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Key Colony Beach Caught Fire

Old 03-01-2021, 05:30 PM
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Default Key Colony Beach Caught Fire

In case anyone missed it market is F in scorching. Zero inventory . Even turds are under contract. Insane
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Old 03-02-2021, 04:19 AM
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It's the entire country.
Old 03-02-2021, 05:13 AM
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Look on the real estate sites for Keys properties. 80% of the listings shown "pending" or "contingent". A bubble?
Old 03-02-2021, 05:29 AM
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Many have been coming back up for sale once they get quotes for flood Insurance if they need a mortgage for a second/investment home. I'm in the RE business. I tell all my customers to find one you like and put a back-up offer on it and see what happens. IMO, if you are wanting to take your time, do inspections, think about it for a few days, etc. you will miss it. Get it under contract with a 10-15 day inspection period and do your due diligence. At anytime under the inspection period you can get out of the contract and get your deposit back, unless it is non-refundable. It's like this all over FL, the only difference is the premium you have to pay for location.
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Old 03-02-2021, 06:06 AM
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Here in Daytona, sleepy (sometimes) Volusia County, the average prices of homes has increased by over $100k since 2019. Massive NE mover contingent. Apartments are being built as fast as they contractors can get crews.
Old 03-02-2021, 07:10 AM
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Yeah they are way overbuilding with zero lot homes and apartments here in Port Orange. They is no room at the ramp anymore for parking, traffic has tripled, what use to take me 11 mins to the ramp can now be 35. Just try to get in that WAWA on Dunlaughton. Money is cheap to borrow, all the old farms have been sold to apartment builders. Not much you can do.
Old 03-02-2021, 10:43 AM
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This is different than 2005-2007.

Miami and the keys is on fire fire and a ton of transactions are in cash money. Ain’t no pizza delivery guy buying condos In brickell in 2021.
Search key colony most everything is pending .
Old 03-02-2021, 11:05 AM
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Not just there. Below is Richmond Va

An employee just relocated away 2 months ago and had to sell his house. Listed for what they thought was fair market value via RE professional. The first showing was 35 min after it was listed. 36 hours after listing they had 43 showings. All had to be scheduled online, some people took 5 min gaps between longer showings. People would literally walk through the house with a video camera then go sit in their car to review what was recorded. Over 20 offers, 3 of them were for $20K over asking and they accepted the one with NO contingencies (This was a 1,400 sq ft house in a "ho-hum" average neighborhood). Another young girl I know got married and moved into her husbands place. Sold her 1,100 sq house herself last week. Several "friends" told her it was listed too high.....Sold in 48 hours above asking.
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Old 03-02-2021, 11:21 AM
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Seen it. We are looking in Key Colony. Actually decided to spend two weeks there, mostly to fish, but also to try to find a vacation home. I don't know if we will take the plunge given price inflation...might wait it out, see if it cools off after things open back up and folks can travel more easily to mexico, europe, etc. Logic says that rental occupancy rates could drop in Florida, which might push some of those that bought a vacation/rental property to get out. then again it might keep going up. Hard to know.
Old 03-02-2021, 11:28 AM
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Originally Posted by Halifaxriverrat View Post
Here in Daytona, sleepy (sometimes) Volusia County, the average prices of homes has increased by over $100k since 2019. Massive NE mover contingent. Apartments are being built as fast as they contractors can get crews.
Went to Daytona and cruised around on Sunday! I was shocked at how bad Daytona is looking. It looks absolutely terrible!
Old 03-02-2021, 12:48 PM
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Originally Posted by Vantaredoc View Post
Went to Daytona and cruised around on Sunday! I was shocked at how bad Daytona is looking. It looks absolutely terrible!
Core Daytona is a mess. Years of bad city/county management. If you went to Ormond Beach, Ponce Inlet or New Smyrna Beach you would have seen a very different view. Since I-95 was widened to 3 lanes a couple of year ago the place has gone crazy. I attended a Economic Development meeting a couple of years ago when the I-95 corridor was being expanded and the economist speaker said "welcome to your new Main Street". He was right.

Sorry to derail the thread.
Old 03-02-2021, 01:44 PM
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Originally Posted by Halifaxriverrat View Post
Core Daytona is a mess. Years of bad city/county management. If you went to Ormond Beach, Ponce Inlet or New Smyrna Beach you would have seen a very different view. Since I-95 was widened to 3 lanes a couple of year ago the place has gone crazy. I attended a Economic Development meeting a couple of years ago when the I-95 corridor was being expanded and the economist speaker said "welcome to your new Main Street". He was right.

Sorry to derail the thread.
Yep..we are NSB regulars. I think we just needed to make a trip to Daytona and drive down the beach to remember why we don't go there anymore! South Beach is going down the same path.

Yeah OP, sorry for derail,,
Old 03-02-2021, 02:13 PM
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Originally Posted by doctor_ake View Post
It's the entire country.

Not in New Jersey...
Old 03-02-2021, 05:09 PM
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I remember after Irma and everyone was going to leave the Keys
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Old 03-02-2021, 07:18 PM
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The market is absolutely insane.
Old 03-02-2021, 07:26 PM
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I’m on the water in Boca Raton - a neighbor listed their house for more than $300K what they paid 1.5 years ago. It sold in 3 days, they should/could have asked more. This was a small house less than 2000 sqft. The problem here is ... if you cash out and take profit, where do you go? Probably a bit of a bubble, but honestly this one seems like the prices are here to stay as everyone from NY and California are moving here it seems.
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Old 03-02-2021, 07:43 PM
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Nothing last forever, our pompano house closes march 31. going to hang in bimini for couple months then ga., will come back in market in late summer.
Old 03-02-2021, 08:32 PM
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I'd be ecstatic to see real estate prices crash at this point because it means everyone is leaving.
Old 03-02-2021, 09:38 PM
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I have quite a few friends in the RE business. The issue is, there is no inventory. A couple of things are driving this, people don't want to list their house because they may not find their next house. People don't want potential buyers entering the property due to covid, and lots of NE folks moving down...

Keep in mind, people can ask what ever they want, but the appraisal may not value the house at asking price, so either the seller drops the price, or the buyer covers the difference.

Also, it would be interesting to see the delta between "listed price" and "closed price".... I used to have access to MLS, not anymore, but someone here could easily pull up a report.
Old 03-03-2021, 04:55 AM
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Originally Posted by OldPete View Post
Not in New Jersey...
Sure it is.

https://www.nj.com/news/2021/02/nj-r...isolation=true

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