Be patient. I just heard on the radio that 800 people are moving into the Sunshine State *every day!* Once the overhang of foreclosed properties has been absorbed, prices will inexorably start to increase.
On Thu, Dec 25, 2014 at 12:20 PM, Dan Penoff via Mercedes < mercedes@okiebenz.com> wrote: > My mother in-law is going to take a major hit on her house if she ever > sells it. It’s a typical 1950s-60s 1200 sf 2BR 1BA single garage concrete > block retirement house on the west coast of Florida, specifically in Pasco > County. This area, instead of appreciating, has dropped in value even > after the huge bump FL real estate took in the 90s and into the early 2000s. > > As properties in their area have changed hands due to foreclosures, deaths > of the owners, or other reasons, institutional investors have moved in and > bought many of them. Because of the relatively low value (you could buy > one today for $40k, I imagine) the quality of the renters is questionable, > at best. Crime is up in the immediate area as is drug dealing and other > unsavory activities. > > She has been lucky in that the street she lives on is still owner > occupied, even though some are seasonal. They take good care of their > homes and yards. However, as soon as one of them dies off or sells, all > bets are off. I’m anticipating that within the next 2-3 years it will > happen, then what little is left in value will disappear. > > They paid around $60k in the early 90s. I’m guessing their house is worth > $35k-$40k today. > > And no, I don’t want to become a landlord, thank you. Something tells me > I may end up owning the place, if only long enough to sell it…. > > Dan > > > > > On Dec 25, 2014, at 11:56 AM, Curly McLain via Mercedes < > mercedes@okiebenz.com> wrote: > > > >> And if you buy a good piece of real estate it will appreciate in value > and resist recessions and real estate market crashes. I have never bought a > piece of property that is worth less than I payed. > > > > It happens. There is a lot of real estate that stays stagnant. > > > > The house I built in 1980, (3500 sq ft on 1.5 acre) I was told in 1988, > that I'd be lucky to get 60K out of it and have to pay the real estate > agent and fees out of that. ($2,000/yr in taxes) > > > > Lotsa people lost money on RE after Obummer was elected and the economy > melted down. > > > > _______________________________________ > > http://www.okiebenz.com > > > > To search list archives http://www.okiebenz.com/archive/ > > > > To Unsubscribe or change delivery options go to: > > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > > > > All posts are the result of individual contributors and as such, those > individuals are responsible for the content of the post. The list owner > has no control over the content of the messages of each contributor. > > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > > All posts are the result of individual contributors and as such, those > individuals are responsible for the content of the post. The list owner > has no control over the content of the messages of each contributor. > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com All posts are the result of individual contributors and as such, those individuals are responsible for the content of the post. The list owner has no control over the content of the messages of each contributor.
