We could be two more months here in fl. If they do pass some sort of ballot for a large rollback or elimination of property taxes here. I for one will be damn proud to own my florida home if I do not have to pay property or income tax. I think a prop tax roll back would save the real estate bus here in florida. The business which drives most of the economy in south west fl.
I'm telling ya. If they pass the law, and make the save our homes initiative portable, I could afford a much bigger house even if they don't drop the tax. I think it would turn around Florida completely if they do. Whats interesting to me is that they don't give much press to how investment property will be handled. Unless they extend the same savings to the second owners and landlords, I predict there will be legal challenges to the law because it makes the tax an unfair burden of the folks who can least afford it (tenants...and bears of this group..ha ha). These legal challenges are already happening in Alabama. So if the tax reform works, will it spread to other "touristy" states who are sick of being taxed to death? How long before California and Nevada adopt it? SM
Im in Fl too,.....But your dreaming if you think that will save the market right now.....property taxes on a 250k home are about 4k per year...8k for a 500k home...yes, it does lower the monthly payment but not enough to offset less buyers
Housing Market to Heat Up? ; Sellers, Agents Hope Spring Sales Will Be Spectacular Advertisement Email this article Print this article Subscribe to BUILDER Subscribe to Newsletters More articles from the Breaking News section BUILDER Blocks: Week in Review 'I Want It Where I Want It' Spurs New Home Trends A Maturing Home Market: Luxuries Luring 55-and-Over Buyers to New Communities Feds Caution on Subprime Mortgages Ladies Take Charge for Home-Building Bankrate: Mortgage Rates Decline As Stock Market Shudders Home Depot's Blake Cautious About a Housing Rebound Clouds Over New Housing ; Hovnanian Takes $90M Charge on Slow Florida Sales Housing Market on Mend? Index Shows Home Prices Flat in U.S. Source: Boston Herald Publication date: March 4, 2007 By SCOTT VAN VOORHIS The Bay State's battered but slowly reviving residential real estate market is poised to enter its most crucial test in years. After more than a year of falling sales and sinking prices, home and condo sellers and local real estate brokers are looking with anticipation to this year's spring market. A strong spring market could put an end to the real estate downturn that has cast a long shadow across the state, from downtown Boston to the Berkshires, as sales have slowed and prices have gone south. And some are already seeing grounds for optimism, with possibly the most telling statistic the number of homes and condos being put up for sale in this year's budding spring market. The number of homes and condos on the market as the spring season starts is up over last year, according to the MLS Property Information Network. The number of condos for sale is up about 500, to 13,787, while the number of homes on the sales block has risen by about 1,000 to 25,026, MLS reports. That's a reflection of more optimistic home sellers trying the market, sometimes after having pulled their homes or condos off during the downturn. Kristin Garrity and her husband, Paul, bought their two-bedroom South Boston condo for $359,000 in 2004. As they prepare to buy a new home for their growing family in the suburbs, the couple now hopes an ample yard and other amenities will attract a buyer ready to spend $429,000. So far, interest at open houses has been brisk, with Garrity holding out hope for a deal in a matter of weeks. "We had been thinking about putting our condo on the market for awhile," Kristin Garrity said. "We are really encouraged. We have had two open houses and several private showings." The number of new home sellers testing the market isn't the only reason for optimism this spring. The latest batch of market reports for the state showed the number of home and condo sales rising, though prices have continued to fall. Real estate brokers say they already see signs that the pace of deals is picking up. "We have had five or six bidding wars in the last few weeks," said Michael Carucci, president of ERA Boston Real Estate Group. "I see buyers that have been on the sidelines getting very active lately. That is the clearest sign of a recovery." Out in the suburbs, Kay O'Brien, a longtime real estate agent at Jack Conway, also sees a rise in activity. She's trying to sell a starter colonial in Weymouth, reduced in price from $333,900 to $309,000, among others. Where not long ago few were coming to open houses, now O'Brien is seeing 10 to 12 prospective buyers coming through at a time. "We have high hopes," O'Brien said. "I see the trend has changed. There are more people coming out." CAPTION: HOPEFUL: Kristin and Paul Garity, shown with their 8- month-old daughter Grace, are optimistic that they will soon sell the South Boston condo that they bought in 2004, left, on the market. Local sellers and brokers are hoping that a strong spring season will put an end to the long downturn across the Bay State that has slowed sales and reduced prices. STAFF PHOTOS BY JOHN WILCOX (c) 2007 Boston Herald. Provided by ProQuest Information and Learning. All rights Reserved.
More news from Boston... Housing Market on Mend? Source: The Boston Globe Publication date: February 28, 2007 By Kimberly Blanton, The Boston Globe Feb. 28--A sharp rise in January home sales and modest price declines indicate that the Massachusetts real estate market may be recovering from its worst slump in more than a decade. The number of single-family homes sold rose almost 13 percent in January compared to a year earlier, the first increase in the last 10 months, according to the monthly housing report released yesterday by the Massachusetts Association of Realtors. Sales were strongest on the South Shore of the Boston metropolitan area and on Cape Cod. The median price of a single-family home fell to $340,000, 2.4 percent lower than a year ago but virtually unchanged for the past four months. "It's been a long time since we've reported we had an increase in sales," said Timothy Warren, chief executive of Warren Group, a Boston real estate research and publishing firm that also tracks sales data. "I'd call it a hopeful sign." A warm and virtually snowless winter deserves some of the credit for the strong sales. But the most significant factor fueling the housing market this winter, agents and analysts said, may be the improving affordability of homes in one of the most expensive real estate markets in the country after several months of falling prices in 2006. Larissa Duzhansky, a housing economist for the Lexington consulting firm Global Insight, said falling prices "may be a sign of stabilization" because homes are becoming more affordable. Massachusetts experienced record price appreciation during the state's housing boom of 2002 through 2005. "We had the overvaluation problem," which was "one of the things that drove us into this correction in the first place," she said. "We're less overvalued if prices fall, and sales are beginning to go up." Gail and Sean Tierney first put their Foxborough split-level home on the market in October for $429,000. Earlier this month, they dropped the price to $397,900. "We just got an offer," Gail Tierney said yesterday. The couple, who had already purchased a bigger house to accommodate two growing boys, ages 7 and 9, were relieved. "It's a thrill," she said. Norfolk County, where Foxborough is located, posted the biggest January sales increase -- 9 percent -- of any Massachusetts county, according to Warren Group, which breaks down its sales data by county. "Buyers really do want to buy but they're afraid of making a mistake," said the Tierneys' agent, Gil Campos of Re/Max Real Estate Center in Foxborough, which closed 30 percent more sales last month than a year earlier. "The magic right now is, if your house is in really good condition and priced right, it will sell," he said. Real estate agents statewide told of a flurry of recent activity that could reverse a trend of shrinking commissions in 2006. They reported their open houses are busier and buyers who window-shopped last year are now putting deadlines on finding a house. Some sale listings have even elicited multiple bids, they said. Analysts were more cautious than agents and warned that a one-month sales hike -- particularly in January, a traditionally light month -- is no assurance that the market is destined to rebound in 2007. And while price declines have been good for buyers, it's unclear whether homeowners will see the value of the properties start to rise again this year, Warren said. "It's quite possible the number of sales will be up for the whole year. My question is prices, whether they will be up for the whole year," he said. Beverly agent Linda O'Connor of Realpro Associates said buyers "are pawing over things like it's Filene's Basement." But they are buying, she said. While sales in Essex County, which includes Beverly, dropped 4.34 percent in January, she saw "very strong pockets of activity," especially for houses priced above $750,000. "It's almost as if there was a jump-start" in the high-end market, she said, though all price ranges are attracting more prospective buyers. One client, Eve Geller-Duffy, moved to Lenox and was anxious last year to sell her Cape-style home in Beverly so she could buy a new place in western Massachusetts. Last year's market was "very tough," she said. Her listing price, which started at $420,000, dropped over the year but the house attracted little interest and then "terrible offers." Last fall, she agreed to a sale but that deal fell through. Then she dropped the price to the $350,000 range, and "a buyer appeared," she said. This time, "Linda made it go smoothly," said Geller-Duffy, who, relieved, closed the house sale on Monday. ----- To see more of The Boston Globe, or to subscribe to the newspaper, go to http://www.boston.com/globe.
Hmmmph. $8K for a $500K home is a lotta jack. What is that..$660 a month? If they did away with the tax altogether, the average buyer could pay almost $100,000 more for a house and still make the same payment. Lotta retirees up north might think twice about buying condos down here as second houses, too.
Much higher than that for waterfront or near waterfront properties in counties such as pinellas, dade, monroe, etc.
Hey FLA dudes and dudettes. The old VIPER lived in Fla for 30 years. 4 years ago me and Mrs VIPER sold our house in Hialeah for waaaay more than what is was worth. Got out just in time, and moved to NC, and were able to buy The Viper Plantation. I hope for all of the speculators sakes the tax changes in the state eases the taxes and it makes a difference. But like any other market and speculation, hoping usually leads to losses. Its not just the taxes, it is the insurance and the base cost of homes that scares people away. Everybody who bought in the past 5-6 years are now in an equity hole. I wish everyone there success, but I have family who bought the Lehigh Acres and Cape Coral tulip mania, and well, they are learning a hard lesson. The Ever Lovin The Country Life VIPER
Not 5 or 6 years. In North Florida, its like 18 months ago and the "hole" is a shallow thing, at 3% at the worst. I'm guessing for the coastal areas, prices are like the were in 2004 because 2005 was such a boom and people hate taking a loss, but I can't verify this. Much of this has to do with the high insurance prices as well as the tax. SM
Definitely not over the last 5 or 6 years, I bought my condo 3 years ago and it's still worth 50% more than I paid, which is down from the 90% increase it had seen this time last year. So a 20% drop is somewhat misleading when put in perspective. I'd say people that bought in the last year may be down on equity, but then again they may have also gotten a very deep discount in their purchase which will pay dividends later. Unless you're not planning on keeping your home or need a heloc whay does it matter if the value takes a temporary drop? Surely noone thinks homes will never appreciate in value again.