Florida in General

[admin]

Discuss here what its like to live in Florida, or ask a question, post an opinion, etc.

[Boomer1]

We are thinking we want to own a condo in Florida in the next 5 years. I know prices have come down, but have they come down enough? What does your crystal ball say?

Thanks

[marty50]

one thing you don;t need a crystal ball to see. Real estate prices are way down - more than the government or realtor figures would have you believe.

There were a lot of published reports about some real estate auctions in Naples this summer or fall. Some of the properties received bids that were 30 and 40% off what they had sold for previously. So if you have to sell, it's bad.

The unknown is how long can the speculators hold out. The people who were camped out overnight to snap up 5-6 apartments on the first day of sale two years ago. If interest rates stay the same or go down, they can probably hold on longer. If rates go up, they are going to have to dump their properties - and that will have a chain reaction.

So, this crystal ball says watch interest rates, or bet on them. If you believe rates will be steady and you find your dream property that you'll stay in for a long time - buy it if you can get it for a good price. You won't be sorry.

[jfb48]

I agree with Marty. Prices are down. While other sectors of the economy are really strong (luxury goods, for one), housing is reeling. It will come back, but not until there is a little more pain.