Hey New Yorkers - is it time to buy in Florida?

By
Real Estate Appraiser with AmcAppraisalsinc.com

I remember when I first moved to Florida full time.  It was in 2003, before the BOOM in real estate.  I owned a home in upstate New York which was worth about $40,000 at the time but the taxes were outrageous!   Couple that with winters where it was common for 6 feet to 10 feet of snow to accumulate – and it was an easy decision to make the move to Florida!  Sure, the median priced home was around $200,000 – but taxes were WAY lower (no state income tax, lower sales tax and lower real estate taxes!) and from a cash flow perspective – the numbers worked!

 

Today, I checked out an article post from CNN on the current Florida housing market.  This video in particular, caught my eye:

 

http://money.cnn.com/video/pf/2010/11/24/pf_foreclosure_auctions.cnnmoney/

 

For my New York friends who are thinking – yeah, but it is SO hot there in the summer – I’ll remind you that our summer in 2010 was similar in temperatures to yours this year!  And, minus the snow plowing, sidewalk shoveling, and car window scraping in the winters….it might be time to at LEAST look into a second home?!  

 

In any event – we may not have reached the absolute BOTTOM in the market yet – but we are darn near close I would think – judging that some areas I have appraised are valuing 75% less than when the properties were purchased in 2007!  WOW – values at 1/3 of what they used to be 3 years ago!  Do you think it will go lower?  Will homes eventually just be transferred for FREE?  

 

Current inventory may be keeping the pricing low for a bit, with the ‘shadow inventory’ looming out there, and sidelined buyers not purchasing as many homes right now.  But give it time… and like a clogged up drain – you just may see another “boom” of buying.  It will just be the prices are at 50-70% of that boom from 2005!!

 

Make it a great day!

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Topic:
Home Buying
Location:
Florida
Groups:
All Things Florida
Central Florida
Florida Realtor® Network
Orlando Real Estate
Realtors®
Tags:
housing market
market decline stable
market trends
market value
boom

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Rainmaker
984,998
Conrad Allen
Webster, Ma, Realtor
Re/Max Professional Associates

It is not a lot warmer in Florida than Massachusetts:)

December 13, 2010 07:27 AM
Rainmaker
67,411
Richard D. Ferris
Florida State Certified (FHA) Appraiser
AmcAppraisalsinc.com

True true!  FREEZING here this morning - but at least there isn't any white stuff to move around!!

December 13, 2010 07:28 AM
Rainmaker
744,397
Carol Zingone
Global Realtor Based in Jax Beach, FL
Berkshire Hathaway Home Services Florida Network Realty

I agree, it's a great time to buy in Florida, I was just discussing that with a few people the other day. I grew up in NJ, but my blood has sure thinned out now, I'm COLD this morning!

December 13, 2010 07:30 AM
Rainer
184,535
Arleen Montford
Selling NW Florida Homes in Pace/Milton/Pensacola FL
KELLER WILLIAMS REALTY GULF COAST

Good morning Richard, Where do you find out more about the auction and where they will be held in Florida?

December 13, 2010 07:35 AM
Rainmaker
337,221
Navona Hart
Real Estate Agent, Farmville Virginia Homes & Land
Real Living Cornerstone

You should have a boom of a spring season with lower prices in Florida and a winter that has already started!  Good luck.

December 13, 2010 07:35 AM
Rainmaker
1,865,795
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

We are expecting our second snow day of the season in Maryland. Many homeowners are have thoughts about a move to the south!

 Happy Holidays!

December 13, 2010 07:37 AM
Rainmaker
313,369
Ellen Dittman
#1 Stop for NE FLA-JAX/OP 904.535.1199 (TEXT OK) r
Watson Realty Corp.

Good Post. By March I would expect sales here in FLA to pick up due to the deals available here. 

December 13, 2010 07:39 AM
Rainmaker
67,411
Richard D. Ferris
Florida State Certified (FHA) Appraiser
AmcAppraisalsinc.com

Carol, Navona, Roy & Ellen - we figured all we need is another harsh winter up north, and our remaining friends will be looking for warmer parts!   I don't sell - so I have nothing to gain here except hopefully a few more friends and family moving closer!!

Arleen - you can check out http://www.auction.com/Florida/All-auctions.html for the Florida list (this is the company highlighted in the video) - and they have a clickable map for other areas of the country.  I am sure there are other auctions - but this is the one the video highlighted.

December 13, 2010 12:46 PM
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Rainmaker
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Richard D. Ferris

Florida State Certified (FHA) Appraiser
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