Yes but take a good look at that house, 5600sq ft, on the water, and that location is tops.......further....just look at the statistics on the same site: http://realestate.yahoo.com/re/neig...613+Solar+Isle+Drive&c=Fort+Lauderdale&s=FL&z note ft. lauderdale income and household expenditure statistics...WELL above the national average.
That home is kick ass. Did you guys see the slideshow? For 750k that is not bad. Considering for 750k in California you would get a house half that size, not on the water and certainly not a year old. And probably not even in a great neighborhood.
That "typical" FL house is listed at $3,200,000. With that kind of money, you can buy some amazing stuff in SoCal. In Florida, you have to endure the humidity, the mosquitos, and T-storms. Unless you have to work there, it's just not worth it.
Oh, my bad. LOL. I saw spyderman's post about 750k and I thought he was referring to that house. I was going to say, that's a steal at 750k. LOL. Actually it's not that bad of a price at 3.2 million.
Answer - find the best possible location, given your work, lifestyle, and other preferences. Then, buy the best property you can afford without overstretching. A downturn is nothing to fear, unless you cannot meet the repayments. The reason is that while your place may fall 20-25%, the next place you want to trade up to will also fall that amount. So if your $300k condo falls to $240k, then $500k houses will fall to $400k. You will net a saving of $100k-$60k=$40k. So you actually profit if prices fall, and you intend to trade up. Now imagine if you don't buy. Every $1 that price rise, is money out of your pocket. I had a similar problem a few years back, as I could not get a mortgage in my first couple of years trading. I wanted to buy but did not have the finance. After 3 years, I regretted not having got in earlier. But I realised that I was effectively short property, as I did not own anywhere. I was not flat, because I needed somewhere to live - I was actually short, in a boom market. The only thing to do when you are short a rising market is to cover. My advice is find your best possible home or apt, and just go and buy the bloody thing. Stop posting on here and start pounding the sidewalks. With long-term rates so low, you can finance at attractive terms, making default in a downturn highly unlikely.
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