A meeting in the morning, an hours drive away, and it’s snowing/sleeting like mad. Having witnessed the return of the Finches last week I was convinced winter was over. That supposition seems not to have been the case.
I’m sitting here reading the real estate pages for various Florida locations. Homes purchased for 350,000 to 600,000 in 2005 are now selling in some case for between 100,000 and 179,000 in some case even less than that. Most actually have appliances and aren’t totally destroyed, though some have been. It seems cruel to want to take advantage of the fact, but for some reason I think I should.
I’m going to spend a few days in Costa Rica sometime in March.The exact dates aren’t set in stone, or even on paper yet, but this snow reminds me of that fact, makes me itch for it as a matter of fact.
For those who are following the Middle East revolts, especially the current situation in Libya, something I’m reading might be of interest to you. Letter From Libya: Circle of Fire , from the May 2006 issue of The New Yorker. HT Marginal Revolution.
peace
Part of me wishes I had taken advantage of that; another part thinks it’s immoral to take advantage of foreclosures. But really I’m mad as hell that I didn’t. Nobody needs a second home. People were greedy and many got to walk away from responsibility with money still intact. This isn’t the old lady or the family where the parents lost their jobs or their mortgage payments weren’t recorded but a type of greed nobody dares talk about as it’s politically incorrect to think anything but the best about people who are “underwater.” Only a lot of people have enough cash to withstand their credit falling for a few years.
So buy the house in Florida Cooper. I wish I had.
The option to leave the homes unoccupied and the areas without people or tourist is probably worse.
I can justify it many ways, and make it unjust many ways too.
My employees dislike driving in bad weather. I give liberal leave and they can work from home collaboratively. Meetings are another story. This morning was not good around here. I hope your meeting was canceled or late.
We are looking at buying a few places in Florida with my brother for investment, I think profit is a good ten years out. Our local funeral director, someone who uses the firm for small things, bought a place in I think Naples in 2006, for over a million bucks, he now doesn’t think he can get even 600,000 for it. We aren’t looking for anything in that price range, but the people who bought in 2005 and 2006 got screwed, everywhere but Florida specifically.
The only question is the locality. Naples, Coral Springs, Wellington, Sarasota, Boca?
jacob recently posted..The Spitting
yea some people are just stuck. Buying now will hopefully prevent that, this has to be the bottom price-wise. Although ,there are some homes in Costa Rica tempting me too, though that is somewhat more involved, and I’m not sure I can do it, legally at this time. I have to look over their requirements – they change every other year.
I almost purchased a foreclosed home last month. I can understand the hesitation about it. Sometimes people bite off more than they can chew. And sometimes predatory lending is to blame. In either case, I’m glad it wasn’t me.
Speaking of weather, it was so nice here over the weekend. In the upper 60s and low 70s. I couldn’t imagine having the winter the north and northeast had this year. We didn’t get 4in of total snow if you combine all of it up. But there’s still plenty of winter left I’m afraid.
Chris recently posted..Quickies
Most of the homes are homes sold during that two year period when houses were over priced, over assessed, and that seems to be the largest issue. A lot are investment homes. Some people bought ten twenty homes, and in the end it didn’t work out for them.
I won’t believe it , the finches are here and that means it is spring….in my mind anyway.
I liked the New Yorker piece. I’m ignorant of Libya except the common gist.
You can afford it so go for it, it’s better for the economy to get the places sold then to let them go to seed. There are so many of them.
john recently posted..Gaddafi
Me too, more so than I should be anyway.
Hi Cooper,
Finally, back online again.
With a strategic bankruptcy rate hovering near 25%, and many mortgages a result of fraudulent applications I wouldn’t put a lot of thought into benefiting as a result of someone else’s misfortune. Particularly given that we’re talking Florida as opposed to the good old neighbourhood in Ohio.
I would go as far as to say that by purchasing some of the excess inventory, you are in fact aiding the recovery and doing your part to get the housing market back on it’s feet.
I say go for the sun, it’s your duty…lol
I feel duty calling. I’m glad you’re back posting.
I am considering moving there, so please buy a home, I may have to borrow it. It’s incredible, but watch the tax rates they vary so from county to county and even within the area inside city lines.
Where are you considering?
g recently posted..Windy
If you are now is the time though I am getting concerned about you and that girl……
They canceled school here today and I had all my work home so I didn’t have to go in. I can’t say I was disappointed.
The roads were pretty good by 10. Hope your meeting was cancelled or postponed.
We’ve been doing a lot of discussion on Egypt and Libya in my class these days. I’ll check out that peace later.
If I had the money I’d buy something.
kait recently posted..Bodkin Spring
Go in with a few people, i might be worth it twelve years down the road. Might.
Thanks for the link. I was looking for more info on Libya. It’s hard to keep track of all these revolutions, and apparently I can’t spend all of my time watching Al Jazeera English.
I’m with Pia, though I suppose there’s always the chance that you happen upon a house that was someone’s first home.
EsotericWombat recently posted..TR Update and other thoughts
That was a good piece I felt lucky to find it. I can’t spend as much time as I used to looking around the web so the links of other people are important to me.
Yea, though it is less likely there, as others have said.
There are so many houses in foreclosure and or up for short sale in Florida it’s crazy, but many investors, back a few years ago at the height of the fake boom, bought a lot of real estate and it is very likely, probably more so in Florida than in most states, that the property you are looking at is at least a second home, if not part of some property investors slew of homes.
You most likely aren’t taking someone’s first home is what I’m saying.
Either way buying them is better for the economy, so don’t let your liberal leanings influence you falsely ,because not buying does not help that economy.
Too many really, it’s hard to know whether to take on a house that needs total renovation or something else. On one hand a total renovation would provide jobs, and on the other it would be a pain in the ass.
Bought my house my last year of college. It was a good deal, even in that bad time, the people had bought the house in good money times years ago and were getting divorced, they sold it almost for the same price it was purchased for.
That having been said I was offered a lot more for it 6 months later and didn’t take it …should have.;(
I refinanced it last year to the point where it will be paid off in….hear this……10 years or maybe less. If I tighten my belt close to the point of asphyxiation it could be paid off in 5 years.
I’m not sure what that has to do with anything. Don’t you already own a house or two?
I swear I’m going to go to a foreign country one of these days.Now I am happy to go to the mountains to fish or to a local sports bar.
caseyjake recently posted..What I’m Reading- Tubman or Hanson
Yea, I own my building and a house in Charleston that belonged to my grandmother, that is leased to professors at the uni. I own a house with my brother in Vermont, that is all stuff that was left to us, as is the money to purchase this property. None of this is earned money.
February often throws us a warm curve, softens us up, and then dishes out more winter.
I know how you feel about buying because of a foreclosure, but you didn’t cause it and not buying won’t help anything.
I’m reluctant to comment on people’s misspelling, but the irony of Kait’s above – piece/peace – is too much to resist!
ChrisJ recently posted..Gendered Calories
She actually emailed me about that misspelling, for some reason she didn’t know she could edit her post for ten minutes here.
I need to let folks know that comments here can be edited for a certain period of time.
I just fixed it for her.
Please tell me it is going to be warm from now on.
I’m happy to see you.
Yea I know, it’s just I have that sort of sick feeling when I think of it.
Buying one of those houses helps the neighbors. I wouldn’t think it’s exploitive. Costa Rica, on the other hand, sounds lovely to exploit.
Oh yes it is lovely, my surfboard is screaming at me, and I’m also looking there, though it is more costly.
Costa Rica ??
I was hoping to read more about your surfing adventures on the Iberian Peninsula. … That’s in Spain, right?
Oh, and thanks for the link, Coop. I was looking for more info on Libya, too.
Portugal, and Spain actually, and Andorra though the best surfing is probably in Portugal.
I like Florida. Lots of bright sun, and even the salty smell of the ocean in some places. If you’re lucky you could even find something beach side to hear the ocean. I love the beach.
I’m sort of worn out on revolts, but beach sand & sun -never.
Nothing more soothing.
Bennet recently posted..I Blinded Him With Science
And many very old and bad drivers.
They’re especially bad in South Florida. I don’t think most people over 80 years old should be driving, anyway. And if you’re looking for reasonably-priced beach-front property, the best place to start looking is in the Naples area.