Fire sale on FL real estate?

[builders rep]

One of my friends fwd'd me this link:

CNTX-1845 webshellhome

It sorta has that "everything must go!" feel to it since it is only for the next 10 days, but hard to believe what some of these new construction homes are going for.

For instance, in Port Charlotte:

POMPANO COVE #061. Twin-villa home, lake view, 2BR/2BA plus den and 2-car garage. 1,557 A/C sq. ft. Old Price $256,169 New Price $149,990 Save $106,179 Old Payment $1,281/mo New Payment Only $562mo

This development has a golf course, gym, activity center, etc. It seems like a bargain, if you could even just turn around and rent it for $600 a month. Is it on top of a landfill? Next to a nuke plant? Falling into a sinkhole?? Or has the exuberance just left the market and in its place is over-correction?

I don't live anywhere nearby to be able to check it out, but it sure sounds good "in theory" over the net.


Also interesting, when I click through to the development, on the bottom of the house listings, I see:

If you live in one of these states (NY or NJ) our ability to communicate with you may be limited.

I wonder what that is about! (since I live in NY)

I wanted to respond to your questions but think I posted it originally in the wrong place. I work for Centex Homes as a Central Sales Consultant. If you are interested in finding out the true nature of our summer clearance sale please let me know. I am responsible for the area in Southwest Florida that extends from Naples to Port Charlotte. The sale opened to the general public on July 16th and will close on September 15th. If you have honest questions about Riverwood ( the community you referenced in the Port Charlotte area), our inventory home sale, the market in general or other Centex Communities in this area, please let me know and I will do my best to answer them. I have been involved in Florida with the construction and home building industry for the past 10 years, have lived in Port Charlotte for the past 5 years and have seen the highs and the lows this market has to offer.

As far as our inability to contact you if you live in NJ or NY..........it is that those states have laws that limit solicitation. Other states have similar laws and restrictions but NJ and NY are more restrictive.

 

[Texas Proud]

Not me. But from what I hear and see, if you were not on the bleeding edge of the go-go mortgage market, you can still get a loan without too much fuss, although it might cost more than it used to. So put down 20+%, document your income, have a 720+ credit score, and generally not appear to be asking for more mortgage than you can really afford, and you can either fit into the conforming box or you can find a traditional portfolio lender (actual bank) to do business with.

I had heard that the jumbos were a bit difficult to get without paying a real high rate... but then again, it was the news...

 

[al_bundy]

you can still get a jumbo at normal rates if you straight to the lender and not a mortgage broker. hard to believe, but supposedly a lot of brokers falsified a lot of paperwork and submitted it.

 

[al_bundy]

I work for Centex Homes as a Central Sales Consultant. If you are interested in finding out the true nature of our summer clearance sale please let me know. I am responsible for the area in Southwest Florida that extends from Naples to Port Charlotte. The sale opened to the general public on July 16th and will close on September 15th. If you have honest questions about Riverwood ( the community you referenced in the Port Charlotte area), our iinventory home sale, the market in general or other Centex Communities in this area, please let me know and I will do my best to answer them. I have been involved in Florida with the construction and home building industry for the past 10 years, have lived in Port Charlotte for the past 5 years and have seen the highs and the lows this market has to offer.

As far as our inability to contact you if you live in NJ or NY..........it is that those states have laws that limit soliciation. Other states have similar laws and restrictions but NJ and NY are more restrictive.

thank you, but i will think about it in a few years once the real 50% off sale starts up when the banks start to sell off their homes.

 

[brewer12345]

I had heard that the jumbos were a bit difficult to get without paying a real high rate... but then again, it was the news...

The jumbo loan market is starting to come back. I saw a PR yesterday from E-Loan indicating that they are now offering a 7.5% with no points and no fees. But here's the catch: you have to have a 740+ FICO, fully document your income, and have at least 25% equity in the property. Pricey money for such a high grade borrower.

Most portfolio lenders will be a little cheaper, but they will be strict on underwriting and they are likely to stick to 3/1 ad 5/1 ARMs.