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Delray, FL realestate gurus help needed

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Delray, FL realestate gurus help needed

Old 01-26-2007, 07:57 PM
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Default Delray, FL realestate gurus help needed

I am looking for advice on the state of the real estate market in Florida. I am looking at a new 3 br, 2.5 bath, townhouse in Delray. It is brand new as some buildings are still being built on the property. Preconstruction the places were going for 350,000. I found them for 285,000 and the developer has had two people back out and is offering an additional 25,000 off the model I want if I close before the end of the month.

I am 25 years old and am a captain on a motor yacht. I am in and out of Florida all the time, I was possibly going to rent it out too. This will be my first home purchase. They need to sell a bunch of these things to finish the final phase. Is this market picking up? Should I wait and really try and hammer the developer. I know in West Palm, many buildings have stopped construction. How bad is this market? Is it going to turn around anytime soon? Insurance continuing to climb? Any idea on taxes in Del Ray? All help and comments are appreciated.

nas
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Old 01-26-2007, 09:09 PM
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Default Re: Delray, FL realestate gurus help needed

The market is not picking up, but will eventually. It may even continue to fall. go to the Palm Beach county tax assessor site for taxes, but figure 20-30 mils (2-3%) per year. Insurance..crap shoot. Delray has almost overbuilt all those townhouses along US1, which I assume you're looking at. Delray has done a tremendous job with its downtown commercial area. Buy carefully, do your homework.
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Old 01-26-2007, 09:13 PM
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Default Re: Delray, FL realestate gurus help needed

I live in Tampa, a market I am much more familiar with, but my two sisters and sis-in-law all live in Palm Beach. My sister-in-law bought a house in Palm Beach preconstruction 1.5 years ago and closed on it a few months ago. There are 2 other neighbors in the subdivision and about 50 houses that are worked on irregularly if at all. With many of these, the original investor has walked away from his 10% preconstruction deposits, I guess thinking that that was cheaper than closing and then losing even more. So, to answer your question based on my small sample size, the Palm Beach market is still sluggish and has not shown any signs of picking up. I think the bigger question is is it still falling. Personally, I would not be hustled into buying in the next 5 days to get a 25K benefit. If anything, he'll offer that same benefit next month or the next month when that unit is still available. Maybe 285 - 25 will be the best you can get, but I think you will be able to get that price for the foreseeable future.

Sounds like a high pressure sales to me and I run away from those....
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Old 01-27-2007, 04:47 PM
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Default RE: Delray, FL realestate gurus help needed

I've lived in Delray for the last 30 years.
My guess is you're looking at the Lennar project on SW 10th and Swinton??
Just wait until the first train rolls through at 3 AM
Delray has changed a lot, and not for the better.
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Old 01-27-2007, 07:23 PM
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Default Re: Delray, FL realestate gurus help needed

Wait until Oct.- Nov., the price will be close to $200K.
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Old 01-28-2007, 06:36 PM
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Default Re: Delray, FL realestate gurus help needed

Thanks for the advice.

Endoman:
Why is Delray getting worse? Good point about the train. It has hurricane glass, I wonder how sound proof it is.

Seaveyor:
Why do you say that?

nas
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Old 01-28-2007, 06:44 PM
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Default Re: Delray, FL realestate gurus help needed

Seaveyor - 1/27/2007 7:23 PM

Wait until Oct.- Nov., the price will be close to $200K.


it has not hit the bottom yet.i too would wait a little longer.
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Old 01-28-2007, 06:49 PM
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Default Re: Delray, FL realestate gurus help needed

To me, Delray was a small town, untainted by its' neighbor to the south, Boca. With all the development, it has lost its' identity, and its quaintness.
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Old 01-29-2007, 10:35 AM
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Default Re: Delray, FL realestate gurus help needed

If I were in your shoes, I would seriously consider a Condo, yes I know all the good and bad stuff with condos but being in and out of Florida, can be a pain, with upkeep, painting, grass, pest control (inside and out) hurricanes, and other problems that a homeowners group can dish out may not be worth the trouble not to mention rental problems. I bet the condo market is wide open and depressed right now and you could get a good deal on a very nice one near the beach, notice I said near the beach, Also the regular condo fees which includes most of the time, water, outside insurance, basic cable, trash pickup, maintenance on building and maybe some taxes, etc. Co. With a little shopping you might find one you can live with or in comfortably. No, condos are not a private home but for many people who are on the go or just do not like or have the time to do home work, they might just be the ticket. Or you could also go for a town home or zero lot line development, somewhat like a condo but you own the land and again a lot less maintenance problems than a single family home.
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Old 01-29-2007, 11:17 AM
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Default Re: Delray, FL realestate gurus help needed

How much time to you have available to invest some sweat equity? Several Captains I know have bought single family fixer uppers and have made good money doing some repairs themselves. Single family homes tend to appreciate a bit faster and you are not saddled with association fees and assessments.
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Old 01-29-2007, 03:43 PM
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Default Re: Delray, FL realestate gurus help needed

nas130 - 1/28/2007 6:36 PM

Endoman:
Why is Delray getting worse? Good point about the train. It has hurricane glass, I wonder how sound proof it is.


nas

Well, I don't see hurricane glass stopping the noise or the vibration coming from 500+ car trains rumbling by 300 feet from your front windows.
I'm 8 blocks east of the tracks and when I moved in I never heard a train. That was 12 years ago.
Now, with all the development, I hear at least one train per night. I think it's called reverberation.
Really no problem for me as I start work @ 0530.
As others have said, Delray used to be a sleepy town.
I liked it that way.
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Old 01-29-2007, 06:38 PM
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Default Re: Delray, FL realestate gurus help needed

endoman
It never made any sense to me that the freight train line is further east than the tri rail. The tri rail has to be the worst train system in the US.

29 NORTH
It is a townhouse.

Bob's Cay
I would love to do that, the fixer uppers in desirable locations are a bit expensive. Also I am not in town much so I wont be around doing all of the homeowners type stuff.

I originally looked at the Moorings of Lantana, thank got my offer was not accepted. I would love to be on the Intracostal, but they were really over priced.

nas

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Old 03-06-2007, 11:39 PM
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Default Re: Delray, FL realestate gurus help needed

I am happy to say that I bought the place! There are not many recently built places east of 95 with a garage for less then 300,000. My attitude is that it has hit NEAR BOTTOM and I can't lose that much over the long haul. I spoke with the neighbors about the trains and the HOA and they did not seem to disgruntled. My building is the second to last to be built, it should be done in September or October. I have never been more nervous and scared in my life, but it is just a house. Every month I will be giving around half my salary towards my mortgage and expenses. I would love to meet some local people so, if you local guys ever need a fishing mate, I have a 200 ton master license and can wash a boat like a yachty scorned. I just spent too much money on good rums and liqueurs in St. Thomas, when I get some furniture in there I am going to have an open house. I know I did not take everyone's advice on this one (especially you endoman) but I think I cant get a better deal. Endoman, I want you and your friends to come over for the house warming party!!!!

nas
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Old 03-07-2007, 12:09 AM
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Default Re: Delray, FL realestate gurus help needed

Congratulations. Delray is a bit far from me (I am in Pompano Beach), but if weather holds out, may be doing some evening fishing just outside of Hillsborough Inlet next week. If you want to head down, pm me. Welcome neighbor.
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Old 03-07-2007, 09:57 PM
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Default Re: Delray, FL realestate gurus help needed

Good luck, i really wished that you could have waited until a house already built comes on the market this summer. Bottom will be nov. or dec. or even later if the stock market has another big hit, but mortgage rates are low at this time.
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Old 03-10-2007, 09:32 AM
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Default Re: Delray, FL realestate gurus help needed

Congrats Nas.
I'm always up for a housewarming party.
I'll PM my # to you.
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Old 03-10-2007, 10:35 AM
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Default RE: Delray, FL realestate gurus help needed

Congratulations, Nas130.
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