Notices

Florida Housing market ?????

Old 02-27-2021, 10:13 PM
  #81  
Admirals Club Admiral's Club Member
 
Join Date: Nov 2015
Location: Whiskey Point
Posts: 353
Received 109 Likes on 56 Posts
Default

Originally Posted by DarienJim View Post
As a person whom used to trade and sell them on Wall Street, non-confirming loans are not the issue.

Non-conforming means they do not qualify for sale into FHLMC/FNMA, usually due the mortgage principal size. Jumbos are non-confirming for example as are Super Jumbos. This has nothing to do with quality of the loan and in fact most jumbo loans are have high FICO borrowers.

The issue with 2007 was a small sector of the mortgage market which is sub-prime (i.e., low FICO scored borrowers), and specifically those adjustable rate mortgages (ARMs) that were called 2/28 ARMs. Those had a very low teaser rate for the fixed rate initial two years allowing the borrower in a sense to over qualify for the loan. That is, since the rate was well below the 30 year fixed rate, they were able to borrow more than should have. Then you coupled many lenders doing 100% LTV loans so no down payments. In a sense you had infinite leverage.

Problem with 2/28 sub-prime ARMs back then was what we called the periodic cap was uncapped--so since interest rates were going up in 2006 and 2007 and these were mostly floating off LIBOR which was increasing and there was not cap at the end of the 2 year fixed rate period, they new rate floated up very high...in some case tripling (rates going from 4% to 12%). Crazy structure and crazy my colleagues created these things. Actually a ticking time bomb and it did in fact they blew up. People simplify could not pay the new rate in year 3 and then the refinancing market dried up. Of course, these people thought they would all flip the houses and condos before the 2 year anniversary date hit and got caught holding the bag. One prices peaked and started to decline, the market unwound as did the financing.

So we are not creating these types of mortgages any more...there is not securitization model funding them. So really 20006-2008 is nothing like now.
This. People that did not usually qualify for loans did. They took adjustable loans because the bankers told them to. The economy tanked and they could not pay a 10% plus nut. The government wanted everyone to own a home. And they did for another 24 months .
Old 02-28-2021, 03:19 AM
  #82  
Admirals Club Admiral's Club Member
 
Join Date: Jan 2010
Location: Ozona, Fl
Posts: 366
Received 111 Likes on 76 Posts
Default

We recently had our offer accepted for purchasing a 2nd home, Vacation rental very close to the Chassahowitzka River, house populated at 9:00 am on the MLS, we made a full offer without seeing the house, at noon realtor called saying owner was considering us strongly, but lots of interest, we received a text around 5:00 from our realtor that 5 cash offer exceeded ours and 3 more matched ours but with financing, sellers agent asked for best and final by 10am the next day, wife wrote a letter to seller who was attached to house telling her our plans along with how much we liked the area and house, we raised our offer 17K still thousand below highest cash offer but owner liked us from the way our realtor presented us to buyers agent, in the end, we dropped all contingency and buyer accepted our offer. Summarizing, in a 12 hour period 14 offers were submitted, mostly being cash, sellers realtor removed listing due to amount of traffic and inquires, economy is going to tank do to building related prices, just don't think it will be in Florida any time soon.
Old 02-28-2021, 03:24 AM
  #83  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2013
Posts: 1,631
Received 683 Likes on 396 Posts
Default

Originally Posted by Mako 234 View Post
Stuff is selling so fast because inventory is so low. People are fighting over houses. It's a seller's market. If you're thinking of selling do it now. It's not just FL. It's the entire country.
So you are saying the housing market is red hot in New York? I do wonder who is buying all the houses of the ones fleeing.
Old 02-28-2021, 03:59 AM
  #84  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2015
Posts: 754
Received 95 Likes on 55 Posts
Default

What does a sellers market mean? Sell your house and rent? Move from Tampa to Spring Hill? Buy in a crappy part of town. So you sell your house for 100k of MV and go buy a bigger house for 100k over MV. If you sell and buy in same relative area what does it matter?
Old 02-28-2021, 04:01 AM
  #85  
Senior Member
 
Join Date: Feb 2019
Location: Delray Beach, FL
Posts: 199
Received 47 Likes on 29 Posts
Default

Originally Posted by Icatcher22 View Post
What does a sellers market mean? Sell your house and rent? Move from Tampa to Spring Hill? Buy in a crappy part of town. So you sell your house for 100k of MV and go buy a bigger house for 100k over MV. If you sell and buy in same relative area what does it matter?
When the RE market busts your out the $100K in equity.
Old 02-28-2021, 04:13 AM
  #86  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2012
Posts: 1,665
Received 462 Likes on 268 Posts
Default

Originally Posted by Icatcher22 View Post
What does a sellers market mean? Sell your house and rent? Move from Tampa to Spring Hill? Buy in a crappy part of town. So you sell your house for 100k of MV and go buy a bigger house for 100k over MV. If you sell and buy in same relative area what does it matter?
in my case I take the additional $200K+ and move to a nicer neighborhood and use the additional money to offset the higher building prices, renting until new construction is completed. I was originally planning on staying in my house and selling when my new home was completed but don’t want to take a chance that the market tanks during this time.

At the end of things I gain nothing but it at least offsets the higher prices in construction cost.
Old 02-28-2021, 05:34 AM
  #87  
Senior Member
 
Join Date: Jun 2002
Location: South Florida
Posts: 541
Received 1,139 Likes on 639 Posts
Default

Originally Posted by king_me View Post
How are you going to price your home? Market value with open to offers? set a high price from the beginning? other pricing strategy?
We have a few ideas but probably based on comps that have sold here (our waterfront neighborhood) in the last 4-6 months. Our situation is unique in that it's only a 2/2 (but a big 2/2!) with no pool so we can't price the same as the standard 3/2 with pool. However, the house already has an Office so that will help offset with no 3rd bedroom and the awesome, custom 20 x 40 patio will help offset not having a pool, but there is room to put one in.



Above, the retractable screens are Up and fully hidden. The guy in the middle is looking out at our old Grady-White floating at the 40 foot dock. To the far left, are twin slider windows that open from the kitchen to the counter top.

Behind me is the custom grill area. We got that slab for $150 and my Contractor did the 'build' for free to say Thanks to me for the big project.



Half of our neighborhood has a fixed bridge but we have the $$ advantage of no fixed bridges to the ocean. Bring a 60 foot sailboat here and tie up to our custom dock! That's a $250k bump up for just being on one side of a fixed bridge!! We made sure to not buy behind the bridge in 2000, just for future resale.............. and here we are!

All indications are that the market here will continue to have low inventory so prices should stay high. And based on that we do not have to sell/move, we have the option to take some time, to try to maximize our sale price. For now, we are still putting the place back together after the big re-model. I cleaned out most of the garage last week and got a big pile of 'stuff' (aka junk that I thought I 'might' use some day!) out to the street on Thursday, in time for Bulk Trash Pick Up on Friday! That was a major hurdle to get past!

This week it's new blinds on Monday, retractable scree repair on Weds and Electrical on Thurs. My closet shelving guy will be here this week too. Need to drop off a dining room chair for repair. Still need a landscaper for some touch ups. Any Recs?? Need to check in with my grill folks (Culinary Concepts in Pompano) to see if a few parts are in. And keep cleaning and tossing!
Old 02-28-2021, 06:28 AM
  #88  
Admirals Club Admiral's Club Member
 
Join Date: Oct 2012
Location: Boca Grande,FL
Posts: 2,165
Received 559 Likes on 284 Posts
Default

Wow. That’s a great outdoor space.
Old 02-28-2021, 06:29 AM
  #89  
Senior Member
 
Join Date: Jan 2011
Location: Retired Bizy Livin
Posts: 8,047
Received 1,407 Likes on 998 Posts
Default

who's playing the drums
Old 02-28-2021, 06:35 AM
  #90  
Senior Member
 
Join Date: Mar 2010
Posts: 1,531
Likes: 0
Received 527 Likes on 312 Posts
Default

Originally Posted by SeaPro48 View Post
So you are saying the housing market is red hot in New York? I do wonder who is buying all the houses of the ones fleeing.
I’ve posted a few times on here. I’m halfway through my weekend of showings and have 7 offers (1 under ask, the rest over asking and our asking price is probably 10% higher than it ever should be). I’m just over an hour outside NYC and the market is going crazy. I’m not selling by voice but seems we hit the market well. Since mine hit the market Friday, a couple hit Saturday at 5-8% higher asking than mine. The values are going up literally daily.
Old 02-28-2021, 06:37 AM
  #91  
Senior Member
THT sponsor
 
Join Date: Jul 2010
Location: On the Flats
Posts: 7,961
Received 1,517 Likes on 679 Posts
Default

We are in a always hot zip code in Tampa. 13,000 homes. Only 11 active listings now.

Last edited by Flatout71; 02-28-2021 at 07:02 PM.
Old 02-28-2021, 06:39 AM
  #92  
Senior Member
 
Join Date: Mar 2010
Posts: 1,531
Likes: 0
Received 527 Likes on 312 Posts
Default

Originally Posted by Icatcher22 View Post
What does a sellers market mean? Sell your house and rent? Move from Tampa to Spring Hill? Buy in a crappy part of town. So you sell your house for 100k of MV and go buy a bigger house for 100k over MV. If you sell and buy in same relative area what does it matter?
I don’t have the choice of selling (unless I keep the house and rent and that is a solid no from me). Our plan if we get the town/location we want is to buy an off market house that needs renovation. We can get the life safety done and then renovate over time. As it sits now we may be able to go from 1500 Sf to 3000 SF, from .25 acres to 2 acres, 1 car to 2 car garage, etc... and the sale price of ours should be close to he purchase price of the new one. If I had to buy on the market, that wouldn’t be possible, but due to my business I’m usually dealing with off market houses so less (in this case zero) competition.
Old 02-28-2021, 06:45 AM
  #93  
Senior MemberCaptains Club Member
 
Join Date: Jun 2002
Location: Southeast Florida
Posts: 12,252
Received 1,099 Likes on 658 Posts
Default

Originally Posted by SeaPro48 View Post
So you are saying the housing market is red hot in New York? I do wonder who is buying all the houses of the ones fleeing.
We sold a house in NY in August that was located just outside the NYC border. A renter in one of the outer boroughs bought it, we had a bunch of offers over ask.
​​​​​


Old 02-28-2021, 06:56 AM
  #94  
Senior Member
 
Join Date: Jun 2002
Location: South Florida
Posts: 541
Received 1,139 Likes on 639 Posts
Default

Originally Posted by magua View Post
who's playing the drums
A Steel Drums guy! We had just finished that patio project which also included an all-new roof, landscaping and a new Master Bath. My wife's company in Miami had been bought at the end of the house project and they did not need her Finance and Acct Dept. "Let half of your staff of 32 go in two weeks and the other 16 on Sept 1st (2010). You leave last."

So, as a sort of Going Away gift we had this big fully stocked party for every one. Most showed up. Luckily, her new company needed her International expertise for 18-24 months so she stayed on. Been there 10+ years now.
Old 03-01-2021, 04:49 AM
  #95  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2011
Posts: 678
Likes: 0
Received 83 Likes on 63 Posts
Default

We signed on to build a new home on the west coast of Florida Memorial Day. The builders BASE price has gone up $75 K since then. I was trying to time the sale of our existing home and did some word of mouth advertising as "Coming soon". A couple in the neighborhood heard about it and 12 hours later made me an offer.
Our builders sales guy told me, People who have talked about going to Florida have accelerated their plans and are moving here now instead of waiting for another day.
Old 03-01-2021, 05:37 AM
  #96  
Senior Member
 
Join Date: Feb 2007
Location: Trussville, AL
Posts: 1,079
Received 558 Likes on 325 Posts
Default

Originally Posted by Mako 234 View Post
Stuff is selling so fast because inventory is so low. People are fighting over houses. It's a seller's market. If you're thinking of selling do it now. It's not just FL. It's the entire country.
The market in the little suburb I live in is nutty too. A house in my neighborhood was going to be renovated and the contractor put a sign in the yard when he started (3-4 month job). Then two days after the contractor's sign went up the realtor's sign went up with an "under contract" placard on it. The people who own it said someone driving the neighborhood saw the contractor's sign and called them for their number. Made them and offer right then before it went on the market.
There are also an endless stream of posts on different local internet groups where people are asking if anyone knows about houses that may be going on the market 3, 6 or even 12 months from now.
Old 03-01-2021, 05:54 AM
  #97  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2011
Posts: 678
Likes: 0
Received 83 Likes on 63 Posts
Default

Originally Posted by xl883lo View Post
The market in the little suburb I live in is nutty too. A house in my neighborhood was going to be renovated and the contractor put a sign in the yard when he started (3-4 month job). Then two days after the contractor's sign went up the realtor's sign went up with an "under contract" placard on it. The people who own it said someone driving the neighborhood saw the contractor's sign and called them for their number. Made them and offer right then before it went on the market.
There are also an endless stream of posts on different local internet groups where people are asking if anyone knows about houses that may be going on the market 3, 6 or even 12 months from now.
This ^^^.... I put my house on Zillow for a day and changed it to "Pending" the next day...I had so many phone calls for a month I had to delete my phone number. Realtors were asking me if I had anything else for sale or if I knew anybody with anything for sale....
As a side note, I found that Realtors will say ANYTHING to get their foot in the door. If you are selling yourself, keep this in mind.
Old 03-01-2021, 07:12 AM
  #98  
Senior Member
 
Join Date: Mar 2016
Posts: 1,184
Received 483 Likes on 277 Posts
Default

IMO your primary residence should not be used to speculate via the market. You should buy a house when you’re ready and can afford one. And then you should sell when you’re ready to move, and only buy what you can afford as a replacement.

What I am currently seeing are people rushing to buy because “interest rates are going up” or using some other excuse to engage in a bidding war on their primary residence, overpaying by tens or even hundreds of thousands of dollars. This won’t end well.
Old 03-01-2021, 07:20 AM
  #99  
Senior MemberCaptains Club Member
 
Join Date: Oct 2007
Location: Fort Lauderdale
Posts: 12,908
Received 1,454 Likes on 662 Posts
Default

Its only a matter of time before it pops ....

Having lived thru several market crashes this all smells very similar ...

Stock market soaring, money cheap, tons of buying .... Lenders giving away cash ...

May take some time --- but its on the way ...



Old 03-01-2021, 07:29 AM
  #100  
Senior Member
 
Join Date: Jan 2011
Location: Retired Bizy Livin
Posts: 8,047
Received 1,407 Likes on 998 Posts
Default

Originally Posted by 4oldcars View Post
We signed on to build a new home on the west coast of Florida Memorial Day. The builders BASE price has gone up $75 K since then. I was trying to time the sale of our existing home and did some word of mouth advertising as "Coming soon". A couple in the neighborhood heard about it and 12 hours later made me an offer.
Our builders sales guy told me, People who have talked about going to Florida have accelerated their plans and are moving here now instead of waiting for another day.
No real value added and someone gonna be left holding a stinky bag.

​​​​​​​It's only a matter of time.

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.