By cw1900

August 6, 2007 10:19 AM | Link to this

The post at 10:07am is not my post, it’s the resident housing bulls post.

Don’t believe a word of it.

CW

By cw1900

August 6, 2007 10:50 AM | Link to this

The above post at 10:19 AM is not a post by me.

Please disregard it and all further posts by cw1900.

CW

By cw1900

August 6, 2007 10:56 AM | Link to this

The above post at 10:50 AM is not a post by me.

Please disregard it and all further posts by cw1900.

CW

By Flippers Back in Market

August 6, 2007 11:29 AM | Link to this

Here is a house that sold for $285K in July 2007.

1010 Bear Island Drive

House is back on the market today for $365K. MLS ID R2836354

Looks like the flippers are back in the market. If flippers are back, does that mean we have hit bottom for residential real estate?

http://www.pbcgov.com/papa/aspx/web/detailinfo.aspx?pentity=74434318110001960&geonav=Y&styp=general&owner=&city=-1&zip=&method=address&cidx=-1&sdiv=&sdivnam=&stno=1010&pdir=&st=bear%20island&strnm=&sufx=DR&ptdir=&cty=&rng=&twp=&sct=&blk=&lot=&book=&page=&tangid=&condo=&condoname=&use=&usnam=&sloc=&prd=&pedir=&podir=&famt=&tamt=&fsqft=&tsqft=&srt1=&srt2=&srt3=&stpage=0&adlfilter=

http://homes.realtor.com/search/listingdetail.aspx?mindt=1%2f1%2f0001+12%3a00%3a00+AM&maxdt=12%2f31%2f9999+11%3a59%3a59+PM&zp=33409&ml=3&mnp=28&mxp=27&bd=4&bth=4&typ=7&sid=9cfe48728e684ca78bacfa4fde58203c&pg=2&lid=1086692674&lsn=19&srcnt=32

By easyasabc is back !

August 6, 2007 11:36 AM | Link to this

It will be another beautiful week in Paradise……the sun is out….and looks like to me that many of you have been out in the sun too much lately……..WOW, now we have the children of the “have nots” getting disgruntle about their parents who do not own here……banging away on their laptops that mommy and daddy bought for them with one hand, and God knows what they are doing with the other…. they were suppose to use the laptop as a tool to get themselves an education…….so they can have a high paying job in the future and not end up like their parents who have low paying jobs and pay rent……..for those teenage boys out there, here is a tip …..try not to be that angry white guy who thinks everything should come to them in life at an early age ( i.e. Steve or Oscar del la Renter) be aggresive and be educated….for the teenage ladies out there, look for a rich guy and be really good in sex, or you end up charging fat old guys $20 to make them happy for an hour in a trailer (i.e. carolina gal)…..you young people are ending up like your parents who moan and groan that they cannot afford a home here……some of you might end up worse in life……you will be sleeping cars at a K-Mart parking lots at night………maybe some of these kids will appreciate an education if we send their sour looking asses off to Irag…..maybe if they lose an arm or a leg, they would appreciate of how educators were trying to give them an education in the school system here…….I have a lady friend who is dreading another school year……she says the kids do not want to learn…..they have these crazy ideas that they can make money fast by selling drugs or real estate, or getting into some type of business to swindel money from other people….the S.O.S. of how many people who had thoughts like this years ago…..

Now about Naples…..hot, hot, hot….humid, humid, humid……I cannot stand it anymore over there…..the place has no action to it……and the prices of real estate is nuts over there……Naples is no California……an owner of a Italian restaurant told me that it is all midwest money there……and his daughter who is a realtor says by next year, you will see 10% commission fees on all residential property….both condos and homes…..they charge that now on business property….

Let me say that this is the REAL easyasabc…..not some punk kid or immature realtor who has nothing else to do these days……

Madmax is on the road I see…..saving money by staying in a relatives basement…..at least he can get up at night and entertain himself with a game of pool or ping pong….

Investments is in Texas I see…..I have gone to Texas …..the only thing they have in Texas is Queers and Steers……I do have to say that San Antonio had the best gentlemen’s club and good looking hookers up and down their streets…..I can see why people say “Remember the Alamo” …..I should clarify to the laptop kids out there that I do not endorse that sort of lifestyle and they should stay away from that……unless you are a good looking female of 20 year old something, who has nice long legs and know how to dance and use a stage pole…..then there can big bucks in for you and you will be able to afford the nice old Florida style homes in the El Cid and Flamingo Park neighborhoods where other professionals like doctors and lawyers live at…..

Is it me or is everyone getting so much junk mail today ??????…..I must had a half a dozen real estate promotions about buying out of state property……Arkansas ?????, come on……….

We can see what it is like at these condo/home associations from someones experience…..sounds like ongoing litigation problems……I bet those homeowners will want to move out……

With all this money being poured into infra-structure and commercial development, these investors must know something about our area…..50 - 70% price drop here?????…..sounds like a Disney dream…….I am just reading how the Disney Parks is now $71 to get in…..Florida is becoming an expensive state to play in also…..Sundays paper had an article about the rising costs of everything in the area……we are no different than other places…..

For the ones who complain about taxes and insurance here…..if you can’t afford that, then you cannot afford to own…..go to Texas and buy a cheap house along the Pecos….. and leave the state with your U-haul by saying to everyone “Yippee-ki-yay, motherf*s” …….

I think just shocked some of you old ladies out there with my language……I will say five Hail Mary’s and ten Our Fathers for that ……..

I do understand that we have fake people writing here……but they will go away once school starts or their mommy and daddy take their laptop away from them so they can look at porn……

Soon, the imposters will write and say that was not me writing or something…..I know who is who who add informative news and bits…..

As Madmax said, it is a long summer….no buyers…people pulled their property off of the market here……people are up north for vacation……no storms out at sea…….I will wait it out until I see the normal people come back…..let all the regulars give the imposters their 15 minutes of fame for now.

easyasabc

By What do I do?

August 6, 2007 11:43 AM | Link to this

This is a fairly complicated situation, but I’ll do my best to try to explain the situation. I have lived at the same house in Boca for close to 18 years. I owe almost more than what the house is worth (10-30K more than worth) due to refinancing. It’s now time for me to retire and I can’t afford to live here anymore and I want to buy a house out west and retire there. This house has been for sale for 9 months now and I have not gotten 1 offer. The price has been lowered 50K and still no offers.

The for sales signs are growing like weeds…. I don’t know what to do.

By To What do I do?

August 6, 2007 11:53 AM | Link to this

Do what madmax did. He went up north to live in some relative’s basement. Madmax is no dummy. The brokers are going broke here. Throw your keys on the table and get the u-haul truck. Go find a relative that has basement up north. Happy Hunting.

By What do I do?

August 6, 2007 11:55 AM | Link to this

This is a fairly complicated situation, but I’ll do my best to try to explain the situation. I have lived at the same house in Stone Mountain, Georgia for close to 18 years. I owe almost more than what the house is worth (10-30K more than worth) due to refinancing. It’s now time for me to retire to and I can’t afford to live here anymore and I want to buy a house in Ocala and retire there. This house has been for sale for 9 months now and I have not gotten 1 offer. The price has been lowered 50K and still no offers. There are so many houses for sale up here and so many Floridians buying these houses, but not mine. My street looks like Haverhill transplanted.

The for sales signs are growing like weeds…. I don’t know what to do.

By easyasabc

August 6, 2007 11:56 AM | Link to this

live in a basement of any house that someone will allow me.

I’m white trash who has no money.

I used to be a gardener but got fired for relieving myself in the pool while taking a bath.

By Curious

August 6, 2007 12:05 PM | Link to this

No one will allow me even into their house let alone live in their basement. I am a well known thief who has plenty of money.
Signed,

 The BEAK

By Lucky1

August 6, 2007 12:09 PM | Link to this

June 24, 2006 11:14 AM | Link to this

I’m one of the luck ones! I put my 5 year old Tamarac FL townhouse on the market with 4 bedrooms, 2.5 baths, and 1 car garage, with upgrades throughout(it was the model). It sold to the first customer in two days, more than doubling what I paid for it. I close this Wednesday. (Oh…I had to kick back 2% for closing costs). The laws of economics are certainly at work in this market. The problem, however, is that high oil prices will keep homebuilder’s prices up, while interest rates continue to climb. It has been said that global warming is responsible for the increase in hurricane activity. What ever the cause, increased hurricane activity leads to increased homeowner’s insurance, or a lack thereof. Good luck to all experiencing trouble in paradise. I’m outta here.

The lucky 1.

By RCA

August 6, 2007 12:15 PM | Link to this

big willie said it best; MIAMI, I LOVE THIS TOWN! no song about palm beach county.

By Oscar De Low Renta

August 6, 2007 12:19 PM | Link to this

now that we are done playing pass the hot potato with houses and condos what will we move on to next? How about bringing back the beanie baby stands?

By easyasabc

August 6, 2007 12:22 PM | Link to this

Oh my goodness…. Check out bens housing bubble blog about the latest in crashing florida real estate…. too funny!!!

By Love Florida

August 6, 2007 12:23 PM | Link to this

We moved to Florida in 1975 & yes it was a much nicer place then as far as not being over crowded, etc. After a layoff in 1994, we had to move to Tennessee to get comparable work. Not only was the cost of living as much as down here at that time, the quality wasn’t there in the homes. So much for Southern hospitality also. Most of the people there were rude to those of us who were ‘not from around here’. I’ve had people look at me with distain and say, “You’re “defferent”. Thank you. And I’m originally from the Ozarks. Most of the cars you’d see at night had only one headlight and most of the people only had a couple teeth. As far as the education system, forget about it! I went to a university there and couldn’t believe how ignorant many of the people there were of the rest of the world. Many had not even been 100 miles from their home. For 4 years, we worked day and night to get back home to Florida and believe you me, “The grass only seems to be greener”. A friend of mine moved to a remote part of GA and says she loves it but she is always extremely happy when there is something like Lowes or Walmart or any other convenience she has left here, is being built. I have found people that I meet here to be friendly and polite. I live in Wellington and was sitting on a bench in the mall while waiting for my husband to park the car. This nice woman and I struck up a conversation and her complaint was that people here were not that friendly. But yet, there we were sitting having a nice conversation. Just remember how you feel about ‘outsiders’ moving into Florida. Well, when you move to those other states, people feel the same way about you because now you’re the outsider. Just a word of caution. We didn’t know what we had until we nearly lost it. Glad to be home.

By Native

August 6, 2007 12:26 PM | Link to this

As a native Floridian, I can attest to the fact that most of us are incredibly nice people. Same with friends who have come from other parts of the U.S. (OK, we do get an occasional tacky New Yorker but it’s OK, we think you’re full of great character!) I have been surrounded by wonderful neighbors in several neighborhoods my entire life. People who love their community and look out for each other are everywhere here. I can’t imagine living anywhere else. I have traveled across the U.S. quite a bit and there are beautiful places but I can’t wait to get home. I live in the north end of the county and think it’s amazing how pristine this part of the country is, how close I am to gorgeous Juno Beach, great shopping and dining, nature preserves, etc. I love the strict zoning, no trashy pawn shops or neon signs on PGA, Donald Ross. It’s beautiful here. The market is going through a much-needed slow down but people who “get it” and want to live in a beautiful part of the country will always invest, live and play here.

By Big rob

August 6, 2007 12:31 PM | Link to this

first of all my apology for using lower case letters. I am still breaking in this iPhone. The comercial market looks good. That is good that means there is a future but not any time soon. Get ready to buy your dream home soon but not yet. More market correction to come.

By Love Florida

August 6, 2007 12:32 PM | Link to this

I forgot to mention the falling real estate prices. I want to sell, have reduced my price by 100K and still no buyers. Where did all the buyers go?

By BFD

August 6, 2007 12:33 PM | Link to this

How about the fact that real estate agents/brokers refuse to submit low ball offers as being unrealistic and too low to offer to the buyers agent- I have had several properties I wanted to ofer 20% less than asking price on and the brokers looked at me like I was from Mars???

.and what about an agent/broker who lives in the same building/community as the property that is for sale and will not pass on low ball offers as it effects the value of their own property……and.what about the brokers that show you comps. from last year and tell you those are the prices you need to offer…?

By Wayne REDUX

August 6, 2007 12:36 PM | Link to this

Right on Wayne, you need a repost:

One important fact all across America today is that we no longer have any leaders. All we have are maggots, liars, theives and just plain dirtbags who pretend to be on the side of the hardworking taxpayers. Most of them, all the way to Washington should be cleaning toilettes and picking up trash along our roadway. Until the next American revolution comes, the working class will have no say in our Government. That’s because elections are no longer viable for the common person who would do the right thing if elected. You cannot compete with the dirty money of the campaign trail or the crooked influence peddlers along the way. When was the last time that politicians truly said NO to runaway spending? If you ran your business like the political theives run our Government,someone comes to arrest you. So why do they have the power to steal from us over and over again? America today is for the Corporations and crooked politicians who have a 50 year record of failure to the taxpayer. Now, I’m done.

By Native

August 6, 2007 12:38 PM | Link to this

I incorrectly stated that housing is an investment… Allow me to clarify. It is an EXCELLENT inflation hedge but an extremely POOR investment.

My apologies for the misstatement.

By PBC OWNER

August 6, 2007 12:41 PM | Link to this

I think everyone in these blogs who want to buy, don’t have the MONEY. And they don’t even know what they want, a house, a condo, a townhome. They are all over five counties looking at property, from Dade to St. Lucie. Face it, you are a “flipper” yourself, looking to take advantage on someones misfortune.

A true buyer zeros in on a area, for a certain type of home. They are not looking at property for two years like some these bloggers are doing. These are your DREAMERS. The HAVE NOTS who want to take their frustrations out and blame the ones who do own property here. You talk about prices some 20, 30, 40 years ago. That was the past, we are in 2006, and like everything else, prices are up. If your wages are not, then time to move. I hear Arizona, Nevada and the Carolinas are hot areas to move to.

Time to stop wishing, hoping and dreaming of a major crash like 1928. To much money invested here in S. Florida for that to happen. Did anyone see all the construction cranes from Dade to Palm Beach County? If the market was going to crash, the the investors would stop building here. Not happening, because we have the real buyers coming here from the north, Europe, and South America who have the money. They have their investments, retirement accounts, inheritance, “old” money, “dirty” money to buy real estate here. Sellers would not care what type of money it is, as long as the buyer can pay their price on the house, condo or townhome.

Foreclosures, ask any honest realtor about the fees on those type of properties. A real good foreclosure is grabbed up by a banker or broker anyway. You will never get a chance to see it on the market. Owners who have those “exotic” loans, will just add on another. They have more than one property, and willing to wait it out another year by getting another loan.

Prices are not going to drop what they were in 2004 or 2001. Reason, new homes sale prices, cost of construction materials and you are looking to buy into S. Florida. These factors control existing home sales. Look at the locations of people writing from, New York, California, New Jersey, Carolina looking into property here on these blogs. South Florida renters cannot afford property here, but outsiders can.

If you blame the politicians, vote them out. The new guy won’t help build lower cost housing for you. Is that what you want? How many low cost housing units did anyone see along the ocean these days being built?

If you want to wait for lower prices, wait. Then see where prices are, especially this fall. Buyers will back, prices will be up and you will be on the “sideline” as always. If there are so many properties out there to buy now, what are you waitng for? I tell you what you are waiting for….to make more money to save!

Your teachers / police / fire / nurses / landscapers will have to pick up and move, just like earlier ones did. We are a revolving door for service people, only ones with money can afford to stay. There will be others to take their place as always. people looking to get out of the cold winters or people from South America ready to take on the service jobs. Look at prices in other states, we just caught up with them. Looking to buy into South Florida, pay the price now or pay a higher price later. Make it happen, don’t wait for it as someone said earlier. Or you will be writing from another area a year from now complaining of what you missed out on in South Florida.

Remember, the three goals to buy here are: MONEY, how much you can SAVE, and can you SACRAFICE.

And the three most important areas of real estate are LOCATION, LOCATION, LOCATION.

What are you going to be? A BUYER, or A “HAVE NOT” ??????

By Love Florida

August 6, 2007 12:43 PM | Link to this

I NEED A BUYER RIGHT AWAY. I ALREADY CUT THE PRICE BY 100K. THIS PROPERTY IS IN THE HEART OF PBC. IF YOU KNOW OF ANY BUYER EMAIL ME AT lovefl@msn.com ASAP.

By Split Personality

August 6, 2007 12:44 PM | Link to this

I have a mental disease. I am a psycho that has multiple identities. My name is either curious,native,beaklove florida, etc. Truth is that I am just mad jealous that madmax is on vacation having a good time and I am here banging away on the keyboard. I can’t take it anymore. I can’t sell. I’m going through a change of life, will be 50 next year and life has passed me by. No one likes me. I am a loser. I need to see a mental doctor but have no money to do so. Giving up and going out to stand at intersection with my sign and bucket to panhandle. When I am not selling properties, I am out panhandling on PGA. If you see me, please put some money in my bucket. Need money since I have been living beyond my means. Max, please come home soon. I am losing it. Don’t forget the meds.

By Troll

August 6, 2007 12:47 PM | Link to this

I incorrectly stated that I am funny human being. Allow me to clarify. I am a loser and I live with my parents. I am a POOR investment.

My apologies for the misstatement.

By PBC OWNER

August 6, 2007 12:47 PM | Link to this

Love Florida,

You need to drop your price even further. I suspect you’re chasing the market down to the bottom. Builders are slashing prices at a rapid rate and are your competition at the moment. Cut the price another 10% and give it a go.

By The Beak is.......

August 6, 2007 12:49 PM | Link to this

I know who you are. cb

By PBC OWNER

August 6, 2007 12:53 PM | Link to this

Also LoveFlorida… If you really want to get out now, you need to act like you want to sell. Sale prices will continue to fall to 1999 levels so be quick and decisive.

By to PBC Owner

August 6, 2007 1:42 PM | Link to this

1999 price level?

ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha

what happen honey, did you throw your keys on the table last week?

By lenny

August 6, 2007 1:57 PM | Link to this

I just wet my pants and made twin lakes in my hall. I have no faith with nurse robin.

By crazydem

August 6, 2007 2:11 PM | Link to this

Also LoveFlorida… “If you really want to get out now, you need to act like you want to sell. Sale prices will continue to fall to 1999 levels so be quick and decisive.”

PBCowner, pick any year, compound in 3%/year and you’ll get your number. Works every time.

By Blog Boycott

August 6, 2007 2:54 PM | Link to this

It is quite obvious that the have-not poor and uneducated paycheck to paycheck disenfranchised renters of limited means and wits are using this blog as a means to vent their intense frustration to try to “annoy” their masters from the affluent upper class who do not think living in South Florida is neither expensive nor crime-ridden. Since we do not live the slum life they struggle to continue to be able afford without hope of bettering themselves, I call on all of us upperclassmen and women to BOYCOTT this blog by no longer posting any beneficial advice or commentary. As soon as Jeff realizes that this blog has become a total embarassment to him because it no longer reflects an intelligent give and take discussion due solely to the extreme ignorance of his remaining posters. So, for the good of the blog…idiots have at it! Bye “real” cw,easy, fl ren, n8tive,student, wakeup and those of bonafide means.

By Michael Fink

August 6, 2007 2:54 PM | Link to this

Excellent graph of housing values vs. GDP. Notice how it has remained constant (linked) throughout almost the entire graph except for the last 10 years. Again, there is a very valid economic reason for this; as I have stated many times, income and housing prices are inexorably linked; and always will be. That’s why it is so easy to predict future housing prices on a macro scale (now, on a single market, it is admittedly much more difficult).

http://www.housingbubblebust.com/Fed/GDPvsHSG.html

By Annual Compounding

August 6, 2007 2:56 PM | Link to this

That formula works great, I just tried it on the house that my grandparents bought in the late 50s. It’s just as I suspected, I should be able to buy that same house for less than $65,000.00. I just can’t imagine what these people are thinking asking for 4x that amount.

By Blog Boycott

August 6, 2007 3:12 PM | Link to this

Excellent link Mike..

What is interesting is that historically housing is valued at around 95% of GDP, but recently it has climbed to 166% of GDP. In order to return to historical norms home prices would have to fall 35% on average across the country.

If you consider that not all areas will fall by 35% then that means that some of the big cities will probably see 50%+ drops in prices in order for the GDP/Home Valuation to be in line again.

Now, on the way down there is sure to be momentum that will probably cause a 10% overshoot before things start to recover.

In other words a 8 year old town housing in DC that went for $430K in 2005 will be back to around $150K, or the inflation adjusted price of the house when it was new in 1998.

Talk about the effects of Irrational Exuberance!

By Paralysis by Analysis

August 6, 2007 3:22 PM | Link to this

Thank you Mike Fink for providing yet another quantitative justification why it is just so very stupid to buy real estate in Florida (or anywhere in this land of infidels). May Allah be praised and directed to bestow many blessings on you since you are not foolish enough to become a part of the capitalist wealth building greed system! Your intellect sacrifice and wisdom will pay off very handsomely while all others will suffer miserably at the hands of the tax man. Allah Akbar

By Analysis

August 6, 2007 3:27 PM | Link to this

While the little graph comparing GDP to housing values is nice, it really shouldn’t give you any cause for celebration. Add the trade deficit to the graph and get back to us. The fact is that the US population and demand for housing has remained rather constant, while the production and export of US good has declined. That is why the GDP has not kept pace with housing. Keep trying boys and you might come up with a rational analysis. BTW construction costs are on the rise again. In the near future the cost of raw materials for concrete and road construction will be spiraling upward again thanks to a nice circuit court judge in Miami.

By Chicken Little

August 6, 2007 3:37 PM | Link to this

Hey, I believe Fink is right. Watch out!

By Analysis

August 6, 2007 3:54 PM | Link to this

You dooomers thrive on bad news, take a look -

http://www.bettertransportation.org/kfr/pdfs/release-071707.pdf

chew on that and see where construction costs go in the next 6 months.

By Analysis

August 6, 2007 4:51 PM | Link to this

Let those prices keep on a dropping.

By contractor

August 6, 2007 4:54 PM | Link to this

labor & material costs go up every month. I don’t calculate todays prices on a project, but prices six months from now, and add 15% to that. large urban zones will have higher cost runs, and everything to miami to ft. pierce is in that zone. throughout the building history, new home construction prices make existing home price as well. anyone who says otherwise is a liar or a fool. need also to add on land value. tough to find cheap land here.

By Analysis

August 6, 2007 5:00 PM | Link to this

Oh my goodness… Palm Beach/Boca metro statistical area median prices down another $9,000 and the average is down another $11,000. Price/sqft down another……..$3/sq….

Oh noes!! Let the squeeze continue…

By contractor

August 6, 2007 5:07 PM | Link to this

RS Means 2007 new residential building costs are $70/sqft. Always base your price on that number.

By Blog Boycott

August 6, 2007 5:32 PM | Link to this

See what I mean! Do not play his game…let him continue to only play with himself…both literally and figuratively. Boycot

By Michael Fink

August 6, 2007 5:47 PM | Link to this

70/sq/ft? Are you actually a contractor, and is that actually what you see for building costs? I ask not to attack, but only because I am curious what the “on the ground” cost is to build today. I am sure it is dropping rapidly as supply and demand dictate the correction in pricing for all things RE. However, I would be very intersted to get another contractor’s opinion on construction costs.

By Flippers are Back

August 6, 2007 5:47 PM | Link to this

Here is a house that sold for $285K in July 2007.

1010 Bear Island Drive

House is back on the market today for $365K. MLS ID R2836354

Looks like the flippers are back in the market. If flippers are back, does that mean we have hit bottom for residential real estate?

http://www.pbcgov.com/papa/aspx/web/detailinfo.aspx?pentity=74434318110001960&geonav=Y&styp=general&owner=&city=-1&zip=&method=address&cidx=-1&sdiv=&sdivnam=&stno=1010&pdir=&st=bear%20island&strnm=&sufx=DR&ptdir=&cty=&rng=&twp=&sct=&blk=&lot=&book=&page=&tangid=&condo=&condoname=&use=&usnam=&sloc=&prd=&pedir=&podir=&famt=&tamt=&fsqft=&tsqft=&srt1=&srt2=&srt3=&stpage=0&adlfilter=

http://homes.realtor.com/search/listingdetail.aspx?mindt=1%2f1%2f0001+12%3a00%3a00+AM&maxdt=12%2f31%2f9999+11%3a59%3a59+PM&zp=33409&ml=3&mnp=28&mxp=27&bd=4&bth=4&typ=7&sid=9cfe48728e684ca78bacfa4fde58203c

By Blog Boycott

August 6, 2007 7:01 PM | Link to this

If contracted yourself, cut that $70/sqft by at least a third. Typically, for a contracted 3/2 ranch, do a material take off and multiply by itself plus 5-10% for materials and labor under contract.

By crazydem

August 6, 2007 7:04 PM | Link to this

Mike, by the way, I thoroughly enjoy your posts on bens blog. You, Spike66 and in particular kerk93 are well informed guys.

By Curious

August 6, 2007 8:52 PM | Link to this

Waiting for the mods to delete snert posts so adults may continue.

By Regular observer

August 6, 2007 9:42 PM | Link to this

This blog has fallen down. It is, how shall we put this, gay.

I will admit, the ones on the cheerleading side, and which I am not a member, at least don’t house these little boys ruining this blog of late.

By Courtesy of Wake-Up

August 6, 2007 10:32 PM | Link to this

Okay, once again – this is straight from the RS Means “Square Foot Costs”, 28th Annual Edition – 2007. So here we go – Means has 4 classes, Economy, Average, Custom & Luxury. All fairly self explanatory. For sake of argument we will use an Average house, 2,000 sf. By definition this is a single story house, from standard plans with 1 kitchen and 1 full bath, no basement, asphalt shingles, drywall interior finishes, average materials and workmanship – this would fit many standard houses in our area, especially late 50 to early 70s construction. Would also include many newer homes minus upgrades. So the base starting line for a house of solid masonry (concrete block) is $105.10 for 2,000sf – this is to include any overhangs (doesn’t apply here, but a finished basement would add $25/sf, unfinished $8.50/sf). At a minimum we need to add 1 bathroom - $4,997 and a 2 car attached garage $21,414, textured ceiling $.44 (popcorn is a texture), Air condition $3.04/sf, appliances $4,000 (standard ref, w/d, disposal, micro – not stainless), we’ll add a 200sf (20’x10’) covered (but open) patio $26.85/sf, so where does that put us? 2,000 x $105.10 = 210,200+4,997+21,414+880(popcorn)+6,080(AC)+4,000+5,370(porch/patio)=$252,941 or $126.47/sf for a very plain ordinary residence, not including exterior improvements. South Florida’s adjustment factor for construction costs, according to Means is .84-.85%, so that would equate to $106.23/sf. Folks, that’s a very “plain Jane”, no frills house. The Custom house starts at $122.75, but only adds a ½ bath to the Average house and slight finish upgrades, all other adds are still necessary, but more expensive. The Luxury house starts at $145.50, again adds a half bath, finishes are upgraded, keep all other adds, but more expensive. Means calculates these based on standard construction models and does not include some of the quirks we have here, such as storm shutters/impact windows. I used the .84 modifier that they offer, but don’t believe it applies; we are traditionally higher in costs compared to other parts of the country when I speak to owners and estimators from other parts of the country. Also for kicks, construction costs in S Fla are up by 44% over the last 10 years, so if you have data that you built a house in 1997 for say $80/sf, that would translate to $115.70/sf today. So what I have to say is to be very careful using sf numbers when evaluating constructions costs, every little detail adds money. People like to throw around sf numbers and say “I can build this for this much and that for XYZ”, when they don’t have a clue. In the examples above, if you start adding all the little luxury items that we have come to expect it adds up fast. Textured walls, granite countertops, marble floors, stainless appliances, wood cabinets and doors, split ranges, 3rd and 4th baths, landscaping, pools (I know pools mean little to resale, but you have to pay to build them), 3 car garages, cement tile roofing, screen enclosures, it’s really not that farfetched to approach $175/sf for a 6 bed 4 bath house with nice finishes, remember this is not including property value. A $50,000 lot adds $20/sf to a 2,500 sf house…so if you look at a builder who’s charging you $200/sf for a “McMansion” as some folks like to say, including property, 3,500 sf at $700,000….well maybe it’s not that bad….One thing to keep in mind is that sf costs increase as the structure size decreases, so a 1,200sf house will cost more per sf than a 2,000sf…it’s called economy of scale, there are fixed costs for both houses that can’t be avoided, less structure to divide by, it artificially increases the per sf costs…

By Michael Fink

August 7, 2007 6:26 AM | Link to this

FL RE prices for the last 30 years adjusted for inflation. This is truly the crux of the problem, and this graph is well done; clearly showing how far we have left the trendline:

http://bp0.blogger.com/_ETwaJMabKvY/RrSnp7snvvI/AAAAAAAAACI/qM0MmQCPABI/s1600-h/Slide6.JPG

This is, btw, not just a FL thing (although we have left the line more dramatically then most other places), the entire country median home price has left the trend line dramatically. This is a credit bubble first, housing bubble second. The only reason that housing got so out of control is because it was one of the only items that Joe Sixpack could buy to take advantage of the crazy lending standards. In the corp world we have these massive LBOs and private equity firms sloshing billions around; in everyday life we have people with 50K incomes in 500K homes with a Hummer parked in the driveway.

Either way, it is going to return to the trend line.

By stats

August 7, 2007 9:03 AM | Link to this

Knowing the cost per sq ft is useless info if not used properly.

If it costs X per unit to build, why build more than a market can realistically purchase and maintain. Mtg, RE tax, Ins., Gas prices, etc, have reduced the number of families that can afford maintaining homes.

Here is what happens when builders know all costs to build, but refuse to know who can buy and maintain what they build too much of :

Tousa Aug 2005- $28.35 Aug 2007-$2.34

Pulte Aug 2005- $94.23 Aug 2007 $18.94

WCI Aug 2005- $35.38 Aug 2007 $6.64

D.R. Horton Aug 2005 $41.39 Aug 2007 - 16.86.

Now as these builders dump inventory at cost or less, earlier buyers are screaming, and in some cases litigating against builders dumping unsold homes way below what early buyers or “pre-construction bargain” buyers paid.

By Big rob

August 7, 2007 9:09 AM | Link to this

There is no more challenge left here.all the real competition is gone.the story is over real estate is a bust. If you thin a recovery is in the near future you are just another dilusional idiot. All the bulls are tasting blue steel. I have been posting for over a year saying theatket cannot sustain these levels. The market will comedown even more. Construction cost will fall like hi priced electronics. I feel bad for the small people just starting out. To all the well to do people they will find another way to rip people off . The ones in the middle shame on you you were close but problably were greedy.

By rca

August 7, 2007 9:30 AM | Link to this

ARE THERE STILL IDIOTS ON THIS BLOG CHEERLEADING RE. THURSDAY WAS A HELL OF A DAY. THANKS BEAR STEARNS FOR THAT SLAPDOWN TO ALL OF THE LOCUSTS, FLIP-FLOPPERS AND “INVESTORS” THAT DIDNT SEE THE TRAIN THAT JUST HIT THEM. I WANTED TO JUST TALK ABOUT REAL ESTATE AND ALL I EVER GOT WAS RACIST CRACKHEADS WHO HAVE NO IDEA WHAT IS GOING ON. LISTENING TO CNBC TODAY, HAVE ME THINKING, STOP WASTING TIME WRITING ON THIS BLOG. I QUIT! TIME TO GET OUT OF THE GAME. WATCH, OBSERVE AND LAUGH. I WILL KEEP MAKING MONEY ON RENTALS TO COLLEGE STUDENTS. SO IF YOU HAVE A KID COMING TO MY HOOD, I WILL TAKE YOUR MONEY AND WATCH FLORIDA BECOME THE NEW ATLANTIS. THE WHOLE STATE IS COMPLETELY UNDERWATER.

CAN YOU JUST SEE THAT YOU CAN ONLY GET A TRADITIONAL LOAN IN FLORIDA? HOW MANY PEOPLE CAN AFFORD A HOUSE IN SOUTH FLORIDA AT 75,000 A YEAR? FIND A HOME IN A GOOD NEIGHBORHOOD AT 225,000. NOT YET, BUT VERY SOON. WITH INSURANCE COST AND “LOW” TAXES, I AM SURE YOU WILL FIND BUYERS. OH, I FORGOT, EVERYONE IS MOVING TO NORTH CAROLINA!

LOSERS!

By cw1900

August 7, 2007 10:07 AM | Link to this

Good morning,

The resident Son of Sam(s) are clearly having a good time fondling themselves on this blog. Like most of them, they’ll get bored and move onto their next video game or get rich quick scheme. It’s in their makeup. It’s inevitable.

Big Rob says he’s the prophet who has told us the way, the truth, and the light for over a year now. Thanks Rob, I never could have gotten through this past year without you, buddy. Good job.

RCA is obviously having a great time this morning. ALL CAPS and saying the whole state is going to head for NC. As long as you make the parents co-sign, probably not a bad gig for ole’ RCA terrorizing the college students. Do you give the females a break in rent if they’re hot, RCA?

Speaking of the post from this morning at 903am, I have a few homebuilder stocks on my radar screen that I want to pick up, when the time is right. In due time, the chance to “get your feet wet” on some homebuilder stocks will be a good risk to take. Not all are going out of business, get real, you doomers, there are bargains coming and there will be money to be made. Certain banks also. When the time is right, and you can ignore the noise, I’ll make some buys. Patience, patience, patience….

Not much else to say today. We’re living our life, as normal. The renters all paid up for August, and on one house, I have 3 different families wanting to rent if this tenant leaves when lease expires in October. Word of mouth, no advetising, no craigslist, not even on the radar screen of the doomers, as is much of life.

BTW, the summer rentals have been off the chart at the lake from a recent conversation with my “man at the scene”. It’s been a good summer for everybody’s vacation rentals at the lake.

Oh, did I see another “Sale Pending” sign on a house in Jupiter last night? What? It couldn’t be. No… Actually, yes, it was. Sorry doomers, it seems other people are living their life, too.

I’ll be keeping tabs on how Linda spins the Sept 2007 PB County SFH median YOY when it comes out in October. Median doesn’t mean much to me, but it means something to the newspapers. I haven’t forgotten.

cw

By A Real Buyer

August 7, 2007 10:08 AM | Link to this

Just sold my home in upstate New York for over $800K. Will come down and offer $200K on your $400K homes. I am the WINNER. You sellers are the LOSERS. LOL

By Tax Burdens

August 7, 2007 10:28 AM | Link to this

more for the doomers to chew on…take a look - these are figures from 2005 (which would be peak). Florida property taxes are actually below national average and definitely cheaper than anything in the NE (north of Deleware). So taxes aren’t the reason people aren’t buying. Problem is the folks in th NE can’t dump their places (who the hell moves to NY?) and come down here to save money anymore.

http://www.retirementliving.com/RLpropertytaxrate.html

Interesting note for 2nd link - NC overall tax burden is higher than FL (due to state income tax). Good luck in NC y’all.

http://www.retirementliving.com/RLtaxburdens.html

By easyasabc

August 7, 2007 10:30 AM | Link to this

I see the imitators are still around……school will be starting soon for them……

The Feds will announce today of easying the mortgage situation in this country……most exprts are saying that the existing mortgage holders need to be address first before new mortgage holders receive loans…………

This matter about construction prices is a very simple one…..first, anyone who is bulding a home that has a one car gargage, or one bath to it is making the property obsolete before it is built…..no matter what, people who want to buy or build a home should look for three bedrooms, two baths and a two car garage as its base…..they call this a 3/2/2 ……..the cheap end of price per foot is about $85…..the high end, can be $350 per foot…..and I don’t see many Rockerfeller’s or Vanderbilt’s talking here of buying………

I see Mike Fink jumps out of his bunny suit in the early morning hours and wants to write down the dreams he has about the housining market………….

I have said this before, we can see who are the ones who are in a panic here and making dumb a*s comments and using various names……the “have nots” need to tell their “have not” children that mommy and daddy cannot afford to buy here, but only to rent……and that may soon end by early next year…….

There are various stages that the “have nots” are in…..There is the “hoping” stage…..this stage was for the “dreamers” who talked since last fall that the prices will drop by 70% by August 2007, or having major hurricanes bringing death and destruction to the area. If prices did fall 70% here, then this home U.S. economy would be in a free fall across the nation…..for the hurricanes, only God knows the time when any area can get hit…..with a blink of an eye, anyone of us can be taken before a storm…………

Then there is the “frustration” stage….this stage, the “have nots” are not getting the results that they hoped for…..they see the homes that they liked, get sold or be removed from the MLS listings…these non buyers look over their credit report, and see the bills they have, and knowing that realtors will not show them any properties unless they are checked out with a lender…..why waste your time as a realtor knowing the couple across the table cannot afford to buy here????

….Then we have the “anger” stage…..this is the present stage the “have nots” are in, knowing full well that they will not be able to buy property here due to their lack of them saving money and that the sellers did not give in to their low ball offers……

The final stage that they will be in is “exit, stage left”…..this is the stage where the “have nots” pack up the u-haul trailer and move out of the area ……..

The story from “Love Florida” was excellent…..with my travels, I do meet nice people in most places, and some very rude people in certain locations…..the rude people I have come aross these days are “angry” young white guys in their 20’s, or “grumpy” old men in their 70’s…..they either are young guys who are mad at the world that they are not having the lifestyle they see from movie stars who play characters on the screen of being “Mr. Cool” or old farts who are close to dying and realize that that life has past them by……for them, life is about seeing the doctor twice a week to have them bend over and pay over priced medicine that does nothing for them…..

What we have here today, you cannot take it with you when you go…..there was a bumper sticker that once said “The boy with the most toys at the end, WINS”…….One can be driving on I-95, and a truck can crash into you……..you can be in a 7-11, and end up getting killed by a crack addict……you can be eatting your expensive Mizner Park pasta dish, and croak over and go face first into your alfredo sauce…….you can be walking your dog, and a stranger can take you out without anyone noticing anything…….what you had or who you knew would not matter anymore……the only land you will have is the one your coffin is buried around it…….

If Big Rob thinks that real estate here is a bust, why stick around and wait for three or five more years???????…If we hit rock bottom, wouldn’t this be the time to buy?????…..If you are going to leave, would someone please take RCA with you….the state can save taxpayers money with less people here who need mental attention…..

What are all these realtors going to do if buyers do not buy this season??????…..I know what Madmax is going to do, after spending his summer vacation up north in his relatives basements, he is not allowing them back to his estate home and having them swim in his pool……he will tell them to get reversations at the local motel along Dixie Hwy…..or go find a time sharing unit……

CW is having it nice…..people will always buy and sell property here….they are not waiting on what Linda, Fink, or people like Investments have to say here…..

A new yorker wanting to offer $200k for a house here…..looking for a condo, a townhome or 2/1 cesspool $hithole in Lake Worth…..quick, someone call Rich R. to see if he has any left for this guy…..

At least the new yorker told everyone on what the homes are selling up north, and how much out of state buyers have in their pockets as they come here to buy…..

The new yorker will end up feeding the pigeons at Mizner Park or putting his ear against the wall at the Kravis Center to listen to the concerts…..and walk over to Cityplace and eat what is left over on Fink’s pasta dinner plate……

$800,000 !!!!….how much went to unpaid mortgages????…..what about realtors price????….that must have been about $48k…..don’t worry new yorker, you will find a place here to b***h and moan with the rest of your crowd…….make sure to look over Century Village

LMAO !!!!!!!!

CW, what is the average rate of summer rentals along the lake?…..Is this out state property?…..

yes, there is a PANIC among the buyers……tick tock, tick tock, tick tock…….don’t worry, us landlords can make room for you and your money.

easyasabc

By countdown

August 7, 2007 10:42 AM | Link to this

What is so great about south FL? It looks like one long strip mall seperated by assisted living communities and half empty condo buildings.

By to investments

August 7, 2007 10:51 AM | Link to this

you were deadass wrong on texas. you have proven you are a blowhard who knows not what he speaks.

you have been deemed totally irrelevant.

By to to investments

August 7, 2007 11:02 AM | Link to this

it took this long to realize he was full of bull and irrelevant!?!?!?

By interesting

August 7, 2007 11:46 AM | Link to this

“Tousa Aug 2005- $28.35 Aug 2007-$2.34

Pulte Aug 2005- $94.23 Aug 2007 $18.94

WCI Aug 2005- $35.38 Aug 2007 $6.64

D.R. Horton Aug 2005 $41.39 Aug 2007 - 16.86.

Now as these builders dump inventory at cost or less, earlier buyers are screaming, and in some cases litigating against builders dumping unsold homes way below what early buyers or “pre-construction bargain” buyers paid. “

Question -

How can early buyers sue ?

Can’t builders sell for whatever they can get to stop bleeding even if below costs ? When they sold for more the early buyers loved it.

By Observer

August 7, 2007 11:48 AM | Link to this

After reading this line of comments and the previous subject, I find it amusing how so many people can waste time on nonsense. I don’t believe these “imposters” are children. No, I believe they are adults with very immature behavior, and if they would look at themselves, they could see why they are the way they are in life.

To each his own, but I think these people already know why they can’t afford to buy a nice home. They waste their earning potential and are doing a diservice to their families.

By Big rob

August 7, 2007 11:55 AM | Link to this

easyasabc you sound like you are unhappy with the current situation. I didnt falsly overinflate the market dont blame me my propertys are going down as we speak. I am not mad because im not selling I hope to pick up more. No crime there. Florida sucks but people from all over the world come spend money here so why not.My units are rented with iron clad leases, the people I rent to are nice people and in there situation its what works for them I dont call them have nots money dont buy happyness you said it yourself.You caint take it with you.So pick a position and stick with it. The market will come down more how much I dont know, a yer ago you said I was crazy and shold have my head checked. Today I dont seem so crazy and the correction continues.

By cw1900

August 7, 2007 12:32 PM | Link to this

To “interesting” today at 11:46 AM

You or who you are talking about, made a speculation. You did make an investment. You temporarily lost, and now you want to sue somebody.

You said,

“Now as these builders dump inventory at cost or less, earlier buyers are screaming, and in some cases litigating against builders dumping unsold homes way below what early buyers or “pre-construction bargain” buyers paid. “

Question -

How can early buyers sue ?

Can’t builders sell for whatever they can get to stop bleeding even if below costs ? When they sold for more the early buyers loved it. “

Your mistake is that you think these “early buyers” were making an investment. They were not. They were speculating. That is ALWAYS a risky venture.

Pre-construction is unproven. It has no track record. There was only dirt before the structure went up. How do you really know what it will do in the next 5 years? You don’t. You assumed that because it was brand new and had granite countertops, that it would appreciate like a proven neighborhood with a past history had done. There is no past history in anything pre-construction.

I’ve said this before, but I would never buy a pre-construction for my primary residence paid for with money I could not afford to lose, UNLESS, I knew for fact, that I planned on living there for well over 5 years, strictly because you really do not know how it is going to appreciate, if any at all. You should not be buying an extremely speculative property as we all know a pre-construction or a pre-release is, if your time horizon is shorter. As I’ve said before, that is pure speculation, not investing, and is a very big difference. When you invest, you have a long term game plan. When you speculate, you throw the dice. I don’t speculate. It is not conducive to accumulating wealth and seems to be a sucker’s game.

Many of the WPB new condos built in the past couple of years are making my point and some of you cannot see that. Those buildings are the poster children for speculation. Not one of those buildings is what, when brand new, could be considered an “investment”. Brand new buildings with no track record and no history cannot be considered an investment. If it is new and there is no track record, by definition, it is a speculation. Over time, that will change and make that transition to investment grade, but even in a brand new, gated community of SFH’s, it is by definition in the very beginning, a speculation. Granted, for years, the vast majority of gated communities here in south Florida have made that fast transition from speculative to investment grade. You atre confused in thinking the buildings or SFHs you speak of are filled with would be real estate investors. They are not. They are filled with naive speculators who didn’t do enough homework. The investor was the group that bought the land underneath that building or development years prior and waited for the correct time to unload it to the speculators. It is common sense.

Jump ahead to today, and because you or those people you speak of, did not do enough homework, and didn’t really know what you were buying, now you want to sue. How ludicrous does that sound? You speculated, and at least for now, you lost. Go to Las Vegas and try to sue the casino when you lose, and see how far you get. It’s the same thing.

cw

By cw1900

August 7, 2007 12:35 PM | Link to this

Correction typo:

First paragraph should read:

You or who you are talking about, made a speculation. You did NOT make an investment. You temporarily lost, and now you want to sue somebody.

By earlbuyerremorse

August 7, 2007 12:59 PM | Link to this

Here are a couple of prime cases. Cute how builder kept promise to early buyers not to sell below market value. They just said its a different market now. The early buyers evidently didn’t believe market prices can go down as well as up. Even in Fl.

From article on RE auction :

“Greg Toher was outraged when he heard the prices some of the homes were going for. Walking out of the auction room, he told us, “$145,000! Unbelievable! We paid $300,000! They just got rid of at least four for $145,000!” He says he closed on his three bedroom San Simeon townhome in December, “You’ve got to be kidding me, that’s not fair.”

New buyers may be getting a steal, but current San Simeon homeowners, like Greg, tell WINK News they feel like they’ve been ripped off. Tara Gionpalo said, “I feel really mad, really sad, hurt.”

Victoria Toher said the developer went back on their word, “They promised us they were not going to go below market value.” A Levitt and Sons representative told WINK News on Thursday night that the homes did go for fair market value…as determined by the hundreds of bidders at the auction. He went on to say they feel terrible for the homeowners, but the prices were reflective of a challenging real estate market and they’re confident it will once again shift in the homeowner’s favor.”

http://www.winknews.com/news/local/7896352.html

By TO earlbuyerremorse

August 7, 2007 1:06 PM | Link to this

Cw was right. New development = speculation. Greg Toher can be outraged all he wants, but he rolled the dice. Good post, Cw.

By 50percent

August 7, 2007 1:14 PM | Link to this

Those auctions are early examples of the 50% price drops that were scoffed at.

I really did not think I would see price drops like that. First buyers paid $300,000. Auction buyers paid $145,000. There it is.

By To 50percent

August 7, 2007 1:29 PM | Link to this

$145,000 does represent a 50% drop, but this is an isolated auction and not necessarily the norm. Search long and hard enough and you can find bargains for all things. Visit the Levitt and Sons website, the asking prices for San Simeon are still starting from $238k. Those bozos got burned looking for a little cash flow and unfortunately it hurts the previous buyers.

By easyasabc

August 7, 2007 1:30 PM | Link to this

CW was correct, how can someone put a lawsuit against a builder if he sold his close out models at lower costs than what the pre-construction bought their’s at????……..I think everyone need to get something across in a clear, understanding manner……people look on their needs, not on their wants…..I might want a BMW or a Audi, but I only need a basic auto to get me around……I might want that mountain side condo in Colorado Springs, but I need to take care of that hill side property in Southern California first…..I might want that extra dish of homemade pasta dish, but I need to watch my weight…….many of you out there want that 5/3/3 waterfront property home that has a pool and a dock to it located in North Palm or In Boca Raton, but you only can afford that 2/2 condo or townhome that is located in Lantana or Boynton Beach, west of Jog Rd. ……..

Big Rob will be searching the ads again this week, and wasting his gas driving around the county with his Big car, looking at all the open houses and signs on front lawns of the various realtors and FSBO’s…..but Big Rob does not have the Big bank account to afford to own property here (you do not own, but wish you did)……he has Big dreams like Mike Fink and others about where real estate prices will go from here……Big Rob will sit down tonight at look at his Big bills, eat his Big dish of food, drink his Big glass of beer, then afterwards, Big Rob will sit down and watch his favorite show on his Big screen tv that he is still paying for…..and complain to his Big wife about why they cannot buy here…..only to have her have another Big headache listening from Big Rob complaints……

What will affect the market is that mortgage lenders is letting less money out to home buyers looking at priced homes over $600k…….Look at the story on CNN…….

CW, there was a story that said almost every condo from Miami to West Palm, will be sold out by 2010…..hard to believe, but nothing is written in stone as you know…….

In a blink of an eye, a person maybe gone for good…..

What some of us plan for next week or two, we can be buried in the ground by then……

I did have to laugh, and I think it was Mike Fink, or Son of Fink, or someone who said that townhomes in the Washington D.C. area will be around $150K once the prices get adjusted in this country…….If Mike Fink really did write that, I know then that Fink is a.k.a RCA……can anyone imagine the people from other countries who would want to live in that area for various reasons……Georgetown and surrounding areas is one of the highest priced real estate in that region………

Time for crazydem to do another “history” time line about real estate here in palm beach county……what year are we in next on his schedule?????????

One more thing, I was reading notes from last week, and Mike Fink mention he moved here in 2004 and rather rent then buy because the high cost of home prices………Sorry Mike, you need to get your story straight, you told everyone last year you sold your property here in Palm Beach County at the height of prices and went to move to Cityplace with your wife…..then you went off to Abacoa or Evergrene, you are not to sure where you are living now from your tales……….say what you know, know what you say.

Chow Ping, you are wasting your time on getting a caddy from Fink……stupid, stupid, stupid.

easyasabc

By Big rob

August 7, 2007 2:10 PM | Link to this

my big car my big wife my big plate of food. Sylvia Brown you are not.It was funny,Reflecting on what you said it just made me greatful that I bought a long time ago and do not have a Big Nut if you know what I mean.I almost whent crazy once in PSL THANK GOD I DIDNT.Think about this TORINO selling land one year for $10.000 the next year going for $75.000 so you tell me how it is not justified the other way.

By WAKE UP

August 7, 2007 3:55 PM | Link to this

glad to see some are back and with a sense of humor. sorry for egging that little bugger on yesterday, but sometimes you just have to shake the cage and rile the monkeys up so they’ll burn off their energy and peter out…ahhh children.

By NoMorePropertyTax

August 7, 2007 3:55 PM | Link to this

Lots of us used to listen to the Cutaias when they had their show on WSBR-AM 740. It turns out that they went bust, mostly due to bad commercial real estate deals that did NOT escape the slump. Read all about it in the Biz Journal…

Wealth adviser Anthony Cutaia files for Chapter 7 protection

http://tinyurl.com/2zuv8d

By NoMorePropertyTax

August 7, 2007 3:58 PM | Link to this

Lots of us used to listen to the Cutaias when they had their show on WSBR-AM 740. It turns out that they went bust, mostly due to bad commercial real estate deals that did NOT escape the slump. Read all about it in the Biz Journal…

Wealth adviser Anthony Cutaia files for Chapter 7 protection

http://tinyurl.com/2zuv8d

By 99SEMizner

August 7, 2007 4:11 PM | Link to this

Palmetto Pl condos also not immune :

eg : 503

ID#: R2778168 PRE-FORECLOSURE, FABULOUS 2/2, 12’ CIELINGS,STEPS TO MIZNER PARK & ROYAL PALM PLAZA,WALK TO BEACH,EAST EXPOSURE, ENJOY CITY LIVING IN THIS 5 STAR BUILDING, FABULOUS POOL & SPA,STATE OF THE ART GYM, CONCIERGE,VALET PARKING,24 HOUR SECURITY.

Price History for 99 SE MIZNER 503 - Boca Raton, FL Days On Market: 169

Current List Price: $450,000

Initial List Price: $575,000 (27.8% Reduction)

04/01/07 - Price Reduced to $564,900 04/22/07 - Price Reduced to $549,000 06/20/07 - Price Reduced to $535,000 07/19/07 - Price Reduced to $495,000 07/31/07 - Price Reduced to $450,000

Last Sale -Nov-2005 - $523,000

By dave

August 7, 2007 6:06 PM | Link to this

Palm Beach county has been more of a housing investment market rather then a residential market.As any investment market it is never a steady rise. Pull backs occur as does repositioning. In a housing market selling is much more difficult then buying.I am afraid as in stocks and bonds there will be a shakeout of weak investors and the market will readjust and life will go on.Only problem is some true home buyers will be hurt.

By dave

August 7, 2007 6:07 PM | Link to this

Palm Beach county has been more of a housing investment market rather then a residential market.As any investment market it is never a steady rise. Pull backs occur as does repositioning. In a housing market selling is much more difficult then buying.I am afraid as in stocks and bonds there will be a shakeout of weak investors and the market will readjust and life will go on.Only problem is some true home buyers will be hurt.

By dave

August 7, 2007 6:07 PM | Link to this

Palm Beach county has been more of a housing investment market rather then a residential market.As any investment market it is never a steady rise. Pull backs occur as does repositioning. In a housing market selling is much more difficult then buying.I am afraid as in stocks and bonds there will be a shakeout of weak investors and the market will readjust and life will go on.Only problem is some true home buyers will be hurt.

By Investments

August 7, 2007 7:05 PM | Link to this

You people have many problems there. I just read that you are getting 5 FBI agents in from Miami to investigate the corruption in Palm Beach County.

Sorry, but 5 agents is not even close enough to make a dent in the corruption there.

I am not from Texas. But I do know Texas and what it has to offer better than you know Florida.

You people there have an ATTITUDE that will cost you plenty. You are SUPERFICIAL because you are rubbing elbows with the true elite there. The rich there know that the wannabees are slaves to them and can’t even buy a home there based on the wages they are paid.

So you are waiting for 2009 for the market to turn around? Are you waiting for a new president to come into office to bail you out or something? Maybe if Jeb runs, he will help you all out. Is that the game plan there?

Maybe if Jeb was elected President, he can do for Florida what his brother GW did for Texas.

You people there in Florida are too stupid to even help yourselves. Why everyone in the country knows you people don’t even know how to vote or count your votes for a president. Palm Beach County is the laughing stock of the country for anything and everything. You should be embarrassed to even tell anyone that you are a resident of that crazy county of Florida.

By RCA

August 7, 2007 7:22 PM | Link to this

I GUESS THE FED TOLD YOU WHAT THEY THINK ABOUT HOUSING TODAY =)

AND, FORECLOSURES CONTINUE TO RISE.

By RCA is Investments

August 7, 2007 10:48 PM | Link to this

Investments may be RCA’s stepbrother.

By Dinosaur Spotted

August 9, 2007 7:12 PM | Link to this

The dinosaur is “Investments.” A genuine Bush supporter — one of the few left in the country, an old style Jew-hating, Yankee- hating red state a*****e, the type of scum we thought time had passed by.

Well, Maeve Leakey (sp?) just discovered a surprising fossil in Africa too.