By Steve

August 21, 2006 10:46 PM | Link to this

Huge supply -vs- low demand equals big price correction.

By dona

August 22, 2006 09:31 AM | Link to this

There was never the income to support the ridiculous prices of homes, it had to come to a end. Most Northeasterners moved to Florida for affordable housing, now that it is an over priced market, who in their right mind would give up a six figure income to come down and sweat, be eaten by alligators, bit by snakes, and live in production housing?

By Rich R

August 22, 2006 09:44 AM | Link to this

I am sure some cheerleaders will enjoy this.

By FL Renaissance

August 22, 2006 10:25 AM | Link to this

I said it before and I’ll say it again. Forida is very inexpensive, that is very affordable versus the Northeast. On Long Island in Nassau /Suffolk Counties NY the current median single family home price (achieved) not “asking” is $478,000…in Fairfield County Connecticut it is over $500,000. If you think So. Florida’s puny $325,000 median is not a bargain, (and having no state income tax to boot)…you yellow teeth yahoos are the ones living in a bubble. Make way for the monied Boomers who like the beach and recognize value. All you other, Hee Haw drifters don’t let the RV or pickup truck door hit you in the a*s you head to the Carolinas, Texas, Arkansas,Louisanna Missisippi etc. looking for a more affordable location…and take your pit bulls and dobermans with you with you Welcome to the new gated gentrification housing quality educated people.

By Bob

August 22, 2006 10:39 AM | Link to this

A Media “Gang Bang” attacking the real estate market is the major reason for the slowdown! With daily headlines touting the BUBBLE and masquerading foreclosure consultants as real estate experts the media has scared away buyers in it’s effort to be politically correct! It’s a total bash job by the Palm Beach Post to cut it’s own throat. When the real estate advertisements dry up most of these reporters will be out of work!!

By FL Renaissance

August 22, 2006 10:39 AM | Link to this

P.S. We come down to play, not work! So making ends meet and building a career is NOT an issue. We already have the $$$. If you are younger and trying to earn a decent income in FL, forgetaboutit!

By Sue

August 22, 2006 10:46 AM | Link to this

Crusmon6 is right about the constant media bashing of the real estate market in Florida. The attacks were started by the Wall Street Journal to drive investors back into the stock market and the local meida stooges jumped on the band wagon with both feet. The myth of the 90,000 condos being built in Miami is a big lie. You might have 6000 to 9000 condo starts in Miami-Dade a year. It would take 7-10 years to build 90,000 condo’s but the media won’t tell you the truth! The good news is that the 4 writers whose pictures are listed above will be unemployed in a year when the advertising revenue from real estate drops!!

By humorous

August 22, 2006 10:48 AM | Link to this

Welcome back FL Renaissance ! You are very entertaining . Probably not in the way you imagine, but entertaining, none the less. Your posts will be downright hilarious in the next year. SoFl is in trouble, needs to face it and clear up Ins and tax mess killing RE mkt. Stop wasting time hyping dying beast, get productivly behind push to fix mess. You are sounding more and more very silly. (But in an entertaining way )

By Multimedia

August 22, 2006 11:03 AM | Link to this

Besides local and national press and news-weeklies, Internet community is in on conspiracy to drive down prices !! Check out sites like forsalebyowner, MLS, etc,etc. They keep lowering prices, exclaiming “just reduced!”, “owner anxious!”, “must sell!”. It’s a Multi=Media conspiracy gang-bang. The reporters you note probably will be unemployed because they are in on drive-down to make killings and retire !!!

By MarinePilot412

August 22, 2006 11:08 AM | Link to this

FL Renaissance sounds like the screaming polyanna you knew would surface when the market went belly-up. Just another panicked guy who’s overexposed to the market. Someone so “sure” of housing fundamentals when the entire market boom was created by cheap monetary credit in the first place. When the tide goes out w/ normalized rates (and it always does), those holding the bag with equity debt are wiped out. Trying to compare “relaitve rates” w/ Long Island, etc completely misses the point.

By Rich R

August 22, 2006 11:09 AM | Link to this

FL Renaissance is clueless.

He seems to think that the entire workforce can just up and move and it won’t affect him at all, because he says he has $$.

That’s a good thing, because as the workforce bail out of florida, the cost of pretty much everything skyrockets.

Who’s going to pick up your trash, or answer your 911 call, or where’s the paramedic when you have your heart attack. I guess it really don’t matter, because they don’t have the $$ to live in Florida.

Fl Renaissance seems to not care. I hope you have a strong back to mow your lawn and clean your pool, and I really hope you are healthy and not need any services that you seem to not need.

WOW; some people are just very confused.

No workforce, no store employees, no service workers, no labor, Just a funny thought.

Wake Up FL Renaissance. WAKE UP.

I agree, you are quite entertaining.

By Note for Jeff O. & Dona

August 22, 2006 11:11 AM | Link to this

Once again Jeff, your journalism skills is at a high school level. You tell part of a story and you do not go in depth reporting.

There is more to tell in a number. How many of those housing units were single family homes ? condos ? Did they count converting condos ? What were the number and style of units that were built under or over $500,000 ?

Try to give more information on your reporting.

Anybody who knows math would know that percentage is a misleading indicator. If a county had 10 homes built one year and 5 more the next year, you would say that 50% more homes were built in that county. You can see what i mean.

Try to report also about those out-a-state areas that had new housing. How many of those were affordable housing ? How many were homes over $500,000 ? Did they have major increase in the job market ? Where were these areas ? I know one area you said was in Arzona. Any oceans nearby in Arizona ? I know they have one of the largest beaches without water in that region.

To Dona, most people from the north who are moving here have sold their homes at higher prices than what people have homes here for sale. People who made six figure income for the past 20 years have their money made or will keep on making it and will still buy here. Dona, wake up and smell the roses. You sound like people are buying shacks in the middle of the Everglades the way you talk. Get that sausage out of your mouth Dona and think before you talk.

By MarinePilot412

August 22, 2006 11:16 AM | Link to this

Let’s blame the media!! Let’s blame the media!! All you have to do was stop drinking from the punchbowl. Economics 101: cheap credit -> distorted demand -> building overcapacity -> bloated inventory -> housing crash! Only the ostriches can deny the fall has started. If you blame the media now for your woes, you have to thank them as well for helping to create the frenzy to begin with.

By Bob

August 22, 2006 11:19 AM | Link to this

Your right about the constant media bashing of the real estate market in Florida. The attacks were started by the Wall Street Journal, USA TODAY and Business Week to drive investors back into the stock market and increase their advertising from brokerage firms and mutual funds. I have read about the 90,000 condos being built in Miami about 90,000 times in the past year. And your right there might be 6000 to 9000 condo starts in Miami-Dade a year. It would take 7-10 years to build 90,000 condo’s but the media won’t tell you the truth! The real good news is that the four writers whose pictures are listed above will be unemployed in a year when the advertising revenue from real estate drops. They are already firing reporters big-time at the LA Times and other newspapers!

By Sue

August 22, 2006 11:26 AM | Link to this

The Media TRASHED the housing market for the past 3 years! Even when the media reported strong home sales they added the bashing by their “experts” who turned out to be foreclosure consultants trying to drum up business. So housing appreciated INSPITE OF THE MEDIA COVERAGE…NOT BECAUSE OF IT! Tech stocks went up 1000% on the IPO date with the media as their biggest cheerleader and then doubled each week afterward. Real estate appreciated 20% to 30% a year and the media screamed BUBBLE! That’s the truth!

By Whine Time

August 22, 2006 11:47 AM | Link to this

Only screaming polyannas here are the ones who cannot afford to buy here. Reason, please look at your take home pay, your credit card bills and what you spend at those restaurants every week. Maybe if your education was at a higher level, you might have turned out like FL Renaissance.

Hey, if Beverly Hills, Honolulu, San Diego and New York City have people answering the 911 calls, pick up their trash, service you for your happy meal and have men run out and valet your car, Palm Beach County will also have them. They will be just renters or live in low afforable housing in a mixed neighborhood. We are still below the sale price of homes that are being sold in most metro areas.

Stop complaining, pounding your fist, banging that keyboard, stomping your feet, and crying like a “girlie man”. The prices are going up as we talk. You will be waiting for a long time if you are looking for help from the State of Florida, insurance industry or your boss to give you more pay to help you buy here. Get use to it or just move north of the border. Yes, some of us do get enjoyment reading your comments.

By nowhiny

August 22, 2006 12:28 PM | Link to this

Whining I see is mostly from cheerleaders seeing media conspiracies and everything else conceivable responsible for their failure to anticipate one of the potentially most damaging RE busts in SoFl’s history of boom/bust. “Those who are ignorant of history are doomed to repeat it”. Read some history of “bubbles”. You are in the beginning of one of the most classic end-phases of a BEAUT !! Its a b***h being without a chair when the music stops.

By Rich R

August 22, 2006 01:05 PM | Link to this

Why didn’t anyone complain about the media when they were reporting on the housing BOOM, causing all the values to skyrocket?

Going up, everyone cheers, going down, everyone wants to blame others.

If you bought at the peek, you will loose, unless you can ride it out. WSJ seems to suggest about 3 years.

GOOD Luck

By gloom & doom

August 22, 2006 01:13 PM | Link to this

So why are you waitng around for a bust ? It seems when areas do go belly up, it is like that for decades to come. Get real, money is pouring in here and you are one of the ones left out in the cold. We have it, and you don’t. Real buyers are arriving and buying new & exisitng, always has been, always will be. That what matters the most. I am playing my violin and watching who will be left off the next chair. As i said, as we speak, the prices are going up. Money talks, B******t walks !

By Rich R

August 22, 2006 01:48 PM | Link to this

to: gloom & doom.

Where are all these buyers you speak of?

I still have one more house in that huge cesspool by the sea to sell and no offers.

I’ve reduced the price 3 times and really don’t matter. I’ve had it for years and even with a downturn, I win.

Just no offers, no buyers at all.

So gloom & doom, you seem to know so much about the RE market, I would suggest you study alittle more.

Laughing all the way to the bank and waiting for the vultures to fly.

I will be back in Fla RE market, but it will be to clean up the mess that so many people caused for themselves by buying at the peek, taking crazy financing and will be upside down.

That sucks, but if you are willing to deal, i am willing to write a check.

So me the buyers gloom & doom, you very confused man.

By Roger

August 22, 2006 01:52 PM | Link to this

The MEDIA TRASHED the housing market for the past 3 years! The media was never a cheerleader for home sales. Even when the media reported strong home sales they added the bashing by their phony “experts” who turned out to be foreclosure consultants trying to drum up business. So housing appreciated INSPITE OF THE MEDIA COVERAGE…NOT BECAUSE OF IT! Tech stocks went up 1000% on the IPO date with the media as their biggest cheerleader and then doubled each week afterward. Real estate appreciated 15% to 20% a year and the media screamed BUBBLE!The sooner these reporters get canned when ad revenue falls the better!

By Roger

August 22, 2006 01:53 PM | Link to this

The MEDIA TRASHED the housing market for the past 3 years! The media was never a cheerleader for home sales. Even when the media reported strong home sales they added the bashing by their phony “experts” who turned out to be foreclosure consultants trying to drum up business. So housing appreciated INSPITE OF THE MEDIA COVERAGE…NOT BECAUSE OF IT! Tech stocks went up 1000% on the IPO date with the media as their biggest cheerleader and then doubled each week afterward. Real estate appreciated 15% to 20% a year and the media screamed BUBBLE!The sooner these reporters get canned when ad revenue falls the better!

By Rich R

August 22, 2006 02:30 PM | Link to this

Wrong, wrong, wrong.

By Rich R. needs to sell

August 22, 2006 03:49 PM | Link to this

The reason Rich R. has not been selling is that he is to busy writing on this RE site. You need to get off your a*s Rich and start hustling for buyers if you have a cesspool house to sell. We had five buyers in my area alone this past month. Business is picking up, sales are happening and Rich R. is in a panic. You have no more excuses, the discount season is over, prices are on the rise, money is there to lend.

Forget about these third rate Palm Beach Post real estate writers, (see how i do not call them journalists)they are mostly renters themselves. Does any of them have clear title to their homes? The only thing they did was to make their newspaper lose business in the classifieds with their remarks. Hey, Mr. Palm Beach Publisher/Editor, you need to hire real journalists who know what they are talking about in real estate news.

And Rich, you’re the type that has a check bounce higher than a rubber ball. So you better start to sell, or your next job might be cleaning out people’s backyard pools instead of selling real estate. Have you tried a gorrilla suit with holding some ballons? I know RCA would say it might work. Or call Steve in Carolina, he looks to bail out homeowners. If the house is below $200,000 and not in the “hood” area, Dona is willing to buy.

As we talk, the prices are going up. Just remember that folks!

By dot

August 22, 2006 03:56 PM | Link to this

renaissance is nothing but a cheerleader of the industry. sue never goes to miami so she dont know better. who is going to sell a home at 500,000 to buy at 400,000. i rather buy a 200,000 home (larger and better built) and visit when i want. the media hasnt even began to tell you the real story and they never will. and, there is already a backlash from re with the post. months ago, the saturday post was like a 1,000 page book. now it is like 100 pages. no one advertises in the post. dont matter, what is on the street is and the inventory is incredible. people are dropping prices slowly and it only going to get worse. the best part of cheerleaders is that when their INSURANCE BILL SHOWS UP THIS YEAR, there will be no cheerleading then. i see this in all of the blog. suddenly the equity locust stop making noise and quietly leave the land. as long as insurance rates double and triple, that is more money out of everyones pocket and no one escapes the month by month bill. then renaissance and sue can decline insurance and maybe a cat 4 or 5 comes by and wipes them out. then they have nothing. =)

By Steve

August 22, 2006 10:09 PM | Link to this

I agree with Bob and Sue, who does the Palm beach post think it is? Reporting what’s actually going on. Don’t they know real estate ads are great revenue for them?

By dot

August 22, 2006 10:29 PM | Link to this

steve, other cheerleader. i dont think the post has to be a cheerleader to real estate. i think the media needs to tell us the truth. the truth is, is that the housing market is over and flippers are gone. and that is life. get over it!

By Hello

August 23, 2006 08:16 AM | Link to this

Dot, re Steves posts: Can you spell I-R-O-N-Y ?

By dot

August 24, 2006 01:50 PM | Link to this

THE BLOOD IS ALL OVER FLORIDA. SOMEONE OFFERED ME A 200,000 HOUSE IN WEST BOYNTON BEACH, IN A NEIGHBORHOOD THAT WAS WORTH 350,000. BLOOD ON THE STREET! =)

Tampa’s market may be tough, but it fared better than many other Florida cities. Palm Bay, on the east coast, saw July’s median sales price decrease by 27 percent compared with the same month last year. Prices in Fort Walton Beach decreased by 24 percent, and prices decreased in Daytona by 17 percent.

Overall, the Sunshine State saw a 37 percent drop in the number of existing homes sold, with 4,260 sales in July, compared with 6,739 in July 2005. The median price of a home in Florida slid 1 percentage point to $211,900.

Nationally, existing home sales plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a record high.