tag:blogger.com,1999:blog-105677262011-08-10T16:58:35.945-07:00Trends in Florida Real Estate markets with an emphasis on coastal counties.Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.comBlogger451100tag:blogger.com,1999:blog-10567726.post-1124728270194017632005-08-22T09:28:00.000-07:002005-08-22T09:31:10.200-07:00

Some funny stuff:"An early homebuilding method was "wattle and daub" construction. This mean the house was made of "wattles," which are those loose folds of skin hanging on old people's necks, and "daub," which is mud. So they were pretty disgusting to live in. People mostly stayed outside on the patio, grilling.The next step was "half-timbered" houses, like they had in Shakespeare's time. They

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com83tag:blogger.com,1999:blog-10567726.post-1124291644832174562005-08-17T08:12:00.000-07:002005-08-17T08:14:04.850-07:00

This blog posts from Brevard County, Florida, where we are in the thick of the price gains over the last year.Should I be ready to pounce or should have I pounced (as a buyer) last year when my eyes were bulging out at the then current prices?

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com19tag:blogger.com,1999:blog-10567726.post-1123510968538931722005-08-08T07:22:00.000-07:002005-08-08T07:22:48.546-07:00

An argument for price declines in beachside Brevard:The following are people who will be selling in the near future:1. Speculators. They are definitely more numerous as a percentage of the overall market in Brevard County and everywhere in Florida. What is the percentage? In South Florida, there are reports of some condos being 50% plus. In beachside Brevard, from my personal research, I might

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com8tag:blogger.com,1999:blog-10567726.post-1122472498163395022005-07-27T06:30:00.000-07:002005-07-27T06:54:58.170-07:00

Remember during the tech boom when statistics were flying around about the growth of the internet? Everyone was going to connect to the internet, remember? Companies laid fiberoptic cables and created networks anticipating the crushing demand. And while all the rabid attention was on tech, some old blue chips were quietly stirring their pot of cooked books. Enron, Worldcom, HealthSouth had to

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com6tag:blogger.com,1999:blog-10567726.post-1121878221131103392005-07-20T09:35:00.000-07:002005-07-20T09:50:21.136-07:00

Ok, I am back after a little hiatus from blogging.Greenspan and housing bulls insist that bubbles, if there are any in the real estate market are local or perhaps regional. However, here are some recent observations which point to a national bubble:1. Real estate financing is national, not local or regional. Easy money is easy everywhere from the small towns to the big towns. This puts upward

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com1tag:blogger.com,1999:blog-10567726.post-1120139186464373262005-06-30T06:42:00.000-07:002005-06-30T06:46:26.470-07:00

With an increase as low as 10% and as high as 18.8%, the coffers of local governments are swelling, as I expected. Now, lets look real carefully to see how they spend their newfound windfall. Raises anyone?Forgive the unformatted cut and paste, it is a registration site:County/City Additional property-tax revenue in 2005 Change from 2004LAKE COUNTY $14,716,554 +18.5%Astatula $21,998 +17.6%

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com37tag:blogger.com,1999:blog-10567726.post-1119278484981749812005-06-20T07:35:00.000-07:002005-06-20T07:42:38.436-07:00

I like the mental gymnastics in this piece.From a seller analyzing his decision to sell, it is too much fun to bend your mind around the contrasting arguments:"...he questioned whether prices could stick at a level that placed housing so far out of the reach of its principal market." and"Then there's the contrarian factor: "The notion that this is a bubble is such conventional wisdom that I'm

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com15tag:blogger.com,1999:blog-10567726.post-1119276455965666332005-06-20T07:03:00.000-07:002005-06-20T07:07:35.970-07:00

Google news reports 1920 hits on "house bubble" and major news outlets are chattering. Will anybody listen? Or are the news sources just trying to generate ratings? Is it different this time?Directly, across the street from my home, where the homes are oceanfront, owners are piling money into renovations, tear down/new construction. One just started the other day. I don't think they are

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com7tag:blogger.com,1999:blog-10567726.post-1118930309072506062005-06-16T06:56:00.000-07:002005-06-16T06:58:29.076-07:00

You don't see hard number crunching like this in our frenzied real estate days. Time, effort, and money are all sunk into real estate. Its like its own separate business, and as of late, it seems to be a profitable one. But businesses fail, and often at no fault of their owners.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com4tag:blogger.com,1999:blog-10567726.post-1118261581420396022005-06-08T13:12:00.000-07:002005-06-08T13:13:01.423-07:00

The excitement of the chase.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com3tag:blogger.com,1999:blog-10567726.post-1118192882790106362005-06-07T18:03:00.000-07:002005-06-07T18:08:02.793-07:00

As mentioned earlier on this blog, one negative of housing value increases are corresponding property tax increases. Local municipalities are "hip deep in property tax revenue" and are "assessing property much more aggressively" according to this. Count those on the beach in Florida as the hardest hit with this negatory. If you have a second home on the beach in Florida, get ready for a nice

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com1tag:blogger.com,1999:blog-10567726.post-1118170231258357242005-06-07T11:47:00.000-07:002005-06-08T13:31:14.646-07:00

Just a quick example: 215 Shannon Avenue, Indialantic, FL 32951, 4/3/2 with nice sized lot within walking distance to beach. Sales price is $480,000, current tenant pays $1,300 a month. Any reason the tenant should buy?Update: Taxes on the above property aret $308.25 a month.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com7tag:blogger.com,1999:blog-10567726.post-1117974167935083032005-06-05T05:18:00.000-07:002005-06-05T05:22:47.940-07:00

A smart move, it may pay off soon.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com3tag:blogger.com,1999:blog-10567726.post-1117726136833299242005-06-02T08:04:00.000-07:002005-06-02T08:28:56.836-07:00

Just a challenge for real estate people. Send me a deal anywhere in the continental U.S. that closed in 2005 and that is throwing off positive income or has a neutral income statement, and I will send them a prize (nothing fancy, just for fun, but it might be worth it).Here are the parameters:1. Purchase price must be 80% financed (or deemed 80% financed) at current commercial rates. Financing

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com4tag:blogger.com,1999:blog-10567726.post-1117206773454239342005-05-27T08:10:00.000-07:002005-05-27T08:12:53.456-07:00

If you think you want to ride the real estate wave in Florida, take advantage of my hours of real estate research and don't bother looking until something significant happens.A commercial property came up for sale today in my area, and I was cautiously optimistic that it could have promise. It was listed at over 3,000 square feet for $260,000. Very reasonable on paper. The listing did say it

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com13tag:blogger.com,1999:blog-10567726.post-1117206631484980452005-05-27T08:01:00.000-07:002005-05-27T08:13:16.100-07:00

The officials are getting nervous and chattering, which means the time to sell was about a year ago."There are some local markets, especially in coastal Florida, where I've heard stories for more than a year about behavior that's got to be characterized as nothing other than speculation,"and"Atlanta Federal Reserve Bank President Jack Guynn, warned that some of those gambling on ever-increasing

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1117026820053103212005-05-25T06:02:00.000-07:002005-05-25T06:13:40.056-07:00

"...Florida can claim four of the top five, and eight of the top 10, metropolitan areas in the nation with the greatest home price appreciation in the first quarter of 2005..." Round and round we go, where it stops nobody knows.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com6tag:blogger.com,1999:blog-10567726.post-1116959485459306832005-05-24T11:22:00.000-07:002005-05-24T11:32:06.990-07:00

I sometimes wonder if pundits believe that they are calling a trend or inducing one. A well respected icon like Alan Greenspan, for example, sends ripples out into the ether when he starts talking about "lots of little bubbles" and a "little froth" in the housing markets across the country. I cannot doubt that Mr. Greenspan chooses his language carefully because he feels the weight of the

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1116941464630231312005-05-24T01:28:00.000-07:002005-05-24T06:31:04.633-07:00

The lumbering associated press is catching on. The real estate runup is taxing homeowners beyond what they are able to pay. Even those who have not participated in the recent bubble are not immune. "Soaring property taxes are a top worry in state legislatures across the country...", since when did lawmakers worry about soaring taxes?

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1116883562840117732005-05-23T14:12:00.000-07:002005-05-23T14:27:24.513-07:00

In my county (Brevard) I have been searching for small to medium commercial opportunities for about two years. In that time, I have not been able to find a property that could be reasonably expected to turn a profit within the next five years. Every closed commercial deal that I research has required the new owner to feed their new investment. Rents have remained flat and prices have done

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1115380412379842932005-05-06T04:44:00.000-07:002005-05-06T04:53:32.403-07:00

An interesting but a little jaded article tells us about how real estate agents use their expert knowledge for their own advantage and not necessarily for the advantage of of their clients, buyers and sellers. The main idea is that agents make money doing a multitude of transactions, not personally taking the time to make sure you get the most money for a seller or get the best deal for a buyer

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1115048287111287822005-05-02T08:28:00.000-07:002005-05-02T08:38:07.113-07:00

Can this be good for the market. I remember attending real estate investment club meetings in 2002 that resembled pep rallies mostly Stories, rumors and legends of quick profits were bloviated by attendees and poker faced investors would try to squeeze deals and tips from each other. So far, three years later, they must be living the high life because properties in their area have been rising

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com1tag:blogger.com,1999:blog-10567726.post-1114778285840526492005-04-29T05:20:00.000-07:002005-04-29T05:39:31.993-07:00

Here we go. Maybe the media is prepping us for a housing slide, the stories are starting to flow. This woman is charged with being a bad, bad mortgage broker. "Investigators said Sant falsified federal tax forms, title work and other documents -- with and without knowledge of applicants -- to get loans." Its scary for everyone to think that there are homeowners out there who don't even know

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com39tag:blogger.com,1999:blog-10567726.post-1114614189532913252005-04-27T07:19:00.000-07:002005-04-27T08:04:58.290-07:00

The local area MLS used to be the one convenient, concise method of exposing a property for sale. Realtors being exclusive members of the local area MLS were the only ones with access. However, no longer does the MLS have a monopoly on real estate marketing. As a matter of fact, it has become a truism among investors and those astutely looking for homes in Florida that if a property hits the

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1114522040054297792005-04-26T05:55:00.001-07:002005-04-26T07:58:48.890-07:00

Nationally, housing starts looked a little sluggish for the month of March. But local regions in Florida bucked that trend, even setting records for housing starts. Pundits have said Florida might be immune to any sort of decline in housing. Maybe its true. Values, in general, in the recent past seemed to be below national averages in other similarly populous states (NY and California, for

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com0tag:blogger.com,1999:blog-10567726.post-1114518199525236402005-04-26T05:06:00.000-07:002005-04-26T05:23:19.526-07:00

As if the price run ups are not enough, homeownership might be getting even more costly as Brevard County considers tacking on an extra $3,000 to the price of new homes to pay for growth related infrastructure. The county seems to behave like the high maintenance wife of a millionaire who just can't get enough money to cover "necessities". This year they are already getting a huge bump from

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com0tag:blogger.com,1999:blog-10567726.post-1114481515579729202005-04-25T19:08:00.000-07:002005-04-26T06:29:25.726-07:00

Its not black gold but it just the same to beachfront property owners in Brevard County Florida. They must feel real special that the rest of the country's tax payers pitched in over $16 million to protect their mansions. I heard them working at 4 am over the weekend.We've got an extra 30 feet of beach now, and for most people it just means they get to work out their ankles some more to get to

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com3tag:blogger.com,1999:blog-10567726.post-1114431542075705812005-04-25T05:02:00.000-07:002005-04-25T05:25:41.406-07:00

The Orlando Sentinel has a short blurb on this. Vacation homes are hot for Europeans in Central Florida right now. Miami is also notorious for international buyers. Conventional wisdom says its the weak dollar that has all of the outlanders frenzied for our housing. Disney and the beach are huge attractants. Could Fla's strong tourism home market spare it from any real estate or credit

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1114401366696222972005-04-24T20:52:00.000-07:002005-04-24T20:56:06.696-07:00

Miami is tops, some estimate 70% are being purchased for speculation.What may be more surprising is the FlaToday is regurgitating this old news. The article is an interesting hedge. Its written to support the boom with a peppering of bubble implications. Are they jumping on the bubble bandwagon or being bullish? Either way they can say they were accurate.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com1tag:blogger.com,1999:blog-10567726.post-1114317147845968572005-04-23T21:30:00.000-07:002005-04-23T21:32:27.846-07:00

Its on average 1%, down from 10% in 1980.Most Americans are overleveraged, and they have no reserves. If there is a credit bubble get ready for some lean times.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com1tag:blogger.com,1999:blog-10567726.post-1114310514814813322005-04-23T19:18:00.000-07:002005-04-23T19:53:11.180-07:00

Current market rents reflect accurately what the income potential is in the area. Someone who is renting, is working nearby and is probably not willing to use up more than 30% or 40% of his/her income in rent. Today the cost to rent is half and sometimes a third of what it is to buy. Rents have remained nearly flat as has income. Real estate sales prices lately, however, have had little basis

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com3tag:blogger.com,1999:blog-10567726.post-1114196030056131252005-04-22T11:31:00.000-07:002005-04-22T11:53:50.056-07:00

The U.S. Department of Justice is investigating anti-trust activities in the real estate brokerage business. It appears those brokers not in lock step with a 6% or greater commission get no cooperation in selling the homes they have listed. Despite stiff competition from do-it-yourselfer's and real estate internet sites, each region's multiple listing service is still the primary method whereby

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1114098323373124862005-04-21T08:43:00.000-07:002005-04-21T08:45:23.376-07:00

Insurance Commissioners unite! Go get 'em. Stewart Title fined $750,000.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com3tag:blogger.com,1999:blog-10567726.post-1114092222185945932005-04-21T06:50:00.000-07:002005-04-21T07:03:42.186-07:00

Builders in South Florida are blaming a low supply of land and saturated build out for the decline in single family housing starts for the first quarter of 2005. Building giant Lennar says its not from lack of demand. I suppose there must be a low supply of land nationally then because housing starts are down all over the country by 17% in March. Its the biggest decline in fourteen years.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com0tag:blogger.com,1999:blog-10567726.post-1114011937849862612005-04-20T08:44:00.000-07:002005-04-20T08:45:37.850-07:00

Is it already slipping?Here is my prediction for where the slips will start:1. Homes priced over ten times the annual median income.2. New Subdivisions farther from established city centers, especially those with higher HOA fees.3. Urban condos, especially those with higher condo assoc. fees.4. Waterfront condos and homes.5. Small to medium commercial properties (buildings with units under 5000

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com0tag:blogger.com,1999:blog-10567726.post-1114011684011370182005-04-20T08:39:00.000-07:002005-04-20T13:09:13.056-07:00

Another interesting tech boom/real estate comparison: Here in Melbourne, Florida there is a fair amount of hi tech industry, much of it centered around NASA, but back in the mid nineties companies like Nokia and JDS Uniphase built these "avant garde", architecturally sophisticated commercial campuses. Today, of course, the companies' presence is shriveled up here and the buildings are for lease.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com0tag:blogger.com,1999:blog-10567726.post-1113827891189303022005-04-18T05:35:00.000-07:002005-04-18T05:39:08.896-07:00

This is from a poster to a housing bubble blog. I've thought the same thing several times."Back in the good ol' dotcom days, I ran a biz in downtown SF. I got my hair cut by a Korean woman in her late 50s who seemed fascinated by money. She always asked me, "How's business?". She would always tell me, "You very smart." Guess she wanted a big tip.Most of here clientele were investment bankers and

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com0tag:blogger.com,1999:blog-10567726.post-1113827659692339402005-04-18T05:26:00.000-07:002005-04-18T05:34:19.693-07:00

Remember when the tech boom was full swing and you had to check the price of your stock twice daily to feed the urge to see how much money you were making? It seems like real estate is taking its place. Property appraisers all over the state are online and post sales information as recent as a couple of weeks ago. Do you want to know what your recent neighbors paid for their home? Its online.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com0tag:blogger.com,1999:blog-10567726.post-1113510173616951532005-04-14T13:17:00.000-07:002005-04-14T13:29:21.263-07:00

Florida's coastal counties will be holding their breath this weekend when a significant ocean swell event will batter beaches rebuilt from the scouring 2004 hurricane season. The waves could top 12 feet according to some Navy models, and the waves, along with a strong North wind could create a river of foam and sand flowing south. As I type, I hear the front end loaders back-up beeping, as they

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1113493047042300742005-04-14T08:20:00.000-07:002005-04-14T08:43:33.780-07:00

For many years, a federal law called the Real Estate Settlement Procedures Act (RESPA) has prohibited referral fees or "kickbacks" among the various settlement service providers in a real estate transaction. And for many years, realtor/brokers, mortgage brokers, banks, and title companies have exchanged value for the referral of business between themselves in violation of RESPA. Violators

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com0tag:blogger.com,1999:blog-10567726.post-1113408738330749302005-04-13T08:52:00.000-07:002005-04-13T09:12:18.333-07:00

In this era of easy money and low interest rates, it is not atypical for anyone with a median income job to have access to hundreds of thousands of dollars to make real estate purchases. This has led to incredible competition at foreclosure sales all over the state of Florida. The demand is so strong at the courthouse steps, that you may end up paying more for a property in poor condition

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1113394318014830452005-04-13T05:08:00.000-07:002005-04-13T05:11:58.016-07:00

Forget about hurricane damage; the largest expense for some out of town owners of beachfront property in 2004 was the spike in local property taxes. This house, which is a basic one story built in 1948 overlooking the ocean, had a 2003 tax bill of $10,900; in 2004 it had sprung to $16,974. With a substantial portion of the beachfront being owned by out of town owners (residents have a

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com2tag:blogger.com,1999:blog-10567726.post-1113316429352606102005-04-12T07:32:00.000-07:002005-04-12T07:33:49.353-07:00

Interesting comparison to the stock market.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com1tag:blogger.com,1999:blog-10567726.post-1113313916554667552005-04-12T06:26:00.001-07:002005-04-12T06:58:47.103-07:00

Most businesses' value is measured by its ability to produce revenue; real estate has historically been no different. Commercial investors look at getting a rate of return out of their capital output in purchasing a property. In Central Florida, however, the conventional real estate business model has been turned on its head. Rates of return, or in other words, the ability of an asset to produce

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com0tag:blogger.com,1999:blog-10567726.post-1107311169266039612005-02-01T18:24:00.000-08:002005-02-01T18:26:09.266-08:00

Here are some recent sales in Wilcox subdivision of Melbourne Beach, Florida. For four real estate closings in December 2004, price range was $231 to $292 per square foot, two had pools, two without pools, three had .31 acre lots, one was .21 acre lot. One purchaser remains in California, the other three appear to be moving in.

Sunnyhttp://www.blogger.com/profile/15223116957312549017noreply@blogger.com3