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Old 09-12-2009, 02:40 PM
 
Location: on the edge of Sanity
14,268 posts, read 18,933,960 times
Reputation: 7982

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Quote:
Originally Posted by TANaples View Post
I have seen foreclosures going for $5,000 in the Naples condo we own. Even the ones going for $70,000 are the price when it is was brand new in the 80s.
Assume you're responding to my post where I said a condo was listed for $15,000. Maybe not.

Yikes - $5,000?? Sounds like some of the mobile homes I've seen on the east coast. There are so many on the market that people who just need to sell are practically giving them away. Sometimes I think I should have purchased a pretty home on the Banana River, but the lot rent was about $400 and it was only a singlewide. Not sure if you can get good insurance on a mobile home in FL any more.
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Old 09-12-2009, 03:24 PM
 
Location: where my heart is
5,643 posts, read 9,661,046 times
Reputation: 1661
I hope it is a good time. So I can SELL. Unfortunately, there are too many foreclosures/short sales being bought by speculators hoping to create another bubble.
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Old 09-12-2009, 03:27 PM
 
Location: SC
1,141 posts, read 3,545,849 times
Reputation: 642
Quote:
Originally Posted by TANaples View Post
I hope it is a good time. So I can SELL. Unfortunately, there are too many foreclosures/short sales being bought by speculators hoping to create another bubble.
If you do decide to sell for 50.00 let me know Just kidding. I know you wouldn't really.
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Old 09-12-2009, 05:10 PM
 
Location: where my heart is
5,643 posts, read 9,661,046 times
Reputation: 1661
Default It may come to that

Quote:
Originally Posted by Mrs. P View Post
If you do decide to sell for 50.00 let me know Just kidding. I know you wouldn't really.
since we cannot be get anybody to RENT it. Be prepared though to spend $4,000 a year just in HOA fees, not counting HOI and property taxes too.
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Old 09-12-2009, 05:55 PM
 
283 posts, read 652,893 times
Reputation: 242
"I advise prudence, a minimum down payment of 10-20%, and a conservative fixed-rate mortgage with PITI payments less than 28% of your household gross monthly income."

AMEN. I bet that there are some out there who still have not gotten the message.
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Old 09-13-2009, 08:42 AM
 
376 posts, read 910,766 times
Reputation: 180
justnancy ~ you are very correct about job losses affecting the RE market. How many months of unemployment can people withstand before losing their homes? I suspect this issue will grow, as the unemployment numbers continue to climb.


hik ~ best of luck on RE license. I also watch the local market in SW FL carefully. There could be another 2 years before a true bottom is reached (SW FL) though Mr. Norris is optimistically saying 18 months. Did you see the Meredith Whitney interview last week where she called for a 25% decline still to come in the nat'l RE market? It is still on YouTube

TANaples ~ the luxury condo I am presently renting has HOA fees over $500 a month, taxes are $4800 a year and there is now a special assessment of several thousand dollars. The owner purchased this unit brand new for about $250K ~ similar units were selling for $500k two years ago. The unit next to mine just sold for $130k... that is a great big ouch-y, for sure.

vman650 ~ you are absolutely correct... unfortunately.
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Old 09-15-2009, 09:42 AM
 
320 posts, read 1,130,062 times
Reputation: 118
We just accepted a counter-offer on a 3 BR, 2 BA house in San Carlos Park in the low $90's. We're estatic and hope to close in October.
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Old 09-15-2009, 10:10 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,088,066 times
Reputation: 1257
Quote:
Originally Posted by hiknapster View Post
Actually, it is not the forum poster that wrote that. It is a quote from Bruce Norris, the real estate analyst. I just couldn't remember where I read that, today, Nancy. It was here! (private joke!)

Thanks two bums for the great article.

I will be one very, very, very happy woman if they extend that credit. If they raised it I may just faint from joy.

For those not in the know, I am in the middle of getting my real estate license. I passed my class exam on Friday! I still have the TN state exam and a bunch of money to throw and bunch of hurdles to leap. And I am broke and old.

Anyway, great article. I poked around on that website and he says that swFlorida was the first to implode, which I have always believed. He also said to watch the area carefully, because when it recovers so will the country. I believe that, too. I watch swFlorida like a hawk.
Hi Hiknapster!
Congrats on passing the exam! Good Luck on getting the license! So your going to sell property in Tennesee! I love Tennesee - Nashville is really cool. And Knoxville is too. Where are you located?
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Old 09-15-2009, 10:27 AM
 
376 posts, read 910,766 times
Reputation: 180
Hey Big House ~ where are you in Maryland? Spouse & I grew up in AA County then lived on the Shore for 15 years, Queen Anne County. We both miss the steamed crabs!!
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Old 09-15-2009, 02:09 PM
 
Location: Palm Island and North Port
7,511 posts, read 22,922,074 times
Reputation: 2879
Quote:
Originally Posted by hiknapster View Post
Actually, it is not the forum poster that wrote that. It is a quote from Bruce Norris, the real estate analyst. I just couldn't remember where I read that, today, Nancy. It was here! (private joke!)

Thanks two bums for the great article.

I will be one very, very, very happy woman if they extend that credit. If they raised it I may just faint from joy.

For those not in the know, I am in the middle of getting my real estate license. I passed my class exam on Friday! I still have the TN state exam and a bunch of money to throw and bunch of hurdles to leap. And I am broke and old.

Anyway, great article. I poked around on that website and he says that swFlorida was the first to implode, which I have always believed. He also said to watch the area carefully, because when it recovers so will the country. I believe that, too. I watch swFlorida like a hawk.
That's a huge accomplishment, Hik! I'll be thinking of you on Friday-it's also my middle daughters birthday on Friday as well. My assistant is taking her exam on Saturday and she's so nervous about it. I'll be taking my brokers license at the end of October.

Good luck to you
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