The boat turns slowly

[Coronita]

[quote=briansd1][quote=flu]Still waiting for my 3.00% apr on a 15 year loan….
(I’ll settle for a 15 year loan instead of 30 now..))[/quote]

Isn’t it nice that government intervention makes your purchase price more palatable? ;)[/quote]

Not really, since it’s already affordable for me….And I prefer no bailout versus bailout for the masses.

BUT, if the government is going to tax me up the ying yang in the future doing it, I might as well milk as much as I get coming my way too, because afterall, morale hazard is so out of vogue.

I only regret I didn’t do what one of my relatives did. Buy very expensive place in SF and took out an interest only loan with a ridiculous rate….Not that they can’t afford it….But they got a ridiculous rate and the money they have to theoretically pay off the place is sitting in some nice investments earning 1-2 percent above the APR of their mortgage….

I just replaced several of my appliances for the cash for appliances rebate too. Got a nice fridge with 3 doors and it’s pretty sweet…Lol…

Can’t beat em… Join em… Spend spend spend spend spend. LA LA LA LA LA LA LA LA LA…..

[briansd1]

[quote=ocrenter]

what is your general turn around time from purchase to flip? and who are the folks buying? snowbirds?[/quote]

It depends on the house.

There are lots of shell houses in South Florida. But they are all cinder block houses that need finish. In that case, the buddy who is a contractor will finish the house. That might lengthen the turnaround time to 6 months.

There was even a Chinese drywall house that had to be redone.

The house I linked to, the investor who buys it might put it on the market immediately with some cleanup. Values in that neighborhood are about $110k – $130k.

The buyers are snow birds and, interestingly, Hispanic immigrants who have jobs and are loving the lower prices.

The peak houses in the Fort Myers area seem to have attracted “wholesome” white families with kids who went bust with the economic crash. Kind of like Temecula Valley. But the bust has been more spectacular in South-West Florida because there are no large metropolitan areas to commute to for jobs.

[briansd1]

[quote=ocrenter]

what is your general turn around time from purchase to flip? and who are the folks buying? snowbirds?[/quote]

It depends on the house.

There are lots of shell houses in South Florida. But they are all cinder block houses that need finish. In that case, the buddy who is a contractor will finish the house. That might lengthen the turnaround time to 6 months.

There was even a Chinese drywall house that had to be redone.

The house I linked to, the investor who buys it might put it on the market immediately with some cleanup. Values in that neighborhood are about $110k – $130k.

The buyers are snow birds and, interestingly, Hispanic immigrants who have jobs and are loving the lower prices.

The peak houses in the Fort Myers area seem to have attracted “wholesome” white families with kids who went bust with the economic crash. Kind of like Temecula Valley. But the bust has been more spectacular in South-West Florida because there are no large metropolitan areas to commute to for jobs.

[briansd1]

[quote=ocrenter]

what is your general turn around time from purchase to flip? and who are the folks buying? snowbirds?[/quote]

It depends on the house.

There are lots of shell houses in South Florida. But they are all cinder block houses that need finish. In that case, the buddy who is a contractor will finish the house. That might lengthen the turnaround time to 6 months.

There was even a Chinese drywall house that had to be redone.

The house I linked to, the investor who buys it might put it on the market immediately with some cleanup. Values in that neighborhood are about $110k – $130k.

The buyers are snow birds and, interestingly, Hispanic immigrants who have jobs and are loving the lower prices.

The peak houses in the Fort Myers area seem to have attracted “wholesome” white families with kids who went bust with the economic crash. Kind of like Temecula Valley. But the bust has been more spectacular in South-West Florida because there are no large metropolitan areas to commute to for jobs.

[briansd1]

[quote=ocrenter]

what is your general turn around time from purchase to flip? and who are the folks buying? snowbirds?[/quote]

It depends on the house.

There are lots of shell houses in South Florida. But they are all cinder block houses that need finish. In that case, the buddy who is a contractor will finish the house. That might lengthen the turnaround time to 6 months.

There was even a Chinese drywall house that had to be redone.

The house I linked to, the investor who buys it might put it on the market immediately with some cleanup. Values in that neighborhood are about $110k – $130k.

The buyers are snow birds and, interestingly, Hispanic immigrants who have jobs and are loving the lower prices.

The peak houses in the Fort Myers area seem to have attracted “wholesome” white families with kids who went bust with the economic crash. Kind of like Temecula Valley. But the bust has been more spectacular in South-West Florida because there are no large metropolitan areas to commute to for jobs.

[briansd1]

[quote=ocrenter]

what is your general turn around time from purchase to flip? and who are the folks buying? snowbirds?[/quote]

It depends on the house.

There are lots of shell houses in South Florida. But they are all cinder block houses that need finish. In that case, the buddy who is a contractor will finish the house. That might lengthen the turnaround time to 6 months.

There was even a Chinese drywall house that had to be redone.

The house I linked to, the investor who buys it might put it on the market immediately with some cleanup. Values in that neighborhood are about $110k – $130k.

The buyers are snow birds and, interestingly, Hispanic immigrants who have jobs and are loving the lower prices.

The peak houses in the Fort Myers area seem to have attracted “wholesome” white families with kids who went bust with the economic crash. Kind of like Temecula Valley. But the bust has been more spectacular in South-West Florida because there are no large metropolitan areas to commute to for jobs.

[UCGal]

There’s an interesting discussion of the collapse in housing, and how the data (like Case Schiller) takes a while to get out. It’s obviously a national look, but it fits some of what you (SDR) are seeing.

It fits the “boat turns slowly” idea.

http://www.calculatedriskblog.com/2010/07/survey-shows-house-prices-falling-in.html

I’m just really glad I’m not actively in the market and have no plans to sell or buy in the near future. If prices drop more, I may pick up that income property I’ve talked about…

[UCGal]

There’s an interesting discussion of the collapse in housing, and how the data (like Case Schiller) takes a while to get out. It’s obviously a national look, but it fits some of what you (SDR) are seeing.

It fits the “boat turns slowly” idea.

http://www.calculatedriskblog.com/2010/07/survey-shows-house-prices-falling-in.html

I’m just really glad I’m not actively in the market and have no plans to sell or buy in the near future. If prices drop more, I may pick up that income property I’ve talked about…

[UCGal]

There’s an interesting discussion of the collapse in housing, and how the data (like Case Schiller) takes a while to get out. It’s obviously a national look, but it fits some of what you (SDR) are seeing.

It fits the “boat turns slowly” idea.

http://www.calculatedriskblog.com/2010/07/survey-shows-house-prices-falling-in.html

I’m just really glad I’m not actively in the market and have no plans to sell or buy in the near future. If prices drop more, I may pick up that income property I’ve talked about…

[UCGal]

There’s an interesting discussion of the collapse in housing, and how the data (like Case Schiller) takes a while to get out. It’s obviously a national look, but it fits some of what you (SDR) are seeing.

It fits the “boat turns slowly” idea.

http://www.calculatedriskblog.com/2010/07/survey-shows-house-prices-falling-in.html

I’m just really glad I’m not actively in the market and have no plans to sell or buy in the near future. If prices drop more, I may pick up that income property I’ve talked about…

[UCGal]

There’s an interesting discussion of the collapse in housing, and how the data (like Case Schiller) takes a while to get out. It’s obviously a national look, but it fits some of what you (SDR) are seeing.

It fits the “boat turns slowly” idea.

http://www.calculatedriskblog.com/2010/07/survey-shows-house-prices-falling-in.html

I’m just really glad I’m not actively in the market and have no plans to sell or buy in the near future. If prices drop more, I may pick up that income property I’ve talked about…

[surveyor]

[quote=andymajumder]The real winners have been people who bought in the late 1990s or 2000-2002 span and were able to refinance to the low rates now.[/quote]

That would describe me, but unfortunately my mortgage broker has just informed me that fannie mae will not let me refi since I have more than four property loans.

/sob

[surveyor]

[quote=andymajumder]The real winners have been people who bought in the late 1990s or 2000-2002 span and were able to refinance to the low rates now.[/quote]

That would describe me, but unfortunately my mortgage broker has just informed me that fannie mae will not let me refi since I have more than four property loans.

/sob

[surveyor]

[quote=andymajumder]The real winners have been people who bought in the late 1990s or 2000-2002 span and were able to refinance to the low rates now.[/quote]

That would describe me, but unfortunately my mortgage broker has just informed me that fannie mae will not let me refi since I have more than four property loans.

/sob

[surveyor]

[quote=andymajumder]The real winners have been people who bought in the late 1990s or 2000-2002 span and were able to refinance to the low rates now.[/quote]

That would describe me, but unfortunately my mortgage broker has just informed me that fannie mae will not let me refi since I have more than four property loans.

/sob

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