Tales from Florida
Lehigh Acres, Florida is a far cry from New York City but the apocalyptic scenerio described in The Times this weekend was enough to send shivers down the spine of even the most optimistic gotham dweller: Trinkets for $1 were an early sign of trouble. Early last year, garage sales and estate auctions became more…
Lehigh Acres, Florida is a far cry from New York City but the apocalyptic scenerio described in The Times this weekend was enough to send shivers down the spine of even the most optimistic gotham dweller:
Trinkets for $1 were an early sign of trouble. Early last year, garage sales and estate auctions became more common in Lehigh Acres as families sold what they could to survive. No one seemed interested in buying whole houses, and foreclosures soon gave way to empty homes that became magnets for crime. Thieves stole air conditioner parts for scrap. And on distant roads with only a few new homes and faded blue street signs from the ’50s — on Narcissus Boulevard, on Prospect Avenue — drug dealers moved in. In 2007 and 2008, the Lee County Sheriff’s Department shut down more than 100 houses in Lehigh Acres where marijuana was being grown. In 2008, the police confiscated nearly 3,000 plants valued at nearly $7 million.
Gulp.
Dave, you miss BHO’s main point.
Yes, there have been sales with decent comps as of late. But… there are significantly less sales happening then in years past. Significantly less! This is an important indicator and speaks to the fear that is in the market right now by both sellers AND buyers. Yes, deals are being done. Nobody should expect a complete standstill in the market. But if you listen to the story that the drop in volume is telling, you’ll understand what BHO is saying.
Overpaying has no effect if you’re looking for a long-term residence, all other things being equal. This is apparently a concept that a lot of the loons can’t grasp. If rates go up on Miss Muffett (likely) she will have made a terrible mistake.
“she would acknowledge the difficulty in not knowing exactly where her family is going to be housed for the long term”
Not as difficult as overpaying.
***Bid half off peak comps***
Well, BHO, if they are actual sales that we’ve been seeing here, then they are on our side.
Why is it that you and some of the other loons can’t accept that what is a sale is actually a sale.
Most of the recent sales we’ve seen (with many of them post-Lehman) have been at prices that ranged from above ask to 10-15% below ask, which is pretty normal.
Christ, how dense are you?
“things are going to be hellish in suburbia down south”
They always were (half jokingly).
***Bid half off peak comps***
“Team Bull has all the factual Recent Sales on our side, BHO”
No you do not. Sales are down. Way down. Prices classically follow. A photo, snapped in mid air, of a skydiver who forgot his parachute reveals an alive and intact body. Keep the cameras rolling.
***Bid half off peak comps***
I just love the fact that all these team Bear people know what the downturn is going to look like, how long it will last and how long it will take to reach a bottom.
Bottom line is that few peole who have bought a brownstone, even at the top, could rent SIMILAR SPACE and have a similar lifestyle for what they are paying on their mortgages and real estate taxes.
“But generally, it is wise to cash out of a bubble, any bubble, while it’s still near the top.”
It may be “wise” on a purely financial level but I doubt too many people have the flexibility to plan their lives around the vicissitudes of the market. I hear you about Lechacal and MM but at least in Miss Muffet’s case I would bet she would acknowledge the difficulty in not knowing exactly where her family is going to be housed for the long term.
“As for the speculation on home prices, I see very little good advice.”
The rose tint is in the way.
“Your comments are getting really ignorant BHO.”
Your comments are already there. You missed the point. That bonus figure is nearly 50% down from last year and merely a snapshot of NYC’s economic collapse. As I said, NYC lags. You want to equivalently compare our economic health now to that of Florida when they were at our stage of the price decline, you gotta go back a few years, buddy.
“You must of course be joking…”
No, I’m not joking, wasder. Just exaggerating. Sure I’ve heard better advice, specifically. But generally, it is wise to cash out of a bubble, any bubble, while it’s still near the top. Miss Muffet, lechacal, etc., are prime examples. They have not bought back in yet.
***Bid half off peak comps***