I can't believe I wasted all that time to read this thread!! Bottom line is if you don't care what interest you pay, or you have cash, don't care what neighborhood the house is in, and don't care the price vs the value you can find one to buy.
Maybe all of you can be right because the one thing no one has mentioned is WHERE the house is. Bet if you move to Detroit, you can find a house for 15 grand and there are plenty of them. Or Binghamton NY for that matter. If you are talking The Villages or S. Florida, then not so much.
Baltimore to sell hundreds of homes for $1 each Baltimore spending board OKs $1 sales of some vacant homes; City Council president ‘deeply concerned’ – Baltimore Sun A program that will sell city-owned vacant homes for $1 was approved Wednesday by the Baltimore Board of Estimates over objections from City Council President Nick Mosby who said the policy “deeply concerned” him. The new pricing structure, which was approved by a vote of 4-1, would sell a small group of city-owned homes listed on the Buy Into Bmore website for rates starting at $1.
These businesses say they can’t keep up with consumer demand without immigrant workers. Americans just don’t want the jobs | CNN Business Martin works with 300 contractors to build homes for teachers, police officers, firefighters and others in the middle class, with 500 units currently in the pipeline. But he now has to tell would-be clients that it will likely take 14 months to complete the job, instead of nine months, which prompts some of them to walk away. If the contractors could boost their workforces by a third, Tilson says he could probably build another 175 homes a year. Martin, along with many others in the residential and commercial construction industries, have been pushing Congress for years to create a new work visa program or expand existing ones, such as the H-2B program, to enable them to hire more immigrants. Some would also like to accelerate work authorizations of asylum seekers so they can start training sooner instead of having to wait 180 days, as required by federal law. The need is growing as the demand for housing increases and as federal infrastructure funding is injected into communities across the country — at a time when fewer young Americans are choosing construction as a career. President Joe Biden has recently pushed several initiatives to lower housing costs and increase supply, including at a campaign stop in Nevada on Tuesday.[/COLOR]
Yep, that house in Kansas or Missouri that goes for 200k or less is worth close to or over a million in parts of CA. In the bay area, older homes are bought just for the lot, torn down and replaced with a new home ( at great expense of course)
will condos be a value opportunity at some point as people on fixed incomes that can't afford rush for the exits? the cost to build is going to be more than the cost to buy in as good or better location. 'It’s paradise lost': Florida's condo market is floundering — here’s why one expert says some of the boomers who helped make the state great are the ones suffering the most (msn.com) Sellers are now struggling to offload properties saddled with the additional costs of condo ownership. Redfin reveals the median condo price in Jacksonville dipped by about 7% year-over-year in January, sales declined 27%, and new listings surged by 32%. In Miami, condo prices dipped by 3%, sales dropped 9% and new listings rose 27%. ................................ “That’s what made Florida — the 55 [and] over retirees who really created our beautiful state,” Schmal says. “Now, they’re being punished for it.” With lower incomes and limited savings, this group may no longer be able to afford their Florida condos in the face of rising prices, but they’re struggling to sell them off as well. Schmal provided numbers that showed 2,660 condos on the market in Pinellas County — 869 of which are in 55-plus communities.
I saw the requirements and increases coming when I was on our condo board for 3 years. I got familiar with what the state was proposing and then the highrise collapse occurred in south Florida. I bailed out April 2023. My condo was beachside and turnkey. 9 story. Pinellas county. I paid $385,000 in 2019 Put $140,00 into a total remodel Sold for $790,000 April 17th 2023 I warned my friends it was going to get expensive and why. 2 of them sold within the last year.
One condo was inherited so that one was all profit less their remodel cost. The other bought and sold for about the same profit if you figure the buy and sell difference. What I don’t know is how much they spent in their remodel which was also a total remodel. Both couples are glad they sold.
These are basically complete gut and rebuilds. Most are in neighborhoods that I wouldn’t even drive through
Over 1000 a month for association dues!! Is that a normal thing in Florida? Is it a nice country club community and that includes golf/tennis? That seems crazy expensive.
When I was much younger, my wife and I bought our first house in a historically black neighborhood in Atlanta. We payed about 80k. Spent an additional 20k on a new kitchen and a roof. This was in the early 90s. We sold it for 240 after living in it for 7 years. I would do it again if I was younger.
Was just looking at some New Smyrna Beach condos.....all had $800-1200/month hoa fees. None had golf, most had a nice pool, one parking spot, maybe a beat up tennis court and shuffleboard. Assuming the big expense is insurance
No golf or tennis. Lol What my dues included,,, Water Sewer Upgrade cable TV Upgrade internet speeds Pest Control Flood insurance Wind insurance Maintenance company Full time maintenance person Yard maintenance contract Private pool maintenance contract There were also,,, Sit in living or sunroom for sunsets * Dolphin & manatee sightings* T-backs (#honkhonk)* Red tide* Storm surge* I purposely moved into a residential condo where the minimum lease is 3 months and the maximum is 6. Residential condos are appraise for less due to the leasing restrictions. They are not considered investment properties and can only be owned by a real person, no companies, LLCs, etc.
Beach access condos won’t be a bad investment ever in my opinion. Now retirement communities I’m not sure.
