Double post

[chrissyk]

double post

 

[Miss Jasmine]

Chrissy, I haven't been in the house market, don't plan on being in it until DH retires in 10 years, however the market is inflated (which is why I am a little leery of doing a home equity loan to build a pool, I am afraid the market is going to drop). As for what is driving it, I don't know, I guess people moving here has something to do with it.

The Suntree/Viera area is really nice. I live just outside of the Suntree area, and we love it. I would probably pick Suntree over Viera, but that's just personal preference. It really is getting difficult to get a house with a pool and all the amenities for under $300,000 even on the mainland.

 

[floridafam]

The market down here is crazy.

We just bought in Sebastian-South of Melbourne.

We were going to build and the prices were going up $10,000-$20,000 per month. NO JOKE!

We found a house, liked it and put an offer in that day. There were many people in line behind us. I wouldn't wait on a house you like. You can always put an offer in pending inspection.

We paid $160,000 for our house and it is in a neighborhood of $300,00 homes. Yes, you can get a house for under $300,000 that has many of the things you like but the longer you wait the more the price will go up.

Good luck!

 

[chrissyk]

double post

 

[chrissyk]

double post

 

[floridafam]

We lucked out on our house.

I looked at it with my children. An older couple was selling it and they really took a liking to us.

It needs less work than the house we owned in Michigan. It needs painting, new carpet and some cosmetic things in the bathroom-we are going to replace the vanities, mirrors, etc. Nothing major.

It was for sale right after Hurricane Jeanne and we lucked out. No water damage or anything. A screen came off the Florida room but my DH replaced that. It lost a few shingles but DH replaced those, too. Everyone who comes here comments on how well it stood up in the storms.

Anyway, we have new houses almost entirely surrounding us and they are going from $250,000 -$300,000.

We became frustrated at times because new home prices were going up and up faster than we could handle.

Look at every house you can. If it feels right, jump on it. We are just West of US1. We are not on the beach but we are only about 5 minutes away. There's no way we could afford anything over on the beach.

We looked for a good neighborhood, a side street without a lot of traffic, and a "solid" house.

Keep us posted on what happens!

In this area, a lot of houses are purchased by investors who sell them for a huge profit not long after they buy them.

 

[Miss Jasmine]

We built our house almost 5 years ago (will be 5 years in May since we closed on it). It was during that time that market started to move. By the time we closed, our house was already appraising for more than our mortgatge. It has been climbing ever since, but lately it has been going up even more so. I thought with the hurricanes it might slow it down, nope, the opposite happened. I just don't see this market being able to be sustained. I mean, yeah the average income in this area is more than the state or federal average income, but still, there is not THAT kind of money around here.

 

[chrissyk]

I just don't see this market being able to be sustained. I mean, yeah the average income in this area is more than the state or federal average income, but still, there is not THAT kind of money around here.

double post

 

[Lisa loves Pooh]

Put it this way--people sometimes have problems with the loans b/c the property appraisers are 2 steps ahead of the loan process in terms of buying a home--but if you look at our tax records, they are months behind. It is a Demand market and unfortunately those records aren't going to be realistic for what things are going for now---you might have your realtor look up information on homes that sold recently within the last 3 months to be your better indicator of if the prices are worth it.

When we got a HELOC last year to build our pool--about 1 year ago....for beachside--it was less than $200K..homes in or next to my neighborhood are now listing above $300K and selling...so that is 50% increase in 1 year....I would expect the mainland to be slightly less than that, but pretty high.

My realtor friend (one of the ones you didn't pick) was initially telling us to not add on a second story--this weekend he pretty much said do whatever you want...the market is chugging forward and 2 hurricanes didn't stop it.

Our addition was a swimming pool and we were comfortable with that decision.

The market will only continue to increase. I know that I will not be letting go of my home any time soon.

It is the land that is of value and not the homes if that helps--especially beachside.

 

[Lisa loves Pooh]

I agree. That's why I'm wondering if the houses are being bought up by people from the Northeast, either for a quick buck or for a retirement/vacation home. Also, a lot of people are relocating from there to here (like we have, LOL!). I am very concerned that the housing prices cannot be sustained because of the average income in this area, and that I might be left holding the bag on a house that is not worth $300K in 2 years when I go to sell it. I don't **love** anything that I've seen on the beachside so far, but I could live in one of those older ranch houses if I had to. I'm not as worried about those losing their value. There are some really nice houses in West Melbourne, but I am worried about those losing their value.

The key is to buy a house you LOVE and ignore the price while looking. All prices are negotiable. But if you think of a house in terms of its cost and whether you think it is worth the cost, you won't be happy with what you find.

Our home is worth 300% more than it was when we bought it 6 years ago. It is 150-200% more than what our appraisal was 1 year ago for the HELOC.

People are relocating to the area from the north--but they are also coming from South Florida where property is much more expensive than here.

 

[iluv_2travel]

sorry......wrong thread

 

[chrissyk]

double post

 

[Lisa loves Pooh]

I agree with this. We're looking on the beachside, but what we can afford is not so nice. I keep trying to remember that the value is in the land. Right now I don't know what to think. DH and I are seeing one for the 2nd time tomorrow (mainland). I liked the house, but it certainly seems overpriced. According to the tax records, a year ago their neighbor's house sold for over $100K less than this house was going for, and that house was bigger with more amenities!!

Also, what is up with fireplaces in houses here?! That's so strange. We never used ours in MA, but at least I understood why that house had one. The house that I sort-of like has such an ugly fireplace...it's a major detraction IMHO. I can't understand why anyone would want a fireplace in FL to save my life!

B/c we get cold days, too! And we need a place to hang Christmas stockings. If and when we remodel/add-on to our home...a fireplace is on that list.

If the fire place isn't attractive--think about if there is an inexpensive way to make it look nicer with a new mantel or something.

My mother lives in Jacksonville and uses her fireplace all the time when it is 50s or below outside.

You've just started househunting--you may have to drive the neighborhoods on weekends. If anything--regardless if you are interested in homes or not..you can get a feel for whether or not someone is pricing above market. If after the next 4 weeks you are ripping your hair out--I'll understand...it's only been a week . If you aren't getting warm fuzzies on a house--move onto the next

Florida Today publishes every couple of weeks their real estate guide which I think you can get at Wal-marts and such (it will have the Florida Today logo on it). They have a sold section in the back and you can get a feel for what homes are selling for. It will require getting a good city map from the store so that you can figure out where the homes are--but you can get a feel for what homes are selling for in particular areas and whether or not they sold for less than asking, asking, or above asking (indicative of a bid war). For asking and above asking--it usually indicates a very competitive area.

Reading the classified ads is good as well---just to get more houses and prices. Though they do lack a lot of information.

Land is getting pricey mainland. More land left to build on--but not as much as 5 or more years ago. There is a new community going up on Eau Gallie Boulevard West of Wickham. You won't have a home in 7 months--but sometimes when building a home..you can control the price a little better.

 

[chrissyk]

I agree that I shouldn't start tearing my hair out just yet If we haven't found a house in a month, we'll both be freaking out though! We don't do apartment living very well, LOL!

I'll check out that new community. We could deal with building if it were cheaper. It may be just as fast, since every house we've seen would need work before we could move in anyways. We won't live in any house that has carpeting because of DH's allergies. That means at least 2-3 months for our flooring people to come in and fix whatever house we buy (unless we buy new). That's why we feel under-the-gun to find a house quickly. If it's 2 months to close and 2-3 months to make it liveable, we'll be close to the end of our apt. lease right there.

 

[Lisa loves Pooh]

I agree that I shouldn't start tearing my hair out just yet If we haven't found a house in a month, we'll both be freaking out though! We don't do apartment living very well, LOL!

I'll check out that new community. We could deal with building if it were cheaper. It may be just as fast, since every house we've seen would need work before we could move in anyways. We won't live in any house that has carpeting because of DH's allergies. That means at least 2-3 months for our flooring people to come in and fix whatever house we buy (unless we buy new). That's why we feel under-the-gun to find a house quickly. If it's 2 months to close and 2-3 months to make it liveable, we'll be close to the end of our apt. lease right there.

Well they are just now building the model homes--so you are looking at 6-8 months once they start--but everything around here is slow due to materials availability from what I understand.

Have you tried doing home searches on all tile?

 

[anniet]

While I agree land is a factor (as they say "location, location, location") I think in Florida new construction is a factor too. I think people in older homes are looking to upgrade to houses that are up to the new hurricane codes.

We bought our house in October and there isn't much land, but it withstood 2 hurricanes while we only had a P&S on it and now there are two houses in our neighborhood that are listed for 50,000-60,000 more than we paid and they have the same floor plan as ours. They do say they have a "water view" but IMO that's not a plus. We considered a water view (what we call retention ponds here) and immediately we thought "Hey look we can see all our neighbors!" then we dropped our smiles as it dawned on us that if we could see them, then they could see us!!!! We opted for the house across the street with a fence in the backyard!

 

[Lisa loves Pooh]

I agree AnnieT--however, people are looking at a class action suit against Mercedes homes due to all the water coming in through the walls and causing extensive damage to the homes in several neighborhoods. It is said that it is due to only 1 layer of paint painted on the homes--a few more layers of paint and this wouldn't have happened. This was in Grand Haven and Oceanside Village.

My home was built in 1963 and our house received no damage at all and didn't lose one shingle (new roof in 1999).

 

[Lisa loves Pooh]

P&S

???

I'm stumped.

 

[anniet]

Funny you should mention that suit Lisa.

DH's cousins own a beautiful home in Grand Haven where DH and I got married last year. We were with them when Frances was coming and we went to Orlando to try to get out while they evacuated over to the Tampa area. When they got home there was water that had come through their windows and had it not been for a friend who stopped by their house to check on it they would have lost a baby grand piano in addition to their hardwood floors.

They were recently sent a letter to join the class action suit for the low-low price of $300. They couldn't believe it. They have no intention of joining the suit since 1) The water was coming in sideways into the windows and they feel that it wasn't due to poor construction, but the angle at which the storm came which no one can control....it was like hi-power washing their windows which they were warned not to do. 2)They feel the only ones who will make any real money from the suit are the lawyers and 3)They honestly expected to come home and find their roof gone.

I'm glad your home did well during the storm Lisa! And I feel bad for anybody who got any damage...unfortunately Mother Nature is something that none of us can control. I imagine there are going to be claims here in MA (yes I'm still here until the end of Feb ) for roof damage done or to come when all that ice starts melting and roofs start leaking!

 

[Lisa loves Pooh]

Funny you should mention that suit Lisa.

DH's cousins own a beautiful home in Grand Haven where DH and I got married last year. We were with them when Frances was coming and we went to Orlando to try to get out while they evacuated over to the Tampa area. When they got home there was water that had come through their windows and had it not been for a friend who stopped by their house to check on it they would have lost a baby grand piano in addition to their hardwood floors.

They were recently sent a letter to join the class action suit for the low-low price of $300. They couldn't believe it. They have no intention of joining the suit since 1) The water was coming in sideways into the windows and they feel that it wasn't due to poor construction, but the angle at which the storm came which no one can control....it was like hi-power washing their windows which they were warned not to do. 2)They feel the only ones who will make any real money from the suit are the lawyers and 3)They honestly expected to come home and find their roof gone.

I'm glad your home did well during the storm Lisa! And I feel bad for anybody who got any damage...unfortunately Mother Nature is something that none of us can control. I imagine there are going to be claims here in MA (yes I'm still here until the end of Feb ) for roof damage done or to come when all that ice starts melting and roofs start leaking!

On new construction--they should not have had those problems. Wind-driven rain is a fact of hurricanes.