So why is florida real estate so dirt cheap... why did it crash so much?

Discussion in 'Off Topic' started by Phokus, Jun 25, 2009.

  1. Phokus

    Phokus Lifer

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    My parents are in Florida right now trying to invest in some really dirt cheap florida properties for rentals (i'm talking 60K or less houses that would probably fetch at least 300k+ here in southwest CT). Our housing market barely budged, yet florida completely took it in the pooper, i'm talking homes losing 2/3rds of their price, and even at it's peak, the houses weren't that expensive to begin with. I noticed that unemployment in cape coral/fort myers (where my parents are looking) is 11.4 whereas unemployment is 7.4 where i live. Is that the main cause? Or are there other factors.





     
  2. IronWing

    IronWing Lifer

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    Cause Florida is a humid, buggy, conservative hellhole?
     
  3. olds

    olds Elite Member

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    Because you have to live in Florida?
     
  4. xanis

    xanis Lifer

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    Reasons that I can think of why people are making like trees and getting the * out of Florida:

    - too many bugs
    - too hot
    - too humid
    - too many old people
    - too many hurricanes
     
  5. Dr. Detroit

    Dr. Detroit Diamond Member

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    Hurricanes & Speculation -

    Florida is a market where people thought everyone would retire and would want there 2nd home there.

    Now - everyones investments are in the shitter and they can no longer afford a 2nd home.


     
  6. Phokus

    Phokus Lifer

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    I live in CT... CT sucks balls, boring is hell. I bet i'd have a better time in florida.

    Only negative i can see is the job market where my parents are looking is worse than CT. But i'm kind of surprised that a few percentage points would cause such a huge difference, unless there are other factors i'm not considering.
     
  7. Phokus

    Phokus Lifer

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    Ahhhh ok, that makes sense. So i guess in CT, people buy homes to live in, and FL, more people speculate
     
  8. Newbian

    Newbian Lifer

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    Because it's Florida.

    It's a nice place to visit like I just did for 2 weeks but you don't want to live there.

    I have never seen so many fat people and most of them were extremely overweight to the point your foot would get squished if they stepped on it..
     
  9. xanis

    xanis Lifer

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    Funny, I live in PA and I often think the same way about how I'd like to live in Florida. However, I soon realized that Florida is somewhere that's nice to visit for a vacation or something... it's NOT somewhere that I think I could live all year.
     
  10. mshan

    mshan Diamond Member

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    Rampant speculation (house flipping) and over built local housing market?:

    6/07: http://realestateconsulting.co...tter=Local/local200706
    3/08: http://realestateconsulting.co...tter=Local/local200803
    5/09: http://realestateconsulting.co...tter=Local/local200905


     
  11. Phokus

    Phokus Lifer

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    So wtf, there are NO liveable areas in florida or something? I see all the pretty pictures and i curse the POS state that i live in.
     
  12. mAdMaLuDaWg

    mAdMaLuDaWg Platinum Member

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    Supply & Demand?

    Speculation caused an overbuilding of housing and there was not enough demand to justify it.
     
  13. xanis

    xanis Lifer

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    IMO, CT is beautiful in a different way. The are your parents are looking at (Cape Coral / Ft. Meyers) is actually pretty nice.
     
  14. Rubycon

    Rubycon Madame President

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    Funny how a place where someone lives sucks to that person living there but others want to visit or live there. ;)
     
  15. sandorski

    sandorski No Lifer

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    Al Gore is gonna sink it into the Ocean!!
     
  16. Phokus

    Phokus Lifer

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    Well, it has some nice nature parts to it, but the cities blow
     
  17. IronWing

    IronWing Lifer

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    The keys and the beach. Move eight feet off the beach and Florida is a buggy, humid, conservative hellhole, sort of like Texas with no oil.
     
  18. xanis

    xanis Lifer

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    Well yeah, I'm not going to CT for the cities, I'm going for the nature. :p
     
  19. Lurknomore

    Lurknomore Golden Member

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    I drove through there, all the way from Jacksonville-Daytona-Tampa-Sarasota-Naples-Miami-Ft.Lauderdale-Key West in the spring of '04. Rampant overbuilding among bare, impoverished spaces along long stretches of road. Only so much economy can be sustained between the Waffle Houses and the old people living out their last years.
     
  20. Red Squirrel

    Red Squirrel Lifer

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    Hurricanes. When you have a huge chance of your house being scattered in 100 directions at least once a year, it better be cheap. Suppose brick houses might have a better survival rate though, or do those usually get destroyed too from the debris?
     
  21. TruePaige

    TruePaige Diamond Member

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    Something about grass...and it not being green enough..but it kinda looks green over that way...

    ;)
     
  22. WHAMPOM

    WHAMPOM Diamond Member

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    Land in Florida equals soon to be sea bottom.
     
  23. Phokus

    Phokus Lifer

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    interesting, i wonder how much insurance costs
     
  24. Red Squirrel

    Red Squirrel Lifer

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    Can only imagine the cost, if it's even covered. I think acts of God are usually not covered.

    But TV/news is enough for me not to want to live there. Other then the huge storms it would be a nice place to live. I like storms, just not the ones that destroy everything. :eek: I'll stick to our snow storms.
     
  25. fstime

    fstime Diamond Member

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    Fairfield County, CT home values will always be more stable, and higher in value than the rest of the county simply because this is where the wealthy reside, period.

    The richest cities and towns are located here for the convenience of being located so close to New York City. Regardless, the market here was still effected in some areas.

    I know plenty of people who sold their homes peak market in 2006 for $600-700K and bought them back this year for $300K. There is opportunity everywhere if you look hard enough.