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Old 05-06-2013, 10:48 AM  
El Jefe El Jefe is offline
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Housing market is down? LOL, yeah right.

All the realtors in our area keep saying its a buyers market right now, no freakin way. Looking at some houses/land in a couple different areas, bear in mind that these areas aren't the best areas. They are selling 2 acre plots for $75k, not bad huh, deed restriction madates the house must be 2500 square feet w/o the basement. The average cost of the houses going up by my grandpas house is 450k-500k. Who in the midwest can afford a 500k dollar house? Let alone a development of them.

So, if you go out into the country a little bit, acres are selling for 18-21k right now (undeveloped land), sweet sassy mollassy! Hows the market in your area?
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Old 05-06-2013, 12:52 PM   #46
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Houses are being built all over the place here. Of course, our values never really dipped.
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Old 05-06-2013, 01:02 PM   #47
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I just bought a house 3 weeks ago in Florida(by Jacksonville) and paid 84K cash for a house that I couldn't have touched for under 150 about 5 years ago. Every home on the market here is either a foreclosure or short sale. There are a ton of really nice houses here for sale under 100k.
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Old 05-06-2013, 01:03 PM   #48
El Jefe El Jefe is offline
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^You cant sniff a decent house for under 150k up here.
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Old 05-06-2013, 01:03 PM   #49
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Quote:
Originally Posted by Spott View Post
I just bought a house 3 weeks ago in Florida(by Jacksonville) and paid 84K cash for a house that I couldn't have touched for under 150 about 5 years ago. Every home on the market here is either a foreclosure or short sale. There are a ton of really nice houses here for sale under 100k.
Sounds like some investors are going to be making bank in Florida in the future.
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Old 05-06-2013, 01:05 PM   #50
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Originally Posted by King_Chief_Fan View Post
I put it up for sale to downsize and the buyer told the realtor that "if that house is paid for then why don't they cut us a better break?

What a total moron.
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Old 05-06-2013, 01:12 PM   #51
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Quote:
Originally Posted by Spott View Post
I just bought a house 3 weeks ago in Florida(by Jacksonville) and paid 84K cash for a house that I couldn't have touched for under 150 about 5 years ago. Every home on the market here is either a foreclosure or short sale. There are a ton of really nice houses here for sale under 100k.
And there is the problem for sellers. At least in Kansas anyway. All the buyers are expecting steals and will turn away perfectly good homes because they couldn't get the steal.
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Old 05-06-2013, 01:15 PM   #52
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Originally Posted by ChiefsCountry View Post
Sounds like some investors are going to be making bank in Florida in the future.
There are a ton of them. This was the 3rd house that I made a full price or higher bid on. The only reason I got the house is because they had a stipulation to sell the house to owner/occupants first before they would take offers from investors. It sucks for people just looking for a place to live have to compete with a bunch of greedy investors.
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Old 05-06-2013, 01:16 PM   #53
scho63 scho63 is offline
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The inventory is most areas is very low and the prices are jumping.

Hedge Funds have been buying up homes in droves in the worst areas to rent as investments, causing a rapid tightening of the market.

While it may seem good in the short run, once again the Fed pumping all this money into the economy is causing people to chase investments: first gold, then stocks, then Bitcoin, and now bonds and real estate.

The job market and employment rate still suck, gas is still sky high, and Obamacare is killing any hiring past 50 employees.

Not sure where this is all going to lead but I have a very bad feeling we have seen this all once before and it doesn't end well...........
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Old 05-06-2013, 01:16 PM   #54
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Originally Posted by Rain Man View Post
On a related note, I never know how to respond to my property tax assessed value. It went up a lot this year. Yay! But wait. That means I have to pay more taxes. For a couple of years it went down a lot. Boo. But Wait. My taxes are lower. So I just stand there like that Vietnam flashback dog, not knowing what to do.
Property taxes are the reason we still have a huge available housing inventory around here.
We bought our house in '98 because the taxes were only $3200 per year on a $150k house in this Village.
Now, they are $6700 per year on a $170k house, and the highest in the county.
As the values went up, they just spent more money doing stupid stuff, now as they have gone down, they just raise the tax rate.
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Old 05-06-2013, 01:33 PM   #55
Nirvana58 Nirvana58 is offline
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Just bought a HUD home here in wichita. Bought it for 77k but appraised for 126k. Needs some minor work and finish up the basement. Great neighborhood and should be able to sell for 135-40k once finished. There are some major deals if you know how to work the system. Owner-occupant get first dips. (Have to own the house for atleast a year) so you can get a jump on the investors.
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Old 05-06-2013, 01:37 PM   #56
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Originally Posted by Nirvana58 View Post
Just bought a HUD home here in wichita. Bought it for 77k but appraised for 126k. Needs some minor work and finish up the basement. Great neighborhood and should be able to sell for 135-40k once finished. There are some major deals if you know how to work the system. Owner-occupant get first dips. (Have to own the house for atleast a year) so you can get a jump on the investors.
Is there an official web site that lists HUD homes? I've always wondered that.
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Old 05-06-2013, 01:37 PM   #57
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Old 05-06-2013, 01:58 PM   #58
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Originally Posted by ChiefsCountry View Post
Sounds like some investors are going to be making bank in Florida in the future.
The speculators and venture capitalists are buying up anything on the water and desired neighborhoods in my neck of woods in Florida. There are $2 BILLION of VC money in condos and retail going into our small downtown.

Spott, there is no ****ing way can you touch a house even in a horrible neighborhood for $150K in the St. Pete area. We are only about an hour hour and a half away, right?
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Old 05-06-2013, 02:05 PM   #59
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Is there an official web site that lists HUD homes? I've always wondered that.
The HUD lists are a real racket for shysters. Same with short sale and foreclosure lists. Here's the website I had bookmarked as the official HUD site. Never really found anything or any solid leads.
http://portal.hud.gov/hudportal/HUD?...homes_for_sale
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Old 05-06-2013, 02:15 PM   #60
Spott Spott is offline
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Originally Posted by BigRedChief View Post
The speculators and venture capitalists are buying up anything on the water and desired neighborhoods in my neck of woods in Florida. There are $2 BILLION of VC money in condos and retail going into our small downtown.

Spott, there is no ****ing way can you touch a house even in a horrible neighborhood for $150K in the St. Pete area. We are only about an hour hour and a half away, right?
It takes me about 3 hours to get to St Pete. I have relatives int Treasure Island and St Pete and I visit there quite a bit. For whatever reason, the same house that I bought in Orange Park/Jacksonville goes for about 200-250k in St Pete. I like that area but no way can I afford to buy a house there. Tampa may be a little cheaper but I haven't looked there.
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