By JFinn

September 6, 2007 7:14 PM | Link to this

Please please,no more discussions about Palmetto Place Condos!! Why are some of you so obsessed with that building? Get a life! What are all these sub-prime lender thieves going to do for jobs now? All I can say to them is please don’t put the eggs in the bottom of bag the next time i’m Publix…..

By Curious

September 6, 2007 7:31 PM | Link to this

Scary!

http://seekingalpha.com/article/46390-is-a-perfect-storm-about-to-hit-the-housing-market?

By Larry Lang

September 6, 2007 8:41 PM | Link to this

The Real Estate market is really getting in bad shape. I am getting more and more listing every day from desperate owners and less hits on my websites. My main website http://www.southfloridarentals-homesales.com is receiving inquiries from people confounded by the current situation. Housing prices are dropping along with rental prices. There are more short sales, more foreclosures, mre lenders going out and the banks are still offering easy financing. I think that we are headed for real trouble and there is only one real solution. The legislature must let homeowners take there tax base with them when they move. We are not seeing any lateral moves, because of the increase in taxes when buying a new home. This would result in a total revitalization of the market.

By hey larry

September 6, 2007 9:15 PM | Link to this

stop advertising your website or some crazy nut may bombard your little website with more spam than you could delete in 5 years.

nobody cares about your poorly done website. i hope you didn’t pay anybody to create it for you. if you did, boy, did you get screwed.

By christy oc onnell

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

We have invested in a preconctruction condo.city palms.We are out of state owners.What does the future hold for us.??So much invested and cannot sell until completion and deeds and mortgage is ours.Solutions please.

By christy oc onnell

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

We have invested in a preconctruction condo.city palms.We are out of state owners.What does the future hold for us.??So much invested and cannot sell until completion and deeds and mortgage is ours.Solutions please.

By To Christy

September 6, 2007 10:50 PM | Link to this

What does the future hold? Not much. You are already upside down. Don’t close on it, just walk away.

By NotOnlyCondos

September 6, 2007 11:23 PM | Link to this

Some seem to think only condos are crashing. Not so.

EG :

7649 Wood Duck Dr Boca Raton

Oct 2004 sold for $2,300,000.

Foreclosure Oct 2006, still for sale now at $1,800,000.

Or :

18682 Sea Turtle Boca Raton

Nov 2004 $480K

now :

Days On Market: 366 Current List Price: $479,900 Initial List Price: $681,000 (41.9% Reduction)

10/09/06 - Price Reduced to $664,900 12/12/06 - Price Reduced to $650,000 01/10/07 - Price Reduced to $629,999 04/15/07 - Price Reduced to $599,990 05/06/07 - Price Reduced to $585,000 07/12/07 - Price Reduced to $550,000 07/25/07 - Price Reduced to $530,000 08/08/07 - Price Reduced to $499,900 08/30/07 - Price Reduced to $479,900

Or :

20270 Monteverdi Boca Raton

Nov 2005 paid $615,000

now : $479,900

05/17/07 - Price Reduced to $539,900 06/06/07 - Price Reduced to $499,900 07/28/07 - Price Reduced to $495,000 08/27/07 - Price Reduced to $489,900 08/30/07 - Price Reduced to $479,900

Too many more. Soon even maxi will run out of excuses.

It is now a new ballgame in SoFl RE.

(Again)

Those who choose to ignore history …………..

By StillLikeCondos

September 7, 2007 12:29 AM | Link to this

As condo prices slide downward that is where opportunity will be.

Buy and hold for 5 years. (if you have means).

Gaurenteed condos will eventually be in greater demand.

The aging population with money wants no hassles and freedom to travel. That means condos in different areas.

many values starting to show -

eg :

2565 S Ocean Highland Beach 105N

$782K May 2005.

Forclosure, available 499K.

Start looking now, be ready, money to be made.

Sorry for those who gauged wrong in buying in past two years and did not have means to ride out down times. Do not make same mistake. Buy only what you can carry.

By Max Actually Agrees

September 7, 2007 11:31 AM | Link to this

There IS tremendous money to be made now in flipping. While the median price is hardly down at all on houses, there are enough bargains around to find something below market. As above comments suggests, only buy what you can carry — but that should have ALWAYS been your rule.

Also keep in mind flexibility. I get a kick out of watching that California blowhard on “Flip this House.” Mendoza? Mengelev? Whatever. He made a good point recently, taking his goofy protege around and showing him how he saved houses that he COULD NOT flip — he didn’t walk away from them.

The less experience you have in real estate, the more likely you are to walk away from a scenario that seems overwhelming.

By Two Farmers and a Dog

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

Now Max presents the parable of The Two Farmers and a Dog.

There were once two farmers, Farmer CW and Farmer Fink, and a dog (named “Moose”). Moose belonged to Max and the farmers were friends of Max.

Max gave each farmer a modest acre of land and enough corn seed to plant the entire acre.

Moose, being a dumb animal, had no concept of tomorrow. He ate the corn seed till he threw up, then he ate the rest of it. Finally he shitted all over the land, which became surprisingly fertile. Alas, with nothing planted, it was soon covered with weeds.

Farmer Fink had an exceedingly stupid friend, who was generous with his advice. The stupid friend, like Moose, had no concept of tomorrow. Thus, he would tell Farmer Fink: Corn seed is only worth what you can sell it for TODAY.

Foolish Farmer Fink heeded his idiot friend’s advice, and sold his corn seed for a pittance. The money he received for it was soon gone, and his land lay barren and infertile.

Farmer CW did something different. He planted his acre with corn seed, and put in back-breaking work to water and weed it. In a few months he had a handsome acre of corn which reached for the Sun. He used some of the harvest to feed his kids something besides McDonald’s fries, and stored some for future provisions. He processed some of the corn to have seed to repeat the process next year. He sold much of the crop and made a tidy profit. Finally, he sold his left over husks to people making booze and ethanol, so nothing would go to waste.

This is the end of the story for Farmer Fink and Moose. For Farmer CW, it is only the beginning.

By Editorial Correction

September 7, 2007 12:09 PM | Link to this

Max gave each farmer and Moose a modest acre of land….

mea culpa :-0