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2
AD
2023 Mar 30, 12:10am
AD
2023 Mar 30, 12:10am
It is listed for sale, but lets see what price it sells at, if it does sell.
Sales volume has been significantly decreasing.
A lot of potential buyers may wait this out as buyers do this based on them expecting a deflationary environment.
Ultimately, wage growth needs to catch up with housing cost inflation to realize a more affordable housing market.
One way to track that is home price to household income ratio.
A 30 year mortgage rate of 3% allows for that ratio to be around 5. Now that ratio should be no more than 4.
.
Sales volume has been significantly decreasing.
A lot of potential buyers may wait this out as buyers do this based on them expecting a deflationary environment.
Ultimately, wage growth needs to catch up with housing cost inflation to realize a more affordable housing market.
One way to track that is home price to household income ratio.
A 30 year mortgage rate of 3% allows for that ratio to be around 5. Now that ratio should be no more than 4.
.
3
Misc
2023 Mar 30, 12:20am
How many more illegals squeezing into dwellings does it take for the prices to make sense? 4 families? 5?
4
TheAntiPanicanLearingCenter
2023 Mar 30, 1:29am
TheAntiPanicanLearingCenter
2023 Mar 30, 1:29am
Misc says
Honestly, not many. There are a few illegals but they are mostly in a different part of town.
How many more illegals squeezing into dwellings does it take for the prices to make sense? 4 families? 5?
Honestly, not many. There are a few illegals but they are mostly in a different part of town.
5
TheAntiPanicanLearingCenter
2023 Mar 30, 1:31am
TheAntiPanicanLearingCenter
2023 Mar 30, 1:31am
ad says
2 bed, 1 bath less than 800 sq ft around here listed for $250 and it's "under contract" for $220, and they had waves of people going in and out, took them almost 2 months to get an offer.
In fairness, that place was maybe $120k in the mid 2010s. No way it's genuinely worth anything like $220k.
Florida's peak sales are in the winter, not the summer, since that's when the most snowbirds and visitors are here. So it should drop off more in the Summer.
It is listed for sale, but lets see what price it sells at, if it does sell.
2 bed, 1 bath less than 800 sq ft around here listed for $250 and it's "under contract" for $220, and they had waves of people going in and out, took them almost 2 months to get an offer.
In fairness, that place was maybe $120k in the mid 2010s. No way it's genuinely worth anything like $220k.
Florida's peak sales are in the winter, not the summer, since that's when the most snowbirds and visitors are here. So it should drop off more in the Summer.
6
WookieMan
2023 Mar 30, 6:50am
WookieMan
2023 Mar 30, 6:50am
ad says
That’s assuming no other debt. Auto loans, credit cards, adult toys (boats and stuff like that for the perverts) etc.
I stick to the 3 ratio no matter what. And I’d go lower than that if interest rates exceed 10% IF I had to buy for employment or whatever reason. But even current income and job situation I’m not spending $1m on a house.
It is listed for sale, but lets see what price it sells at, if it does sell.
Sales volume has been significantly decreasing.
A lot of potential buyers may wait this out as buyers do this based on them expecting a deflationary environment.
Ultimately, wage growth needs to catch up with housing cost inflation to realize a more affordable housing market.
One way to track that is home price to household income ratio.
A 30 year mortgage rate of 3% allows for that ratio to be around 5. Now that ratio should be no more than 4.
.
That’s assuming no other debt. Auto loans, credit cards, adult toys (boats and stuff like that for the perverts) etc.
I stick to the 3 ratio no matter what. And I’d go lower than that if interest rates exceed 10% IF I had to buy for employment or whatever reason. But even current income and job situation I’m not spending $1m on a house.
7
clambo
2023 Mar 30, 7:08am
Where I lived the real estate surely did not collapse, rather the opposite.
Florida has a few areas which are pretty nice and the guys from NYC, NJ, CT and elsewhere have discovered them.
Florida has a few areas which are pretty nice and the guys from NYC, NJ, CT and elsewhere have discovered them.
8
Blue
2023 Mar 30, 9:14am
If anyone planning to live or move in near future away from urban areas, it’s still a great opportunity to buy ideally mostly with cash. Given this never ending QE under different types, the high inflation never stops.
Sadly, gov numbers are comical if you live near coasts or expensive urban areas any point in time. Stop wasting your time. There is one thing I learned after observing for long time not only just US but elsewhere, cash has been always trash.
Sadly, gov numbers are comical if you live near coasts or expensive urban areas any point in time. Stop wasting your time. There is one thing I learned after observing for long time not only just US but elsewhere, cash has been always trash.
9
Tenpoundbass
2023 Mar 30, 9:36am
Tenpoundbass
2023 Mar 30, 9:36am
Black Rock is buying up houses in Florida and putting them up for double and triple. Eventually a strawman company will buy it, locking in the price of that neighborhood. When everyone else starts putting houses up for sale at 3 and 4 times the asking price. Nobody will even show up to put in an offer. So Blackrock will get it by offering a more reasonable price absent of any other would be buyers they'll get it. This is how they acquire whole neighborhoods.
10
RWSGFY
2023 Mar 30, 9:53am
RWSGFY
2023 Mar 30, 9:53am
Tenpoundbass says
You probably meant to say Blackstone. These are the guys in the rental business.
Black Rock is buying up houses in Florida and putting them up for double and triple. Eventually a strawman company will buy it, locking in the price of that neighborhood. When everyone else starts putting houses up for sale at 3 and 4 times the asking price. Nobody will even show up to put in an offer. So Blackrock will get it by offering a more reasonable price absent of any other would be buyers they'll get it. This is how they acquire whole neighborhoods.
You probably meant to say Blackstone. These are the guys in the rental business.
11
Tenpoundbass
2023 Mar 30, 9:58am
Tenpoundbass
2023 Mar 30, 9:58am
Black Rock, Black Water, and Black Stone, anyone seeing a pattern here?
12
RWSGFY
2023 Mar 30, 10:00am
RWSGFY
2023 Mar 30, 10:00am
Tenpoundbass says
Blackwater hasn't been a thing for a long time. Changed names at least 2 times already.
Black Rock, Black Water, and Black Stone, anyone seeing a pattern here?
Blackwater hasn't been a thing for a long time. Changed names at least 2 times already.
13
RayAmerica
2023 Mar 30, 10:45am
RayAmerica
2023 Mar 30, 10:45am
After the real estate market collapsed in 2008, money on the secondary market (about 95% of all home mortgages) completely disappeared. The Federal Reserve stepped in to rescue the housing market by purchasing up to $80 Billion per month in Mortgage Backed Securities (MBS).
Unbelievably, this went on for 10 years, and the Fed is still in the MBS business.
After artificially keeping interest rates at historic lows, the geniuses at the Fed are now attempting to play catch up by raising rates. The result of the Real Estate Bubble 2? Ongoing price drops, the return of upside down mortgages, walk aways, and millions of homes that will be foreclosed upon. In short, another collapse that will be far worse than 2008 debacle.
Unbelievably, this went on for 10 years, and the Fed is still in the MBS business.
After artificially keeping interest rates at historic lows, the geniuses at the Fed are now attempting to play catch up by raising rates. The result of the Real Estate Bubble 2? Ongoing price drops, the return of upside down mortgages, walk aways, and millions of homes that will be foreclosed upon. In short, another collapse that will be far worse than 2008 debacle.
14
GNL
2023 Mar 30, 10:49am
GNL
2023 Mar 30, 10:49am
RayAmerica says
I call bullshit.
After the real estate market collapsed in 2008, money on the secondary market (about 95% of all home mortgages) completely disappeared. The Federal Reserve stepped in to rescue the housing market by purchasing up to $80 Billion per month in Mortgage Backed Securities (MBS).
Unbelievably, this went on for 10 years, and the Fed is still in the MBS business.
After artificially keeping interest rates at historic lows, the geniuses at the Fed are now attempting to play catch up by raising rates. The result of the Real Estate Bubble 2? Ongoing price drops, the return of upside down mortgages, walk aways, and millions of homes that will be foreclosed upon. In short, another collapse that will be far worse than 2008 debacle.
I call bullshit.
17
AD
2023 Mar 30, 11:22am
AD
2023 Mar 30, 11:22am
Tenpoundbass says
Also Invitation Homes Inc
.
Black Rock is buying up houses in Florida and putting them up for double and triple.
Also Invitation Homes Inc
.
Comments 1 - 17 of 230 Next » Last » Search these comments
2015 - Sold For $155k
2/8/2019 Sold $209,000
Now? Asking $400,000
So we're to believe in 4 years, that this house legit went up almost double. Or in a decade went up almost triple.
Another one:
https://www.zillow.com/homedetails/3802-Sunbeam-Ct-Merritt-Island-FL-32953/43404282_zpid/?mmlb=g%2C13
11/25/2013 Sold
$193,500
-3.2%
$98/sqft
2/14/2023 Listed for sale
$514,900
+166.1%
$261/sqft
Source: DBAMLS #1105834 Report a problem
Both of these houses were minimally updated. The first one was built in the 1960s.
I got half dozen more examples. Here's another, it was just under $250k in what looks like a Steelolanogranite Realtor Flip Special in 2019, before COVID. It was purchased late 2018 for under $172k. Now they want almost $500k for it just 5 years later.
https://www.zillow.com/homedetails/356-W-Dover-St-Satellite-Beach-FL-32937/43448773_zpid/
If you're curious, check out Palm Bay and Melbourne on the mainland. 1950s/1960s Space Program small cinderblock specials, some with no Central Air, are going for almost the same as brand new construction much larger and more modern.