Celebration FLA, man did we screw up!

[dvcgirl]

I agree that it appears we are already there. We moved from Oviedo to Tampa last year. I remember checking realtor.com for housing in Oviedo last May. I think there were about 40 listings on the market. I just checked, and now there are 399 listings in Oviedo alone.

Houses in the neighborhood we live in now have been for sale for months. The one across the street from us has been vacant and for sale since October.

Another thing I've noticed is that a year ago, you'd be hard pressed to find a new community that had not pre-sold all their inventory. Now the building companies are offering thousands in incentives, lower financing for a short period of time, and offering to cover all closing costs.

Teresa

Yes, we're seeing the same thing here. It's funny because I was listening to a "paid for by advertiser" mortgage lender show on AM radio this past saturday. They're touting this market as very busy....and push-push-pushing people to get out and buy while things are calm and "before the next boom". I think the next "boom" is likely to be a decade or more away....

The other thing we're seeing here is the converstion of Apartment complexes to Condo complexes. That has also slowed dramatically. Last summer complexes would sell in less than a week. "Investors" were coming in a buying 10 units at a pop and then making a profit the second they could get them on the market. There's a complex near me that went up for sale in October and is just now reached 60% sold. Some are preparing to go up right now and I'm wondering if they're contemplating not selling.

 

[SideshowBob]

Yeppers... all things are cyclical, and the biggo downturn starting now... a big component is that of the new builds, well over a third were people just out to try to flip for quick money. As there is less and less demand, they are going to get stuck with these properties and costs associated with keeping, and will need to unload, which will further drive it all down.

No question a HUGE boom and lots made a lot of money, but was crazy to think that it would not end.

 

[dvcgirl]

Yeppers... all things are cyclical, and the biggo downturn starting now... a big component is that of the new builds, well over a third were people just out to try to flip for quick money. As there is less and less demand, they are going to get stuck with these properties and costs associated with keeping, and will need to unload, which will further drive it all down.

No question a HUGE boom and lots made a lot of money, but was crazy to think that it would not end.

No doubt...anyone who bought in my area near the top as an investor is in for a world of hurt. And like many others in that game, lots used very risky mortgage products like "zero down" and "interest only" loans....oy, I'd hate to be in their shoes right now.

We'll have to see what the spring brings here. We still do have a lot of people moving into this area every day. Lots more out too, but there is a net gain each day here. And so houses will still be bought and sold. However, everyone's expectations need to be a bit more in line with reality.

 

[froglady]

I'm amazed at what people are paying in my neighborhood! I agree, too many of them are looking for a quick fix-up and turnover profit (I live in an Historic District) and will be in major trouble when the market slows, which it always does.

I remember my parents debating whether or not they would move down here around 15 years ago. The market was booming in RI, and their house could sell for 6 times what they had paid for it a decade earlier. They hesitated, and only got about 4 times as much. Still a good profit, but not what it might have been.

 

[taylor1293]

Yes, we're seeing the same thing here. It's funny because I was listening to a "paid for by advertiser" mortgage lender show on AM radio this past saturday. They're touting this market as very busy....and push-push-pushing people to get out and buy while things are calm and "before the next boom". I think the next "boom" is likely to be a decade or more away....

The other thing we're seeing here is the converstion of Apartment complexes to Condo complexes. That has also slowed dramatically. Last summer complexes would sell in less than a week. "Investors" were coming in a buying 10 units at a pop and then making a profit the second they could get them on the market. There's a complex near me that went up for sale in October and is just now reached 60% sold. Some are preparing to go up right now and I'm wondering if they're contemplating not selling.

Yes, I believe I've heard similar advertisements!

It's the same over here in Tampa. Condo's that were obviously once apartments are in the paper week after week after week.

Yesterday, DH and I were out looking at model homes (just for fun, I love to look). Anyway, we came out of a house and we were getting into our van when a man in an Acura SUV pulled up. He said he was a broker and knew where we could find the same size houses much cheaper and started rattling off some prices. The way he approached us reeked of desperation on his part. He was actually driving around to model homes and waiting for people to come out!

Teresa

 

[zalansky]

Teresa,
Where were you looking, if you don't mind me asking? DH and I are wanting to move towards the end of this year. Due to the huge increase in home values here in Tampa, we too, are kicking ourselves for not building new 2 years ago. The same home we looked at in Westchase 2 years ago for $285,000 is now selling for $450,000 ore more. It is just ridiculous. And with all these new developments going up with homes starting in the high $300 - low $400 range - where are the people coming from to buy all those homes? Did they all get interest only loans? It just doesn't make sense to me....Tampa is not made up of just doctors, lawyers and CEO's. Who are these people buying all those $500k+ homes?

 

[Longsx3]

Yes, I believe I've heard similar advertisements!

It's the same over here in Tampa. Condo's that were obviously once apartments are in the paper week after week after week.

Yesterday, DH and I were out looking at model homes (just for fun, I love to look). Anyway, we came out of a house and we were getting into our van when a man in an Acura SUV pulled up. He said he was a broker and knew where we could find the same size houses much cheaper and started rattling off some prices. The way he approached us reeked of desperation on his part. He was actually driving around to model homes and waiting for people to come out!

Teresa

My Brother has a friend who is buying townhouses & condos in the prebuilding stage mostly in South Tampa...never making a payment and sells them making a huge profit.

 

[Longsx3]

Teresa,
Where were you looking, if you don't mind me asking? DH and I are wanting to move towards the end of this year. Due to the huge increase in home values here in Tampa, we too, are kicking ourselves for not building new 2 years ago. The same home we looked at in Westchase 2 years ago for $285,000 is now selling for $450,000 ore more. It is just ridiculous. And with all these new developments going up with homes starting in the high $300 - low $400 range - where are the people coming from to buy all those homes? Did they all get interest only loans? It just doesn't make sense to me....Tampa is not made up of just doctors, lawyers and CEO's. Who are these people buying all those $500k+ homes?

We looked at buying house in Fish Hawk a few years back, the house has more than doubled. Houses in town & Country...the old part are over 100K ??

We have decided if Dh's next assignment is in Tampa we will rent, hopefully in South Tampa, instead of buy unless there are major market changes.

 

[Muffy]

We have a second home going up in Celebration's last planned village, Artisan Park. We are suppose to close in April! Can't wait!

 

[zalansky]

Muffy, WOW am I jealous! I just checked out the website...which model did you build? CONGRATS to you, I've always adored the feel and look of Celebration.

 

[Muffy]

Muffy, WOW am I jealous! I just checked out the website...which model did you build? CONGRATS to you, I've always adored the feel and look of Celebration.

Thanks zalansky! I'm very excited myslef! We have a Schofield C being built in Artisan Park. It is 2109 sq ft with a water view on 2 sides. Thanks for asking! I'm always willing to talk about Celebration, FL!

 

[Laugh O. Grams]

Yeppers... all things are cyclical, and the biggo downturn starting now... a big component is that of the new builds, well over a third were people just out to try to flip for quick money. As there is less and less demand, they are going to get stuck with these properties and costs associated with keeping, and will need to unload, which will further drive it all down.

We just experienced your theory first hand. We just bought in a gated community in Palm Beach Gardens, FL, which is considered the "new Boca Raton", I guess. Earlier this month, we bought a brand new home from a couple investors, a doctor and his partner, out of Winter Park. Similar homes in the neighborhood were going for $600K in November, and we bought for considerably less. Even our realtor was amazed with how much we negotiated the home for. After closing, I spoke with the doctor and he told me that they just couldn't afford all of the investment properties that they owned, couldn't keep making the trip down to South Florida in the slowing market and were just looking to get a little something out of them quickly before the market took a real downturn. The days of doubling your money in a few years are definitely over.

 

[nhpooh]

Friends of ours moved down a year ago last July. One moved to Deltona bought a house for $150,000 now could sell that same house for $250,000. We were down visiting last Jan. I went looking at a new a houseing development in Orange City. The house I liked was $289,000 it was a four bed/3 bath. I didn't buy because we won't be moving till 2007 when DD(17) graduates high school.

I looked up that same development the other day. That same house is now going for $380,000.

We have other friends that moved at the same time. They moved to North Port, there new house at the time was $200,000. Now that same house is worth $300,000 and it's just one year old.

 

[krdisneybound]

yes, it is all over the State - not just in Celebration or Orlando. Of course, WDW doesn't make it any less appealing. I would buy there in a heart beat, if it was close to my family.

Houses in my neighborhood, and I mean a 2 b/r and 1 bath w/no pool is outrageous. Two in particular on my street sold recently for over 500 grand and more and only 3 years ago they were listed at only 124. I bought my house in 1990 for $124 and it is a 3 b/room with 2 baths and a pool with a beautiful back yard set up for parties and entertainment. Can't imagine what I could list it for. My daughter is in real estate here in the area and she won't even tell me the dollar figure, afraid I will move.

I lived on Ft. Lauderdale Beach 16 years ago and the house I moved out of and sold at that time to two drs. here in the area, sold in the past year for over 7 million.

Guess it is all relative. Can't imagine what prices will be when our g/children start their family........... WOW

 

[Virgo10]

When we moved to Auburndale, there was a development going in at the end of our street. Starting prices were in the $150's. Now they are about to start stage 3 and the starting price of those homes is in the $350K range!!

Our house has gone up nearly $30K since we moved here about 14 months ago. It's wild!

 

[zalansky]

Virgo -
Friends of ours just moved into the Estates of Auburndale a week ago. GORGEOUS community. The house they bought is now selling for $40k more, but with the tides turning I am not sure the builder will be able to get that much anymore. Do you know where this community is?

 

[Virgo10]

Virgo -
Friends of ours just moved into the Estates of Auburndale a week ago. GORGEOUS community. The house they bought is now selling for $40k more, but with the tides turning I am not sure the builder will be able to get that much anymore. Do you know where this community is?

Holy cow! That IS the development I was talking about. I don't know if you saw my post about the hot air balloon that landed near my house last night Balloons but that's where it came down.

Here's a photo of the cleared area for the next bunch of homes they'll be putting in.

From my house to the E of A is less than a quarter of a mile. OK, now let's sing it together.... It's a small world after all.

 

[Ziva]

Not for me, I'm a pink flamingo on the lawn kind of girl.