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I hate Orlando and Tampa, so I could see them not being popular. It's the FL ghetto in my opinion. Wife wants to try different parts of FL and I just don't dig it. Jacksonville is a shit hole as well.
I don't just mean Broward, but like St Lucie. I'm not paying $300k for a 20 year old 1400 sq ft that sits 45 minutes as the car drives in traffic from the beach. Same shit happened in Deltona, western Volusia County
Around here, there is a shortage of home listed because people do not want to sell their homes. One major reason is this example:
Current home, $1,000,000 mortgage at 2% has a monthly payment of $3,696.
Downsize home, $750,000 mortgage at 7% has a monthly payment of $4,990.
Moving to a smaller home at today's interest rates actually can increase the monthly nut and that is after costs like realtor commission and loan origination fees.
try the best place on Earth ... its the American Riviera ... the Florida panhandle...
AD says
try the best place on Earth ... its the American Riviera ... the Florida panhandle...
Too far to drive every weekend to Central FL. :(
The largest generation is coming online housing wise. The floor is high. Loans more secure. Less building. I wouldn't bet against housing even if it pisses people off. I'm about to drop $700k on a house in small town America. We can and will be able to afford it. I don't even care if rates come down. I simply don't care.
True, single level houses have been heavily sought after here by old folks lately. I like stairs, gives you a good workout every day
Boomers didn't save and cannot afford their monstrous houses.
Problem is, nowhere near enough people to buy them. Hector the Mexican and Alice the $18/hr cashier single mom can't afford $450k for a 1800 sq ft ticky tack shack they don't need and can't buy. With the 30-year old roof and the HVAC system that Uncle Fred put up with because at 72 he didn't notice it's 80F inside the house because the system is on the fritz due to old man heat insensitivity.
and that is why they are not selling now as the landlord investors are sitting on the sidelines, and from my review of county records, at least 50% of the townhomes are rented
Probably waiting for lower rates I imagine.
Boomers didn't save and cannot afford their monstrous houses.
So I helped them secure a reverse mortgage
Boomers aren't the ones with a problem unless they need assisted care and hence move out. Our local expensive gym is full of boomers talking about their house projects and vacations while the youth is serving them towels. The boomers are mostly nicely set by cutting their taxes while they were young and now coasting on newly embraced socialism Marxism, fucking over their transgendering youth.
mell says
Boomers aren't the ones with a problem unless they need assisted care and hence move out. Our local expensive gym is full of boomers talking about their house projects and vacations while the youth is serving them towels. The boomers are mostly nicely set by cutting their taxes while they were young and now coasting on newly embraced socialism Marxism, fucking over their transgendering youth.
Money needs time to grow. You don't have to be a genius to have couple of mil by the time you are the boomers age. And there is nothing abnormal in not having much money when you're fresh out of school. It's just how money works.
Boomers aren't the ones with a problem unless they need assisted care and hence move out.
https://www.redfin.com/news/rents-fall-in-florida-austin-june-2024/
Rent Prices Are Dropping Across Florida’s Most Populous Metros
AD says
So I helped them secure a reverse mortgage
Gee, you mean grandma wouldn’t have been kicked out of her two million dollar 1940’s rambler in Solana Beach, and that there was no reason for Prop 13?
Most boomers are on fixed income.
WookieMan says
Most boomers are on fixed income.
That means nothing, everybody is when they stop working. There is no reason for a boomer to be broke, just look at the house price appreciation. It's the same for the east coast. Pension and 401k plans just started getting slashed in the past 2 decades til now, and some may still be too high to be sustainable.
Money needs time to grow. You don't have to be a genius to have couple of mil by the time you are the boomers age. And there is nothing abnormal in not having much money when you're fresh out of school. It's just how money works.
There are some rich Gen x ers who made good money with tech stocks but once you crossover to Y/Millenials it's looking bleak for them due to rampant inflation and high debt pressure. They don't make enough to invest much in the already inflated asset market. They would benefit greatly from deflation but they're not gonna get it, that's one reason the housing/rent market won't crash.
mell says
WookieMan says
Most boomers are on fixed income.
That means nothing, everybody is when they stop working. There is no reason for a boomer to be broke, just look at the house price appreciation. It's the same for the east coast. Pension and 401k plans just started getting slashed in the past 2 decades til now, and some may still be too high to be sustainable.
I understand the "pensions getting slashed", but what does "401k getting slashed" mean?
They don’t have them. Go to Home Depot and look at the demographic. Same with restaurants. Boomers are broke for the bottom 90%. They have to work menial jobs to pay bills. I’m 41 and generally don’t work.
If someone can tell me how boomers are doing it right send me the notice. Ain’t seeing it.
I like you guys here, but you need to realize that CA is NOT the rest of the country. Not by a long shot.
WookieMan says
I like you guys here, but you need to realize that CA is NOT the rest of the country. Not by a long shot.
This is one of the best comments on Patnet. Where are all the California fluffers here to respond to this ?
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.