By numbers don't tell all

October 20, 2006 03:07 PM | Link to this

i like to know what is the break down on types of properties we are talking about?

i suspect many of these properties are condos.

many variables here in price range, size, location and building type that needed to be reported correctly.

By TANC

October 20, 2006 03:46 PM | Link to this

And let’s see… 655 Single Family home sales last month and 515 Condos or 1170 total. Let me get my calculator out…hmmm…if not another home comes on the market then we exhaust that supply in 2 years exactly. I yi yi… I wonder that the numbers are for the Treasure Coast

By T

October 20, 2006 05:29 PM | Link to this

Why does it matter what the break down is of the properties? Inventory is inventory whether its a condo or SFH!

By Steve

October 20, 2006 07:49 PM | Link to this

Alright, a new post. Thanks Jeff. Yep, supply and demand. Demand is low at these prices. Hey home sellers, denial ain’t a river in Egypt.

By Numbers are high

October 21, 2006 06:51 AM | Link to this

Of that 27k of properties on sale, something over 15,000 are single family homes.

I’ve been using this link to measure it. It includes all the zip codes in PBC. It does not include any properties for sale by owner.

http://www.realtor.com/FindHome/HomeListings.asp?frm=byzip&mnbed=0&mnbath=0&mnprice=0&mxprice=99999999&js=off&pgnum=1&lnksrc=&fid=so&mnsqft=0&mls=xmls&vtsort=&typ=1&poe=realtor&zp=33401&zp=33402&zp=33403&zp=33404&zp=33405&zp=33406&zp=33407&zp=33408&zp=33409&zp=33410&zp=33411&zp=33412&zp=33413&zp=33414&zp=33415&zp=33417&zp=33418&zp=33426&zp=33428&zp=33430&zp=33431&zp=33432&zp=33433&zp=33434&zp=33435&zp=33436&zp=33437&zp=33438&zp=33444&zp=33445&zp=33446&zp=33458&zp=33460&zp=33461&zp=33462&zp=33463&zp=33467&zp=33469&zp=33470&zp=33476&zp=33477&zp=33478&zp=33480&zp=33483&zp=33484&zp=33486&zp=33487&zp=33493&zp=33496&zp=33498

By to easyasabc

October 21, 2006 12:44 PM | Link to this

hey easy, remember when prices was going up every year at 50 to 100% clip?

hey easy, easy!

oh, i forgot, easy is ready to jump in a lake with the gators.

remember cheerleaders, it is time to put on your skirts and monkey suits and beg for buyers.

i cant wait to see easy in the jump skirt.

By postman

October 22, 2006 09:27 AM | Link to this

Burns paid $222,000 for a Hillsboro Beach property in 2002. Now it’s assessed at $465,960.

“I had a hard time paying $6,300 last year and now they want $9,300 this year for property taxes,” she wrote.

THE DIFFERENCE BETWEEN BEING RICH AND PRETENDING.

By 465k is not rich

October 22, 2006 03:01 PM | Link to this

It’s laughable to say that buying a house for 222k makes you rich? the mortgage is probably 195k and they eat ramen noodles for dinner. 500k used to be a lot of money, it is not even close to alot of money anymore. to say that 200 to 400k makes someone rich is naive at best. try to live off the income that 300k, for example, invested wisely will throw off. that aint rich, my friend, hahaha! it’s kind of like the non-businessminded local here who realizes, shazam, i can sell my house for 300k, pay off the mortgage, and go up to north carolina or georgia (bandwagon fever) and buy a house (1997 manufactured home on 3 acres on junky farmland) for cash, and man, i’ll be sitting (until genious here realizes he has no job and winds up pushing carts at walmart) pretty….

i laugh at these bandwagon fools, hahahahahahahahaha!!!!

it’s very funny when you think about your idiot neighbor, isn’t it?

By trew97

October 22, 2006 07:44 PM | Link to this

We live 45 minutes from downtown Atlanta. Last year we built a custom Frank Betz designed, 4br/3ba, full basement home on .90 acres in a covenant protected community. Considered moving here but changed our minds after we saw what the housing prices. Can’t understand why anyone would buy here at these prices. Oh Yeah, our home cost less than 270K. Have a nice day.

By T

October 22, 2006 08:12 PM | Link to this

Wednesday is the existing homes report for September. Wonder what sales and prices are going to look like?

By postman

October 22, 2006 08:58 PM | Link to this

WARNING TO PBC!!!

‘Here in Southwest Florida, the white sandy beaches and spectacular sunsets lured people to Paradise. But once they get here, waiting becomes a way of life. ‘It’s like everywhere you go, the lines are twice as long,’ Warner said. Michael Mir, owner of Bah Bah Persian Restaurant in North Naples, likewise finds it hard to find and keep good help. ‘People make appointments for interviews and they don’t even show up,’ he said.’ ‘Naples resident Miranda Warner said the worker shortage definitely is affecting the quality of life in Southwest Florida. ‘You go to the restaurant and the waitress is like, ‘You want ketchup? Get it yourself.’ It’s the same at the bank, with the electric company. It’s terrible,’ she said.’

By tgh

October 22, 2006 08:58 PM | Link to this

so what atlanta guy? my next door neighbor thought he wanted the atlanta life, the grass is always greener philosophy, did the smart thing, bought a condo here on the beach first before he left, moved to atlanta, lasted three years, came back, sold the condo, and bought a house next to me here in palm beach gardens. says he couldn’t stand the wannabe yuppies and the people still fighting the civil war, between the two groups it drove him right back to south florida. that’s the second person i know who has done that in recent years. so what you can buy ytour house for 270k. you put up with ignorant rednecks all around, your weather is not perfect, you are hours to the ocean, your traffic is horrendous, your populace is increasing at alarming rates which will make your taxes, crime, school overcrowding, etc all go higher. let’s face it, the bandwagon (the post above me is right with that phrase) mentality of the people here going to where you are are only buying themselves a few years of whatever they think is better. our schools ands crime rates are getting better. yours will steadily get worse. have fun in atlanta!

By jik

October 22, 2006 09:28 PM | Link to this

the postman sure does like to cut and paste news articles. sounds like he enjoys reading negativity. a little advice….stop wasting your time and wallowing in the negative, and start trying to figure out how to make a freakin’ fortune in this clear opportunity while you can.

the interest only crowd is going to start to go belly up soon and the people with the brains and the money are going to rush in and pick up the pieces at great prices. the money is always made at the buy….always. peace,

rdr

By Monday morning notes

October 23, 2006 10:00 AM | Link to this

Did everyone have a nice weekend?

Catching up with my reading on this site since Friday.

I see certain people were looking for me. Please, you bashers out there have to get a life!

First…..Can we have the Miami Dolphins please relocate to North Carolina? Maybe Rich R. can have them come over for dinner at his home and treat them to some pie.

RCA/Postman…..what is this thing about you seeing me in a skirt? Can someone at the asylum please get RCA some dirty movies and lock him up in a rubber room and let him get back of wanting girls??????

Then we had Rich R. wanting to talk with me. Please Rich, stay with your girlfriend. Rich, you never did show us a photo of your girlfriend. Have any nude photos of her???? If not and if the guys want one, send a self-address, stamped envelope to me at …

Easyasabc Inc. P.O. Box 69 335 S. County Rd. Palm Beach, Fl.

Atlanta, now there is one big city that has it all in all the negative ways. Sherman should march through the city and burn it down again.

I read yesterday that a bunch of new low cost homes were sold out within hours in Boynton Beach. I hope all of you who were looking for that price range, bought your house from the builder. Move in date will be 2008. There is two more years of rent money out the window.

What is rich?

You are rich if you “clear” over $1,000,000 a year.

If you have a good heart and help others around you.

If you are in good health.

If you are married and your spouse loves you and so does your kids.

If you are educated and share your knowledge with others.

If you have a good job and not shoveling s**t in Louisiana.

To Hailstone, i bet you one of those who live in a 40 yr. old condo in Boca and is always grumpy. Have not heard from you for awhile. Must be one of those typical New Yorkers who stay here for the winter. Sorry, home prices are not going back to the 1970’s range for you.

Over 27,000 properties for sale. We can tell half of those properties are past their prime or just in the wrong location. I think there might be additional 2,000 - 5,000 by owners on the market. Lets say 35,000 residences all together are on the market. How many total residences are in Palm Beach County? I include homes, condos and townhomes in this figure. I bet it is less than 8% is up for sale. Who like to do the numbers on that one?

Face it, if you a true buyer, did you even get yourself “approved” for a mortgage yet? Maybe that is why realtors don’t want to bother with you, because they know from your credit history within an hour of talking to them that you are a “have not” in life. We have millions of people here, and a few dreamers who lash out their frustratins and negative views here because they cannot own.

You really own property when you have title. It is the bank who owns your house/condo as you pay your mortgage every month.

Yes Rich, I do own several properties. I also have the negatives!

Ha Ha Ha

Hey, its Monday….we all need to laugh.

By To: Easyasabc

October 23, 2006 10:26 AM | Link to this

Easyasabc, you said that you hadn’t noticed the prices of any homes decrease by $100k,o ther than for multi-million dollar homes. Here is an add from today’s Post:

EVERGRENE - FSBO Vintners Ridge 4BR/3.5BA. DUMPING HOME at $569,900. Owner paid over $700,000. Built 2005. Completely upgraded. 4BR/ 3.5BA. WILL NOT LAST! Call Cliff 561-541-9311 WEB ID # 6848636

Tell this guy that AS WE SPEAK PRICES ARE GOING UP!!!

By Rich R

October 23, 2006 10:29 AM | Link to this

easy, you do make me laugh.

It wouldn’t be any fun here without you.

Do you want to see the pictures I took this weekend?

I drove along the Blue Ridge Parkway in the mountains; the change of season was at it’s peek. Nice colors.

By Mike Fink

October 23, 2006 11:47 AM | Link to this

Be quite about Evergrene! :) That’s where I am going to rent, and its my little secret.

Prices are off 100-300K in there right now, and its getting very, very bloody in that development. If you drive up on a Sunday, they will hand you a binder of homes for sale with a map to find them all. That’s not a good sign.

Do you a link where I can see that Evergrene home? I would be interested to see how it compares to the one that I am going to rent.

Thx!

As we speak, prices are dropping; give it another 2-5 years, then prices might start to go up again.

By Make me Laugh

October 23, 2006 11:50 AM | Link to this

So Bubba was searching the MLS listings and ads in the post for the past weeks to prove me wrong.

I know the Evergrene neighborhood. Over valued property, lawsuits going on there, high taxes, trains blasting their horns at night, and the smell of skunk in the air at night. So you searched high and low out of 30,000 properties to find one desperate, over their head seller.

Bubba, you need to get a life. Better yet, jump in front of a train when it rolls past Evergrene. Or call Cliff, maybe you want to hold hands together as the train rolls both of you over. One over his head in debt, and the other a “have not” who will always be renting.

I think Bubba and RCA is the same guy. That or they share the same rubber cell at the asylum. Bubba and RCA need to go away and eat their pudding or Jell-o with the other patients.

Rich, send your photos to my p.o. box, and i’ll send my photos of your woman to you! She sure does have a BIG a*s.

By Michael Fink

October 23, 2006 11:52 AM | Link to this

I have bad, bad news for the guy dumping the Evergrene home:

Evergrene Beautiful 4/3.5/ 2cg, SF home, on preserve lot w/pvt gardens. Gated. Clubhse w/pool & fitness ctr. 5mins to bch,dining, golf & shops.Owner motivated. $2,400mo. 561-632-1366 WEB ID # 6833747

This appears to be a similar model, renting at 2400/mo. That means that his home should sell for no more then about 300K, it was assume normal price/rent ratios. It would not suprise me to find that this guy could lose 50% of the purchase price, if he does not get out soon.

By postman

October 23, 2006 11:55 AM | Link to this

easy, a skirt is a Real Estate Cheerleader. flipflopper is a House Investor who Flips houses. today, many people are caught by Gators or eat Krispy Kremes or drink the Kool Aid.

in other word easy, you are a cheerleader.

By To: Easyasabc

October 23, 2006 12:16 PM | Link to this

I thought you said AS WE SPEAK PRICES ARE GOING UP?

Now you are saying that certain developments are overvalued? But how could that be in your twisted little view of reality?

While that was the most interesting add that I saw, there are a lot of homes out there that have dropped their prices by over $100,000. That unfortunate Evergrene homeowner isn’t the only one out there.

Get your head out of the sand and take a look around. Maybe you will finally realize how horribly wrong you really are.

PS: I’m not RCA.

By Rich R

October 23, 2006 12:43 PM | Link to this

Give easy a break folks.

Medicaid patients have to wait long time for an appointment at the clinic to get their med’s adjusted.

The Prozac just isn’t doing it for him/her anymore.

Perhaps a visit to Internet Madam will get him/her right.

Values are dropping faster then they went up and the numbers will soon show that.

The Snowbird shopping season will prove to be a flop this year too.

Just my prediction.

Look at the bright side, the property tax issue will disappear when all of this is done.

You will see assessments drop and taxes will too. What will Karen Marcus do? Maybe use some of that $1.3 BILLION rainy day fund.

When that happens, the Non-Homesteaders will not feel abused anymore and start buying. Maybe?

Even Mike Fink might buy then, but not until.

Cheerleaders wishing for prices to continue to rise, don’t care about anyone but themselves.

I feel bad for the families and working class folks that bought in during the peek. These are the people that could possibly see financial ruin.

I know a young couple that is trying to refi out of their option ARM and found they are now almost $100K upside down, and would have to bring a huge check to closing if they wish to refi. Such a shame. Stupid too for taking on an 80/20 finance package and go into debt for 100% of an overpriced home.

These people are paying over $4,300 per month (PITI) and loosing value. Their neighbor is renting an identical home for $1,850 per month. I’d say the renters win in this situation.

I agree with Mike Fink; better to rent then take on the risk right now.

Feel free to quote me.

“AS WE SPEAK PRICES ARE FALLING”.

Take a xanax easy, this is going to hurt.

By Divosta Family is Dumping Property

October 23, 2006 01:56 PM | Link to this

Hey Easyasabc, the Divosta family is dumping 250 acres of prime real estate just West of the Turnpike in Jupiter Farms. The County approved the contract earlier this month for about 22 million.

The property is owned by Jupiter Ranch, Inc., which is a holding company for the Divosta family. Here’s a link for the sale, and you can track down the officers of Jupiter Ranch at www.sunbiz.org.

http://www.palmbeachpost.com/search/content/localnews/epaper/2006/10/04/s1benviro_1004.html

So, easyasabc, if the market is as beautiful as you think it is, then tell us why the DIVOSTA FAMILY IS DUMPING PROPERTY!!!

Mike Fink: I don’t know anything about that property other than the add. But be careful about evergrene, that train is a nightmare. You don’t want to live on the east side of the development if you ever want to have your windows open.

By Rich R

October 23, 2006 02:00 PM | Link to this

Take a look at: www.wellingtonhome.org

This person has posted previously and asking a REDUCED price of $465K. I just looked at Zillow and it’s currently at $430K.

1860 Primrose Ln, Wellington, FL 33414 if you want to look.

One week change: -$4,684 DROP; 1% in one week. If you look at the comparables in July and August, they all have dropped.

Any takers?

Easyasabc, you should buy this since prices are rising.

By Younger Generation

October 23, 2006 02:17 PM | Link to this

DiVosta Family has a couple of generations now. The first generation worked hard and built all the homes, the second generation or their kids just don’t want to work or have no skills, especially the ones that are realtors who can’t even sell their own homes their fathers built. Parents spoiled their children by giving them money and everything. The younger generation knows there is enough money there for them and they don’t have to work in life and why should they when they have been taken care of already. It makes sense to sell that property now because they can get more for it from the County than developing on it.

By New name for Rich R.

October 23, 2006 02:22 PM | Link to this

I have a new name for Rich, we should call him “Dopehead”.

Always pushing the drugs. That’s what is wrong with this guy. He knows all these drugs, and over the years, he either has injected in the arm, swallow it, sniffed it or pushed a drug up his a*s. See kids, this what happens to you when you take to many drugs. You are so whacked in the brain, always watching “Mayberry” reruns and ending up in a “Deliverance” area in your later years of life.

So, over 27,000 listings, and we all want to talk about one house under a million that dropped $100,000 from its orignal price. I can see why the other cheerleaders stopped writing here. I am dealing with several “have not” stupid, uneducated a******s who, if they pulled all their money together, might be able to buy a trailer so they all can live together. You people are useless. Please, go out and get a job and stay off the blog until you have bought or made something out of yourselves.

Is it my imagination or what, that we have so many stupid, backwoods, imbalance, retarded, bitter, angry, uneducated, biggest losers in the world that we have here in people like Rich R., RCA, TH, Bubba, Mike Fink, and Steve. And if i forgot anybody who thinks like them, please include yourself in this group.

27,000+ listings, and everyone is on this one poor guy at Evergrene of how his house dropped over $100,000.

Did anyone ever think that this guy might be moving to North Carolina to be with the other a******s who are blind and running with this fools land rush that they are promoting? Tell me in two years what you think of your North Carolina then.

Trust me on this, North Carolina is NO Palm Beach. People who want to sell here, will still have a good percentage of the baby boomers alone who want to buy here. And we also have the South Americans and Europeans who want to buy here also.

Money is being poured in here for a reason. If you like to live in an area where a sheriff deputy has one bullet in his revolver, the best place to dine is a Denny’s, where some lady named Aunt Bea is at your door the first day you move to your house with a pie in her hands and you have toxic waste dumps around your neighborhood, then North Carolina is for you. Maybe Florida will be better off with these idiots gone. Then again, if they hate this place so much, why are they still around????????

Not because their in-laws are still here.

Not because of easyasabc writing here.

Not because they are still Dolphin fans.

Because it is Palm Beach Baby!

Money is here…..always has…always will be. If you are selling, or planning to sell, don’t let these carpetbaggers make you think wrong. If you are planning to buy, we are weeks away before you see a price jump in this area. If you think i am nuts, then why are so many realtors buying property here in the past month from FSBO’s?

Those sales are not showing up on the Realtors data that comes out every month. Don’t trust what is being reported by the Post. Remember, these reporters are renters themselves, who are mad that they lost out on the real estate market boom.

Time will tell, prices will be up, and not in two to five years from now. If you think not, then sell now and move to Raliegh before the prices there will be over your budget or wait it out while you pay rent here to people like me. People who own property and have rented out, win both ways!

Life will always be good in Palm Beach.

Especially when all these a******s pack up their u-haul and leave the state and move to Raliegh.

Really, is there any other place on this earth that has this many stupid people?

OK, besides Washington D.C.

This is worst than looking at Rich R. naked girlfriend photos.

By Rich R

October 23, 2006 02:23 PM | Link to this

Here’s another one, even more shocking.

11733 Sanderling Dr, Wellington, FL 33414 One week change: -$15,992

All of the comps are fairly recent.

Come on easy, where are these values going up.

I am just randomly punching in address and have not seen even ONE increase. NOT ONE.

I know zillow is just an estimate, but from my recent sale in W. Lake Worth, it was right on with what the appraiser came back at.

This same appraiser was 11% higher 5 months previous.

Help us out and post some address that have seen ANY INCREASE, ANY AT ALL.

By Rich R

October 23, 2006 02:46 PM | Link to this

It seems the facts have triggered a nerve in Easy.

You normally just babble on about people who disagree with you.

It seems everyone disagrees with you and you can’t handle the truth.

I’ve challenged you to post ONE address that has shown an increase in value with recent comps.

Find some or even one.

It’s not just the one house in evergrene, it’s every house.

Where is all this money you speak of? Where are the buyers?

The potential buyers are way too smart to buy into this market and that’s what’s getting you upset.

Are you trying to sell with no offers? Are you leveraged to 100% with values dropping? Can’t make the payments because your tenents moved to NC?

Something is pissing you off. What is it?

It can’t be us realists; you’ve been bashing us for months now.

But today, you seem to really be going off the deep end.

Palm Beach County USED TO BE a very nice place; not anymore, and you can’t take it.

The rapid upswing in values were caused by greedy flippers who have left the market. No new money coming in, actually money is leaving. Heading to parts far from SoFla.

Wake up and smell the smog my friend.

Next year this time, we’ll be talking about how values dropped 30%. That’s way over $100k for the average home. But nobody complained when they went up like that.

It was just a couple short years ago, we were talking about how great it was because values went up 30%.

Markets go up, and Markets go down. It’s down time Easy. Get used to it.

I bet you just got your insurance bill (or rent increase from your landlord who got his) and you can’t handle it.

Exchanging bashes with you for the past few months has been fun for me. Now the numbers are coming in to prove we were right, leaving you looking very stupid.

You’ve never been to Raleigh and it’s obvious. Thank goodness.

If Raleigh is so bad, explain to me why our values are increasing, construction is gaining even more momentum, as SoFla sinks deeper and deeper?

Sorry for your loss, but it’s just business.

Homes are a roof over your head. RE is a LONG TERM investment; not a stock.

I speak about phamaceuticals because I really feel you need some.

Now, go fill your script. Hurry.

By Rich R

October 23, 2006 03:14 PM | Link to this

One more point…

For months now, the market has been undergoing a major adjustment.

the RE pro’s have been fudging the numbers. Developers have been using incentives to keep the recored prices up.

Now the market has started to drop at a more rapid pace and can no longer hide this in their trickery.

Foreclosures are skyrocketing and the Vulture funds are posturing for their assault on the market.

LIBOR rate calls for too many people to see huge increase in their mortgage payments combined with the insane increases in insurance. And, let’s not forget about Prop Taxes.

All things combined makes SoFla RE a suckers play right now.

I feel Mike Fink will be the one that comes out smelling like a rose.

Within the next year, you will hear how he purchased a beautiful pool home, on the water and pull it out of distress for half of what it sold for new.

For Mike, I hope so. For many others who bought during the peek, start sheilding your assests, Move them off shore if you can.

From the outside lookin in, it’s quite scary.

Remember, we all have choices.

By Steve

October 23, 2006 03:43 PM | Link to this

Hey Easyassbc, your sounding alittle desperate trying to get the positive spin out. I don’t know about everybody else but I would love to hear some of your secrets to riches. Should provide a good laugh. I mean, should be very informative.

By Easyasabc's Real Life

October 23, 2006 04:12 PM | Link to this

Doesn’t he sound like a Realtor who got in over his head and is trying to influence anybody he can into making a bad decision and get in over their head on a depreciating asset?

Seriously, we all know he is crazy. But Steve is right, he’s desperate. He’s trying to dump properties and is hoping that his little blog rants will help his cause.

He’s actually kind of sad.

By Mike Fink

October 23, 2006 08:17 PM | Link to this

Easy,

I will give you one point in your post; money is here, always has been always will be. That’s not the problem. Yes, there are rich people all around us, just stand on Okeechobee for 10 mins in WPB, I can pretty much promise you will see 3-4 250K+ cars.

Again, that’s not the problem. The problem is that the median home price more then doubled in 3-4 years. Median salaries did not keep up, not even by a long shot. The problem is not a lack of rich people to buy homes on the island. The problem is finding people to work here; and to purchase all the 300K-1M condos that have been put up from WPB to Miami. Or people who can really afford to carry a 800K home in Evergrene. To carry 800K, you should be making ~250K a year. Yes, there are people like that. Enough to absorb all this inventory? Not even close.

Rich people do not live in small inner-city condos (no matter how nice). They live on the beach in mansions. They are pretty much immune to price changes, because they are rich; they have typically owned these homes for a very, very long time, and they are always going to be rich.

Its the people making from 40-75K that are really hurting. Those “have nots” you seem to love so much. The nurses, public employees, firefighters, teachers, cops, etc. Those are the people hurting now. If they bought into the psychosis of the past few years, and bought something way over their heads (which many, many people did) they are hurting really, really bad now!

You say the money is here. I agree with you. However, a region is not built on the 10 million dollar mansions on the beach. Its built by the people who live and work there. And guess what, these people don’t make much money, not nearly enough to keep up with the housing costs.

I would never say I hate this place; I love it here. And I am willing to pay a premium to live in Palm Beach (or S. Fl in general). However, the salaries have to catch up, rent has to come close to carrying costs for a home again, insurance needs to get fixed, taxes need to get fixed…. And so on. There are SO many problems right now in S. FL, you just have to be blind to ignore them.

Money poured in for one reason, and not the reason your thinking. Interest rates were, for several years, effectively negative. Lending standards were very, very lax (or non-existent). Downpayments were removed from homebuying. Money poured in from a credit bubble, not from wealth generation. And we are now feeling the effects of living way over our heads.

We have never had a housing market like this before, so nobody really knows what is going to happen. Margin/leverage is a great thing on the way up. And devestating on the way down. If you put no money down, and your home drops 10%, you have no financial incentive to continue to pay. Yes, your credit will be damaged. So what, its probably not that good to begin with, especially if your in a IO/negative am loan on a home you can’t really afford.

S. Fl has had crashes before (some of the biggest in US history, actually) and is going to have one again. We are in a very unique situation right now; and nobody can really see where we are going. But I can tell you one thing; unless interest rates go down, lending standards are removed, and more greater fools step up to the plate, we are going nowhere but down… And for a long time.

By Mike Fink

October 23, 2006 08:25 PM | Link to this

Rich,

I certainly hope so, I am doing everything I can to get myself in a good financial position to do exactly that.

However, I think your timeframe is too short. Yes, we could see bottom in one year, but we need a major hurricane to get there. Otherwise we are going to see a slow slide for at least 2-4 years. RE corrections are typically longer then that, but given the toxic morgage instruments used, coupled with skyrocketing insurance, the tax problem, etc, I think we could see a much faster correction.

The difference: People have to sell. They can’t continue to service the debt (they actually never could, they just got a 2-4 year reprieve from the real debt service).

I certainly hope your right though, I love it here. Yes, it has it’s problems (some that drive me F-ing nuts; like Save our Homes!). But I made a decision to move here (I was born in Philly), and really enjoy what S. FL has to offer.

I just hope, once this all plays out, that it’s still a nice place to live. There is a real chance that it may really fall apart for several years as all these homes sit empty. Squatters, “high class slums”, etc.

Very much agreed on the assets; if your in deep with your home, and have any other assets, start to shield them. Remember, debt forgiveness by the bank is taxable! That could be crushing, especially if your really deep. Also, another cute little point. If you lied on the loan app (overstated income) you can really have the screws put down on you; and likely will have to repay any difference between the forclosure sale price and what you owe on the home.

By jean

October 23, 2006 08:29 PM | Link to this

Best new local classifieds site in South Florida is called pines4sale. http://www.pines4sale.com/ is a local Free Classifieds for the city of pembroke pines Florida.

By postman

October 23, 2006 09:15 PM | Link to this

that skirt easy is at it again? hating is not the answer. just ask easy to post his new insurance bill. then, maybe he will close his flytrap.

easyas d.r.o.p.p.i.n.g prices.

By John Chambers

October 27, 2006 07:26 AM | Link to this

Dear Mr. Ostrowski:

On the ISSUES TV program for Oct. 20, I heard you mention that there is an organization in South Florida that helps people pay for putting storm shutters on their houses. Would you kindly tell me the name of that organization and its website address? Thank you for your time and trouble. Yours sincerely, John Chambers (800) 808-5179 darbyc@earthlink.net