[Floridasunshine]

We are in shock today, we had a realtor come out to give us idea what we could get if we sold our 18mos new home. We paid 195,000 with upgrades for 2100 sq ft, Lakeland I guess is at all time low of home sold. Only New homes are selling apparently from builders who finance hard to finance people.

We are on 2 acre pond, biggest lot in here, 20,000 upgrades, He claims now it would be hard to sell for more than, than 220,000.
When right across the street the lots on pond are 35,000 extra.

In Tampa it would sell for 350,figure that. By the time you pay realtor and sellers fees, no way.
I guess we will wait it out 2more years. The problem we bought in a sub where the builder selling to many investors. THe realtor says now the builders are glad to sell to investors because noone is buying so the problems will get worse before gets better.

[firemed]

The market has changed very fast and where will it end I don't have a clue. If you have to sell you will still come out on top. Wait two years and you may be under water. Stocks and real estate are never a sure thing.

[sunrico90]

Originally Posted by firemed

It might be the time to sell if you have to.
http://www1.tcpalm.com/tcp/real_estate/article/0,2821,TCP_1616_5489372,00.html (broken link)

Can this be oversaturation on new homes? Might want to explore a owner sale to save in the realtor fees....

[firemed]

I don't think there is a quick fix for the price drop. Tax cuts may help, but a sales tax would mean a guess on what to set a budget at each year. You won't know how much tax money you would get from year to year. Florida has overbuilt that is a fact. Taxes will be paid some how that is a fact also. Lets face it Florida is a mess right now.
http://www.miamiherald.com/932/story/77766.html (broken link)

[ellie]

As it stands you don't seem in danger of actually losing money, or am I reading your post wrong? It's only 18 months old and just hasn't increased in value?

You may have also spent the money on upgrades that don't substantially increase the resale value. It's entirely possible to over-improve a home.

[sunrico90]

Even the rich is staying away from the housing market....

Lake County's biggest home has plenty of room to spare, with a grand staircase spiraling up four floors toward a lofty dome hand-painted to show clouds against a pale-blue sky.

But the flashy, music-loving developer who owns it has had trouble keeping up payments on the gargantuan home, which at 32,000 square feet dwarfs the typical family residence. On Thursday, the luxurious estate is due to go up for sale at a court-ordered auction to settle a foreclosure suit filed by a South Florida investment firm. The mansion and 155 surrounding acres will go to the highest bidder, purchase two years ago for about $9.5 million.

http://www.orlandosentinel.com/media/photo/2007-04/29142320.jpg (broken link)

[Jammie]

OMG Sunrico, that is quite a home, isn't it? It is surprising thought that even the wealthy have slowed down from buying Fla. real estate.

Sunshine, I'm understanding this the same way Ellie is. If you wouldn't have to pay out realtor fees, you'd still turn out ok. Right? If that's the case, you're actually in a lot better shape then some people seem to be in.

[Floridasunshine]

Thanks, we will stay put for another year. If could be worse, we live in a beautiful home on pond in city we love.

[TriMT7]

A local realtor here in Tallahassee periodically sends "annoucnements" of homes listed and sold in my neighborhood/subdivision. The most recent list included 11 homes sold since January 1, 2007, with and average "Price per square foot" at around $169/square foot.

Interestingly, the average "Days on Market" was surprisingly lower than I thought it would be in the midst of all the doom and gloom on this board about the real estate market at about 50 days.


Simultaneously a new builder in the development has been putting up new townhomes that start at about 235-240k for 2/2.5/2..... and I don't think they are having much success selling when comparable townhomes in the development only a couple years older can be had for 20-30k less.

Mine just sold recently, and we're looking at getting $168/sq. ft. exactly for it, so the realtor's numbers are pretty much on target for what's going on here.... though 11 homes sold in 4.5 months doesn't seem like a lot of inventory is moving very fast....

[Jammie]

TriM, it seems like northern Fla. is more stable right now then the rest of the state. Just from reading some posts here, it sounds like even southern Floridians are relocating to the northern part of the state. You're right that 11homes in that amount of time doesn't sound like much, but real estate doesn't do a lot until March.