My realtor sent me pictures of homes for sale in fort myers, and naples florida. an entire block of homes had for sale signs up for months now. What was $400k last spring is now $300, a 25% drop. Problem is most sellers don't realize this is the true price, but won't budge and stubbornly sit on their sell price, which is resulting in an abundance of supply all a sudden. On the flipside, a 180 unit high rise condo in NJ near the city just sold out with the penthouse unit selling for 4 mill. I realize the majority of people who buy in FL are transplanted folks from New York and Jersey. There is some slowing the housing market, but is this divergence a function of the constant barrage of hurricanes or something else? Was FL just a hotspot of price speculation and it is correcting now like speculative nasdaq issues in 2000 while other index like the dow corrected in milder fashion?
very interesting I believe a lot of the new jersey buyers are New york home sellers moving to a less expensive place over the bridge. Places like jersey city, Real estate is much cheaper waterfront jersey city is still pretty expensive. although I don't know why they just don't move into queens hhehe
good point, there was (is?) tremendous amount of nyc babyboomer $ going into florida, perhaps it is rotating to jersey as their kids now starting families and seek lower cost. queens, i just think of flushing and the mets. the name just describes the place. :eek:
Don't knock flushing, has the best collection of chinese food in the entire metropolitan area (and probably eastern seaboard). Where the food is, the people are, and chinese are only getting richer (just survivor bias but out of 1.3bil)
The limit on FEMA insurance is now about 250K. That limit and the high incidence of hurricanes probably has something to do with it. Moreover, when you lose your house, you may be surprised when you get less than half of what it is insured for. If you try to take it to court, they will throw the case into federal court where the judge will throw it out as a frivolous suit. It happened to me. God bless america.
Just curious, how does the insurance company get away with paying less than half of what it is insured for? What is their reason?
You buy a house for a fixed amount. You pay insurance on that amount. You need to reevaluate your house based on market value and on your improvements every year. That means your insurance premium will go higher. How many people will do it?
will be easier for non residents in FL to see condo prices falling in a month or so www.condoflip.com opens for biz in 2006