real estate in Florida

hottoddie said:
If you are getting top dollar for your current home in NJ and paying top dollar in Cape Coral what difference does it make? You'd loose equity in either NJ or FL. Trying to "time" the housing market is not easy.
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That’s a valid point, but we are selling our starter home so it’s still a bit of a reach to pay 650+ for a home that may only really be worth 450.

it’s a primary home, not a retirement place, so it’s a mortgage and not a buy outright. The idea of being that upside down doesn’t thrill me.

either way, we’re in our early 30s and still probably going to jump. Grew up waterfront with the boat in the yard and I miss it like crazy
 
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Kudos on considering all angles. Selling a starter home for a dream spot is a leap, but I get the concern about potential overvaluation.
 
highslice said:
Well, you're in FLA now instead of New Jersey. Didn't age that badly.
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That’s true, but between the hanging out I took by my business partner on my share and the market and rates I’ll never own that home I moved here for either way
 
Stray Current said:
That’s true, but between the hanging out I took by my business partner on my share and the market and rates I’ll never own that home I moved here for either way
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The market will normalize at some point. And rates will come back down. You just have to be patient.

We bought a new lake condo this year. One of only four true 4 bedroom condos in our development. We reached a deal before it hit the MLS and he had us on his exception list. Before we finalized the deal (we did have a handshake deal, just no in writing) his agent put it on the MLS. They were getting offers for $75K+ above asking. I paid $10K below asking (which is what the condo is worth in a "normal" market). Point is that was 6 months ago, and condos for the last few years have been selling minutes after they hit the MLS. Now there are multiple condos up for sale and the prices are getting back to normal. It's just cyclical.
 
It's a tricky dance between getting top dollar for your current spot and diving into a new one. Considering the starter home situation, have you thought about exploring www.kennythecloser.net? Kenny has some neat insights on navigating these market intricacies. As you weigh the pros and cons, being waterfront with a boat in your yard sounds like a dream worth chasing in your early 30s.
 
As per real estate broker friends in Florida, they are expecting foreclosures and short sales in '24 on a large scale. People who took mortgages at high interest rates are feeling the pinch. The cycle repeats once again. Keep your powder dry and be ready to jump in when it happens. There will be some deals out there.
 
royalpiper said:
As per real estate broker friends in Florida, they are expecting foreclosures and short sales in '24 on a large scale. People who took mortgages at high interest rates are feeling the pinch. The cycle repeats once again. Keep your powder dry and be ready to jump in when it happens. There will be some deals out there.
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Would not want to own any real estate in Florida. You pay way too much for storm insurance and if you experience a storm, the deductibles are so high as to be punitive. Best way to enjoy Florida is in the winter when the weather is tolerable. Rent a place for 30, 60 or 90 days and then walk away worry free and avoid the ongoing costs of ownership. Even with rising rental fees it is still cheaper to rent than to own. Most of the desirable areas are becoming too congested which detracts for the experience as well.
 
sbw1 said:
Would not want to own any real estate in Florida. You pay way too much for storm insurance and if you experience a storm, the deductibles are so high as to be punitive. Best way to enjoy Florida is in the winter when the weather is tolerable. Rent a place for 30, 60 or 90 days and then walk away worry free and avoid the ongoing costs of ownership. Even with rising rental fees it is still cheaper to rent than to own. Most of the desirable areas are becoming too congested which detracts for the experience as well.
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100%
 
sbw1 said:
Would not want to own any real estate in Florida. You pay way too much for storm insurance and if you experience a storm, the deductibles are so high as to be punitive. Best way to enjoy Florida is in the winter when the weather is tolerable. Rent a place for 30, 60 or 90 days and then walk away worry free and avoid the ongoing costs of ownership. Even with rising rental fees it is still cheaper to rent than to own. Most of the desirable areas are becoming too congested which detracts for the experience as well.
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It's like my sisters place on Hilton Head...she says to come down for a visit and relax. I do my relaxing after I leave that place and go home. It's sooo crowded everywhere, people scurrying around like a bunch of mice.
 
I was a car guy not a boater in Florida. And, I'd give up boating again to move back. There are a lot of towns off the coasts that are wonderful. I'd get a couple extra cars and dust off my golf clubs that I haven't touched since moving back north.
In my dreams, I'd own a place on the water up here in Michigan that I'd stay in for 3 or 4 months and then head back to my inland Florida home for 8 or 9 months a year and play with my cars and hit all the southern winter car events. I'd be a Florida resident. But, only dreams.
 
Well, as never being accused of being the sharpest tool in the shed, we close on a place on Tuesday :oops:

And to make it further down the chain, we still have one to sell.

I've always told anyone who knows me, if you do the financial opposite of everything you see me do, you'll never want for anything.
 
I just renewed my lease, living on the water and watching the prices in absolute freefall….

The next year is going to be very telling
 
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