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Old 05-29-2008, 07:10 PM   #21
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These are ocean front properties. Does anyone here have current experience with what kind of offers are being accepted?

BTW, a local realtor sent me a WSJ article that says that the real estate down turn is 1/2 over, and, get this, the rate of decrease will likely continue to decline in the next 8 months. Hm...I'm not a math genius, but that's 8 more months of double and high single digit declines in prices before price stabilizes, so I would suppose that any current offer would have to take that into consideration.
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Old 05-29-2008, 08:04 PM   #22
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DW/realtor tells me that it's still bad but getting more variable from neighborhood to neighborhood - that is, small pockets are starting to show some resistance to the rapid decline, either by levelling off or dropping less than previously. Maybe water-view and water-front are in that category in Sarasota.

If someone wants to buy now, I think they will still do well here on the coast.
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Old 05-29-2008, 08:23 PM   #23
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Don't forget the keys:
f1290002 pictures from florida photos on webshots
We stayed on Lido Key and attended a wedding at the Sarasota yacht club. Longboat Key is where the rich people buy.
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Old 05-29-2008, 09:06 PM   #24
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OK, I'm now convinced that lazy and hobnob are one and the same. I just have yet to figure out how he transports himself so quickly between SF and FL.
hey, have i posted a single article showing how great it is down here?

i've just got a renter for the inherited house (much to my realtor's chagrin) as i don't expect a sale this year. my costs are now covered. i'm done playing in this market. i'd reduced the price down 30% from peak so it is currently offered at a very good price if anyone wants it. there is not a better deal in my zip code. most economists i've read say u.s. housing will wind up down about 25% peak to trough and that high end might not fare so poorly. maybe i will raise the price next year just for grins.

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Even at the newly lowered prices, these properties still aren't cheap! Apparently I expected the Florida real estate slump to be more marked than it has been.
lower? most of those properties in the video were all 30% off. not good enough? i don't think we have any blood left to squeeze. bone marrow anyone?
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Old 05-31-2008, 03:00 PM   #25
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I checked on Realtor.com and there are some charming little cottages in Sarasota, it appears, right next to giant condo buildings. Not exactly my ideal community. But the beach sure is pretty!
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Old 05-31-2008, 05:07 PM   #26
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the rate of decrease will likely continue to decline in the next 8 months. Hm...I'm not a math genius, but that's 8 more months of double and high single digit declines in prices before price stabilizes

Branesgotfirm, How'd ya figger that?
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Old 05-31-2008, 05:10 PM   #27
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I just have yet to figure out how he transports himself so quickly between SF and FL.

LEVERAGE?
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Old 05-31-2008, 10:33 PM   #28
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There are a lot of condos close to Siesta Key but not oceanfront for good prices .
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Old 06-01-2008, 04:33 AM   #29
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Yabbut Siesta Key is really low end. Lido Key and Longboat Key are the desirable keys.
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Old 06-01-2008, 08:58 AM   #30
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Yabbut Siesta Key is really low end. Lido Key and Longboat Key are the desirable keys.

I have to disagree with you . Longboat is the desirable Key if you are 80 and want to live in a highrise . If you are still active and looking for life Siesta Key or Anna Marie Island are the place or downtown Sarasota and as for Lido Key except for St. Armand's Circle why would anyone want to live there ? You may be referring to Bird Key which is an ultra expensive community close to Lido which is also great if you are 80 with a young cabana boy .
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Old 06-01-2008, 10:17 AM   #31
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Yes I was thinking of St. Armand's Circle and also the 50 somethings who happily owned in Longboat. I agree that those other keys are cheaper and so have more under 50s in them and more young kids rather than teenagers.

Other than biking through it, I have no particular experience re Bird Key.
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Old 06-01-2008, 11:33 AM   #32
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Branesgotfirm, How'd ya figger that?
Thanks for the insult. I'm not going to stoop to your level. It's WSJ's prediction, not mine.
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Old 06-01-2008, 12:18 PM   #33
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Thanks for the insult. I'm not going to stoop to your level. It's WSJ's prediction, not mine.
Oh get over it. If the rate of decrease is declining is it going up or down? That was the WSJ's prediction. Your interpretation was what was in question, but I guess you were making sure your interpretation of the facts would lead someone to believe what you wanted them to believe. Insult not intended just questioning your figgering. You can dish and take it, right?

Anyway it's a great day, you're a great guy, and the RE market is coming back strong!!
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Old 06-01-2008, 12:26 PM   #34
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Thank you for letting me know that one week is too short to adapt. Then I suppose I will need another dry run in October. BTW, before you moved from Arizona, did you do a long-term recon? I have lived in the mountain west, and I would have to say that mountain climate is quite different from the subtropical climate.

If you are coming to Florida in October may I recommend late Oct. The hurricane season is usually over and the weather is great warm but not beastly hot ,uncrowded beaches and great prices . Sarasota is very nice . Lots of sidewalk cafes ,jazz clubs ,good restaurants , an interesting art district , lots of yuppies or want to be yuppies live there . It's smaller than Tampa but has pretty much all the same amenties . Tampa is an easy hour drive from Sarasota . Coming from Boston there are a lot of towns in Florida you'd find lacking but Sarasota is not one of them.
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Old 06-02-2008, 01:06 AM   #35
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Oh get over it. If the rate of decrease is declining is it going up or down? That was the WSJ's prediction. Your interpretation was what was in question, but I guess you were making sure your interpretation of the facts would lead someone to believe what you wanted them to believe. Insult not intended just questioning your figgering. You can dish and take it, right?

Anyway it's a great day, you're a great guy, and the RE market is coming back strong!!
Hobnob, the rate of price decline could be slowing, but that doesn't mean price is not going down. It just means price decline is slowing. The article pretty much admits that we will continue to see price declines for the next year, just not at the whopping rates that we have seen in the recent past. WSJ is grasping at straws to paint a rosy picture. My prediction is that price will continue to decline for the next 6-12 months. Is this a great time to buy? Of course, with the caveat that your offer takes into account the general consensus of continued, though not as dramatic, price declines.
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Old 06-03-2008, 11:07 AM   #36
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nationcity & global insights has come out with their may u.s.a. housing report.

it shows sarasota down 26% from it's 2005 peak and currently 4.8% undervalued.

it also shows fort lauderdale & west palm beach as being at about fair value (ft laud 6% overvalued & wpb 2.5% undervalued while just a few other cities are still somewhat overvalued like miami by 27% or asheville at 25.9% or atlantic city way overvalued still by 56%.

here is full report: http://tinyurl.com/69otn9
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Old 06-03-2008, 02:27 PM   #37
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Thanks Lazy , Interesting chart !
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Old 06-03-2008, 08:01 PM   #38
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Thanks for the report, Lazy. Remember though that irrational exuberance has an ugly cousin named irrational negativity. Irrational negativity could run for a bit until people realize that houses in some places have been beaten down past their fair value.

I'm looking at some decent looking condos in Ybor City. To rent the condo would cost $800-$1000 a month. To buy the place out right, $85k. That's just crazy.
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Old 06-03-2008, 09:20 PM   #39
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'm looking at some decent looking condos in Ybor City. To rent the condo would cost $800-$1000 a month. To buy the place out right, $85k. That's just crazy.

That is the problem of looking at real estate without knowing the area. I would think $ 85 k great but I know the area and Ybor City is a newly semi cleaned up area of Tampa . Fun clubs but lots of crime and on the border of a really unsafe area .
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Old 06-03-2008, 09:43 PM   #40
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That is the problem of looking at real estate without knowing the area. I would think $ 85 k great but I know the area and Ybor City is a newly semi cleaned up area of Tampa . Fun clubs but lots of crime and on the border of a really unsafe area .
I think that's accurate. But then, it's also perennially on the brink of respectability, has some great residential architecture, and has already seen the arrival of substantial numbers of artsy folks, a thriving if small gay community, and upscale restaurants all of which are harbingers of good things in many cities. To its north is Tampa Heights, and beyond that Seminole Heights - both up and coming, some on the river, etc.

Yes, caveat emptor, and probably a safer bet for those with a 10 year horizon. It's the ones who get in early and smart who will eventually make out well.
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