to say was that for some people $10 is a lot of money. It's the difference between ramen noodles for dinner or chicken. Some are truly trying to find ways to make ends meet.
Let's put the whole pay off your mortgage as soon as you can to bed.
Let's put the whole pay off your mortgage as soon as you can to bed.
Even though this is the Money & Investing forum... to bed it goes
07-01-2006, 02:22 AM
#50
05/5AT/Navi/ABP/Quartz
This does sum it up well. What was not eloquent? 
In addition, some can't pay twice a month easily because they only get paid once per month. No harm intended, I was just trying to clarify a little.
In addition, some can't pay twice a month easily because they only get paid once per month. No harm intended, I was just trying to clarify a little.
Originally Posted by NSXNEXT
JB I think what MR1 was not so eloquently trying to say was that for some people $10 is a lot of money. It's the difference between ramen noodles for dinner or chicken. Some are truly trying to find ways to make ends meet.
Let's put the whole pay off your mortgage as soon as you can to bed.
Let's put the whole pay off your mortgage as soon as you can to bed.
07-01-2006, 09:46 AM
#51
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Re:
Originally Posted by Mike97 3.0P
Why is it so much harder to pay 1/2 the monthly payment 2x per month?
.5*2=1
1*1=1
.5*2=1
1*1=1
There is a difference between bi-monthly and bi-weekly. Bi-weekly requires you to pay an additional payment per year. Some people can't afford that.
07-03-2006, 02:36 PM
#52
Team Owner
Down here in Dade County Kendall area (SW Miami middle class), there aren't any townhomes under $200,000, maybe not even under $225,000. I bought mine last year for $190,000 and it's already $235,000 per a computer appraisal and probably more when they factor what I've put into the place. A 1/1 condo is probably like $140,000 now while a 2/2 is in the $170+ range.
I work for a major lender and it seems that 90% of the deals we close are 1st/2nd Stated income deals. In other words, you bump up your income on your application and we don't verify paystubs/tax returns. I'm pretty sure they wouldn't qualify through normal income verification.
What's also killing south FL is taxes. When you stay in a place, you're fine because your tax increase is capped each year. But if you move you're fucked. I'll probably have a $3000 tax bill, where my brother-in-law has a townhouse worth $100k more than mine but bought 4 years ago, pays half in taxes. A lot of potential buyers are just remodeling rather than getting the tax hit and waiting for the government to amend the tax laws. The inventory is sitting longer so I'm sure the government will attach this soon.
I work for a major lender and it seems that 90% of the deals we close are 1st/2nd Stated income deals. In other words, you bump up your income on your application and we don't verify paystubs/tax returns. I'm pretty sure they wouldn't qualify through normal income verification.
What's also killing south FL is taxes. When you stay in a place, you're fine because your tax increase is capped each year. But if you move you're fucked. I'll probably have a $3000 tax bill, where my brother-in-law has a townhouse worth $100k more than mine but bought 4 years ago, pays half in taxes. A lot of potential buyers are just remodeling rather than getting the tax hit and waiting for the government to amend the tax laws. The inventory is sitting longer so I'm sure the government will attach this soon.
07-03-2006, 02:45 PM
#53
Team Owner
Originally Posted by PistonFan
07-03-2006, 07:59 PM
#55
Team Owner
If I were you, I'd go ahead and consult someone that could do your loan because there are many ways to be approved but more ways to be declined. If you start planning now and prepping your loan, you'll come out with a better deal next year.
07-04-2006, 03:23 PM
#56
05/5AT/Navi/ABP/Quartz
It sounds like the same as California. Taxes are set based on purchase price and raised a small percentage each year. House purchased 10 years ago pays much less than identical house next door that just sold because difference in purchase price. It's like $1000 vs $4000.
Originally Posted by Doom878
Down here in Dade County Kendall area (SW Miami middle class), there aren't any townhomes under $200,000, maybe not even under $225,000. I bought mine last year for $190,000 and it's already $235,000 per a computer appraisal and probably more when they factor what I've put into the place. A 1/1 condo is probably like $140,000 now while a 2/2 is in the $170+ range.
I work for a major lender and it seems that 90% of the deals we close are 1st/2nd Stated income deals. In other words, you bump up your income on your application and we don't verify paystubs/tax returns. I'm pretty sure they wouldn't qualify through normal income verification.
What's also killing south FL is taxes. When you stay in a place, you're fine because your tax increase is capped each year. But if you move you're fucked. I'll probably have a $3000 tax bill, where my brother-in-law has a townhouse worth $100k more than mine but bought 4 years ago, pays half in taxes. A lot of potential buyers are just remodeling rather than getting the tax hit and waiting for the government to amend the tax laws. The inventory is sitting longer so I'm sure the government will attach this soon.
I work for a major lender and it seems that 90% of the deals we close are 1st/2nd Stated income deals. In other words, you bump up your income on your application and we don't verify paystubs/tax returns. I'm pretty sure they wouldn't qualify through normal income verification.
What's also killing south FL is taxes. When you stay in a place, you're fine because your tax increase is capped each year. But if you move you're fucked. I'll probably have a $3000 tax bill, where my brother-in-law has a townhouse worth $100k more than mine but bought 4 years ago, pays half in taxes. A lot of potential buyers are just remodeling rather than getting the tax hit and waiting for the government to amend the tax laws. The inventory is sitting longer so I'm sure the government will attach this soon.
07-04-2006, 11:27 PM
#60
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income is slightly higher in CA, but it doesn't come close to offsetting the cost of real estate.
median house in miami was $234K as of Q3 2005, median house price in los angeles for the same quarter was $438K. you can forget the higher priced metro areas such as orange county, san diego, and the bay area in nor cal...those go into the mid 500's to the 700's. there's no way the CA's income is 2-3X that of miami's.
all things being equal, i'd take miami's cost of living anyday over CA's.
median house in miami was $234K as of Q3 2005, median house price in los angeles for the same quarter was $438K. you can forget the higher priced metro areas such as orange county, san diego, and the bay area in nor cal...those go into the mid 500's to the 700's. there's no way the CA's income is 2-3X that of miami's.
all things being equal, i'd take miami's cost of living anyday over CA's.
07-05-2006, 08:01 AM
#61
Team Owner
Originally Posted by CrockPot
income is slightly higher in CA, but it doesn't come close to offsetting the cost of real estate.
median house in miami was $234K as of Q3 2005, median house price in los angeles for the same quarter was $438K. you can forget the higher priced metro areas such as orange county, san diego, and the bay area in nor cal...those go into the mid 500's to the 700's. there's no way the CA's income is 2-3X that of miami's.
all things being equal, i'd take miami's cost of living anyday over CA's.
median house in miami was $234K as of Q3 2005, median house price in los angeles for the same quarter was $438K. you can forget the higher priced metro areas such as orange county, san diego, and the bay area in nor cal...those go into the mid 500's to the 700's. there's no way the CA's income is 2-3X that of miami's.
all things being equal, i'd take miami's cost of living anyday over CA's.
07-05-2006, 10:34 AM
#62
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Originally Posted by Doom878
$234k? LOL That barely gets you into a townhouse today. A SFR maybe in the hood if you're lucky.
as stated:
Miami-Miami Beach-Kendall, FL 234,000
and, it's projected to decrease by 2.5% by the end of 2006. while that may not be the correct number, it does give you an idea that miami's real estate market has certainly cooled down.
07-05-2006, 11:57 AM
#63
Originally Posted by Doom878
If I were you, I'd go ahead and consult someone that could do your loan because there are many ways to be approved but more ways to be declined. If you start planning now and prepping your loan, you'll come out with a better deal next year.
I heard that much of Florida is affordable. Just get out of the tourist/second-home-buyer enclaves.
150-300 mile east to west depending on where your start out. You can't just up & move to a cheaper area.
07-05-2006, 12:27 PM
#64
Team Owner
Originally Posted by CrockPot
http://money.cnn.com/2006/02/03/real...2006/index.htm
as stated:
Miami-Miami Beach-Kendall, FL 234,000
and, it's projected to decrease by 2.5% by the end of 2006. while that may not be the correct number, it does give you an idea that miami's real estate market has certainly cooled down.
as stated:
Miami-Miami Beach-Kendall, FL 234,000
and, it's projected to decrease by 2.5% by the end of 2006. while that may not be the correct number, it does give you an idea that miami's real estate market has certainly cooled down.
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