[StreetSmarts]

It's gonna be a long road if you're like me wanting to sell.

Orlando is the worst, followed by Miami 2nd, and then Jacksonville are the 3 most overpriced markets where homes sit the longest, sell for less than asking price. When do you see the market stabalizing?

Where U.S. Homes Are Most Overpriced - Forbes.com

[doggiebus]

So many homeowners are upside down. The article said what the problem is. Many homeowners still haven't come to grips that house prices have fallen. Once they realize that, then reset their prices to todays value, then homes will sell.

[StreetSmarts]

The problem is an overabundance of homes, foreclosures and speculation. People cant sell b/c they are in LA-LA land and cant come to grips with what they are dealing with. I was in the Development industry until recently. I'm no dummy, I no my house isnt worth what I would need to sell it for. I have come to grips with it, I know how much my house cost to build (w/o the land). People got greedy and everything was inflated. What on earth would make someone think a 3/2, 1500 sq ft home, on an flat as a board 1/6 of an acre lot, with no upgrades on a man-made mosquito-breeding pond is worth $300k?

[**NoodLes**]

Originally Posted by ComSense

The problem is an overabundance of homes, foreclosures and speculation. People cant sell b/c they are in LA-LA land and cant come to grips with what they are dealing with. I was in the Development industry until recently. I'm no dummy, I no my house isnt worth what I would need to sell it for. I have come to grips with it, I know how much my house cost to build (w/o the land). People got greedy and everything was inflated. What on earth would make someone think a 3/2, 1500 sq ft home, on an flat as a board 1/6 of an acre lot, with no upgrades on a man-made mosquito-breeding pond is worth $300k?

To answer your ?, ppl from up North who have real jobs and/or a pension who are tired of the crappy cold, snowy weather. As the old, old saying goes, "you come to FL to spend money, not make money."

[Shoegal1075]

I hate to agree with Noodles but I think he/she is somewhat correct. While those who have always lived in Florida think SFl is expensive, those of us from NY think we are living it up. As long as you have that mentality the prices will stay inflated and chances are those owning the homes are ex NY'ers who thing their real estate will retain its value the way it does here in NY and for what! The 100 year old 3 Br, 1 bath with no garage for 550k. I find it so hard to believe that NY isn't higher on that list!

[harrycrat]

Eventually,even in NYC the prices will drop...
I mil for a shoebox is too much anyway,anywhere...

[StreetSmarts]

Originally Posted by Chelsa1075

I hate to agree with Noodles but I think he/she is somewhat correct. While those who have always lived in Florida think SFl is expensive, those of us from NY think we are living it up. As long as you have that mentality the prices will stay inflated and chances are those owning the homes are ex NY'ers who thing their real estate will retain its value the way it does here in NY and for what! The 100 year old 3 Br, 1 bath with no garage for 550k. I find it so hard to believe that NY isn't higher on that list!

And how much more are you making to afford that $550k house in NY? I'm not fan of NY, but I know the pay is far higher. The median income in FL is probably far less than that of NY. So if you buy a house in FL for 50% of what it'd cost in NY, but you're making only 1/3 of what you were making in NY compared to here, you come out ahead in NY. But I'm sure you have already done the math, it's just something to keep in mind.