What goes up must come down: the housing market
There are plenty of For Sale signs around my neighborhood, and they've been there for a while. Apparently this is happening everywhere as sales slow and prices drop. Which proves that old adage: What goes up must come down.
I wonder where are all those people who boasted they were making a killing flipping condos or living the high life by financing their cribs with zero-down mortgages?
I wonder where are all those people who boasted they were making a killing flipping condos or living the high life by financing their cribs with zero-down mortgages?
posted by Ana Veciana-Suarez at 2:04 PM
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9 Comments:
Ana,
1.houses are overpriced and likely to devalue over the next several years.
2.Insurance situation is a complete mess.
3. The SOH system ensures new homeowners on average will pay more than a hundred thousand dollars more in property taxes over the life of the exact same house than wealthier existing homeowners.
ana,
Our family has a small business in
construction and the only housing
that the younger, less established employees can afford is an apt at
best. We have homes around us for sale from these flippers but as the
saying goes location, location, location. The prices haven't seemed to decrease much at all for
the nice houses but the quick fixup and sell is taking a hit. If
the prices drop 20% they will still be unaffordable to alot of people.
Ana, you're right,of course..but,this downturn is temporary. And here's why
As long as there are wars and revolutions in Latin America,the migration to the Miami area will not stop..and Dade-Broward is only so big
At least 25 thousand Cubans a year come to the US ..they need a place to live..and Dade Broward is only so big.
Research has said that Miami Dade-Broward-Palm Beach NETS 200 additional persons A DAY..There is no more land for construction..There is no land to the east..There's construction right to the Everglades to the west
Homestead to the south and the I75 corridor to the north..no need for comment.
Rentals? If you can find one, is just like paying a mortgage with no benefits,except to the owner of the property.
Alas,it's the law of supply and demand.
Once the properties that the so called flippers have bought dries up,Miami Dade area land value has no place to go but up..
El cubano needs to spend less time with real estate agents and get real. The migrants to South Florida from many of these nations he's alluding to are mostly poor, uneducated, lack credit and lack viable skills. Who is going to hire them and provide an income to afford these over-priced poorly constructed cardboard boxes.
Apparently he thinks So. FL is the last and only option for migrants. Other states have much cheaper prices- Ga, Tx, Tenn, the Carolinas, Al, New Mexico- with infinite amount of land, a greater potential for an entrepeneur to succeed as well as less expensive insurance, property taxes and gas prices.
Perhaps we need to accept the fact that So. FL is predominantly inhabited by middle class (still broke living on credit) and poor people (buy here pay here recipients) who are better off living elsewhere except they're still caught up with the hype so they're living their dreams from the rear view mirror of the guy/ girl driving the $85k leased car and saying to themselves- maybe that will be me one day.
Veritas Faust and you, Ana, are on target. These real estate "gurus" are just like the dotbomb gurus- uneducated investors pretending to be experts.
If you want an education- study Japan's real estate market over the past 20 years, compare wages to inflation, examine the personal savings rates of americans, pay attention to the fortune 500's balance sheets- these all spell disaster and So. Fl will get hit the worst because we a re a vacation destination- when the national economy falls- we will fall harder.
Lastly, name me 5 companies who have moved to So. FL and has paid above average wages to thousands of people in the last ten years. You can't. I can't. Which means people can't keep up this charade of living large in paradise.
One good thing, if they end up homeless they don't have to worry about the snow or cold weather.
Ana,
You are right - and one wonders what will happen with the many new condos in this town.
It will be interesting to see how they are disposed of in the future - there is sure to be a glut.
Ana, mark my words. Most of those condo developments will end up being high-rise luxury graffiti pennants for street artists and a place for squatters by next years end. Similar to the "Cameo" apts. ordeal.
We have an old, slightly off color, joke in NY. Goes like this:
Which one of these things is not like the others?
(1) Syphilis
(2) AIDS
(3) Herpes
(4) A condo in south Florida
Answer: Number one, because that you can get rid of.
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