Housing prices! (vent)

[Talking Hands]

Mahattan, The bubble in housing costs down here is going to have to burst. Why. People can't afford to sell their home and buy a better home. Prices are ridiculous. The neighborhood I live in now has houses selling for $200,000 and when we bought they were $39,000. No way these homes are worth $200,000. Maybe $100,000 but not $200,000

 

[Planogirl]

Wow, I feel for you. What a difficult situation.

It also sounds like Florida going to end up awfully crowded one day. And expensive!

 

[lovetheparks]

Duplicate.......

 

[RitaZ.]

It's not really about how much a house is "worth", it's about how much people are willing to pay.

In Coconut Grove and Coral Gables (Miami area), you will see tiny older homes selling for $600K and above. It's ridiculous, but people pay those prices.

It's great that the property values have gone up so much, the problem is that if you want to upgrade to a larger home, you probably won't be able to afford it.

 

[manhattan]

Yes, I too expect the bubble to burst. I was reading an article that said the median house price for broward county was $319K.........and that only 17% of the county could afford to pay that....which means everyone is walking around with a mortgage they can't afford, so all it takes is someone losing their job or getting sick and they are out of a home. I was told that I could be approved for up to $400K for a mortgage......but we couldn't afford the mortgage........nor do I want that type of mortgage.

My other problem is salaries, South Florida doesn't want to pay NY salaries or even close to it. I don't have a problem with prices going up, as long as salaries do as well. When you apply for a job they say "We pay you with sunshine" can I say that to the bank when it is time to pay the mortgage?

 

[lovetheparks]

Most of FL is getting out of hand with the prices since the hurricane. The house we bought in April of 04 is now worth much much more just one year later!! Guy that built ours built another IDENTICAL and has it up for 52K more than we paid. Everyone moving to the area is driving up the prices, similar to South FL and the Orlando area.

It also sounds like Florida going to end up awfully crowded one day. And expensive!

You can say that again!

 

[Caradana]

You paid $1300 for a 3/2 with city views in Jersey City/Union City/WNY!?! DEAL OF A LIFETIME. That was awesome!
I'm surprised that no more Catholic school tuition hasn't relieved your budget. I hear your unhappiness. Maybe it's time to come back.

 

[caitycaity]

You paid $1300 for a 3/2 with city views in Jersey City/Union City/WNY!?! DEAL OF A LIFETIME. That was awesome!
I'm surprised that no more Catholic school tuition hasn't relieved your budget. I hear your unhappiness. Maybe it's time to come back.

no kidding. i pay more than that for a 2/1 in the boonies of the dc maryland suburbs...and all my friends are jealous of how low my rent is!

 

[jellymanoffspring]

I live in NJ and I confess I am hoping the bubble will burst also!

 

[manhattan]

"You paid $1300 for a 3/2 with city views in Jersey City/Union City/WNY!?! DEAL OF A LIFETIME."

Yes, but we have lived there for close to 15 years and we got this apartment way before River Road was developed (OK, maybe starting to get developed )

 

[Christine]

I think part of your problem is that you were truly getting SUCH a good deal on your old apartment. I don't think you were paying realistic prices. Not taking that into account before you move has probably really hurt you. I live in a suburb of Washington, DC and the $1300 rent you were paying would be cheap here and I think where you came from is more expensive. So you were really getting a good deal.

From what I have heard, "making it" in Florida can be tough. A good friend of mine moved there about 18 years ago. She didn't want to stay in upstate New York. She found a good job with Sea World but her husband has just NEVER been able to make it. They have been in constant financial strain ever since their move. But they love it there and won't leave. After 9/11 she lost her Sea World job, and it has just been horrible for them. So, I know what your DH must be going through.

 

[Microcell]

Around here we are not as built out, but I will throw out this idea anyway. Here, when you want to save money on housing, you move further out from downtown. We were living in a county on the Kansas side that is much sought after where the bubble needs to burst, and in our price range we would have been able to get a small 3 bedroom ranch with a one car garage that is fifty years old, usually 1100 sq ft. We decided to look on the Missouri side in an outlying subarb and for cheaper we got a 13 year old tri level that is 1800 sq ft. I drive 20 miles to work and DH has gone as many as 37, but thankfully now works 8 miles door to door!

 

[DisneyDmbNut]

Manhattan - Have you thought about moving alittle north?? Coconut Creek ( where I was born and raised and DH is a firefighter? ) I live in Royal Palm Beach and commute to Pompano everyday..it is one hour, door to door and I am sooo much happier in Palm Beach! Not so crammed.
We lived in Southwest Ranches ( DH's childhood home ) and I hated the drive down 595 everyday!! UGH!!!
Deerfield is nice and isn't too bad...commuting north/south isn't NEARLY as bad as east/west

 

[manhattan]

I think part of your problem is that you were truly getting SUCH a good deal on your old apartment. I don't think you were paying realistic prices. Not taking that into account before you move has probably really hurt you. I live in a suburb of Washington, DC and the $1300 rent you were paying would be cheap here and I think where you came from is more expensive. So you were really getting a good deal.

I understand I had a great deal.....but if we were to move back I could still find a comparable apartment for $1500, tops $1700. And DH would make a NY salary. Compare that rent to a Florida salary and you can't justify it. For example an admin asst in NY makes about 65K while and admin asst here makes 32K, an accountant in NY could make 85K while here they make 40K.....which is why I say housing here is expensive.

 

[FINFAN]

I sent you a PM..... Salaries have gone up from what they used to be in Fl., but not fast enough to compete with the housing IMHO.


Pam

 

[palmtreegirl]

I understand I had a great deal.....but if we were to move back I could still find a comparable apartment for $1500, tops $1700. And DH would make a NY salary. Compare that rent to a Florida salary and you can't justify it. For example an admin asst in NY makes about 65K while and admin asst here makes 32K, an accountant in NY could make 85K while here they make 40K.....which is why I say housing here is expensive.

Lifes too short if you're that unhappy I think you should move back. That's what we're doing except we're moving the opposite direction, from PA to Florida.

 

[Caradana]

I understand I had a great deal.....but if we were to move back I could still find a comparable apartment for $1500, tops $1700.

If you find a 3/2 in a safe neighborhood with city views for $1700, CALL ME. I want to get one too.

 

[caitycaity]

but if we were to move back I could still find a comparable apartment for $1500, tops $1700.

wow - i clearly need to move to ny.

 

[jrydberg]

wow - i clearly need to move to ny.

I wouldn't start packing just yet

 

[DisneyDmbNut]

You know...this was in the Sun Sentinel yesterday...maybe you should stick to renting and wait for the foreclosure boom to happen...

http://www.sun-sentinel.com/news/local/broward/sfl-sinvest18apr18,0,4206165.story