If You Are Thinking of Moving to the Sarasota Area, DON'T!!! (Tampa: apartment complexes, foreclosures)

[beach48urs]

Originally Posted by 1rainman

Don't worry the housing market is about to implode.

Port Charlottes appeal was it was cheaper than up north cheap homes, unpopulated, warm. Now it's expensive and over populated cost more than everywhere else except new York or Cali or something. It keeps getting hotter. Not sure why anyone would move here at this point but they keep coming. I'm out of here

Many experts maintain that the market is already backing off in middle of the market price points. The high end is not a good barometer at all. There is a lot of evidence of price reductions and giveaways already mostly by the national builders.


Yes. Back in the day we called Port Charlotte, Poor Charlotte --not any more lol

[1rainman]

In 2008 it took five years from the highest point to the lowest. It went down 28%. We just started to decline and will probably go down by more. Probably 30% or so but housing will still be too expensive for many even with a 30% price reduction. Prices are falling faster than 2008 which is why I think it will be a bit steeper than back then. Just like back then the bank failures are starting. The government needs to let them fail.

Well Sarasota used to be moderately expensive and port Charlotte dirt cheap now you need to be a millionaire to live in Sarasota

[Travelassie]

Originally Posted by Eda_Pimentel

The magic is gone, what magic? and having a boat load of cash has nothing to do with desirability, safety, availability of services, character or quality of people moving in you who must deal with in some form every day



I know, I'm not a transplant like many others who think they know everything. Blowhards seem omnipresent these days. People get old, arrogant, stupid, and omniscient here in Florida. It's truly a study! but I understand fully.

People who are "old, arrogant, stupid and omniscient" here in Florida were all that long before they got here, they just brought it with them. The only thing added in after a few months residence here is that they are now "armchair experts" on all things Florida.

[beach48urs]

something to think about for sure, even reading the armchair newly arrived here making their own contributions it seems.

[StraightTalker2022]

Stay inside for 9 months like everyone else.

[SRQperson]

I think this thread has gone a little off track. The main reason I posted it was for anyone doing research about moving here from other areas so they would know it is not the upgrade they were hoping it would be from wherever they are coming from because I used this site 15 years ago to research the area before I moved here. If I were looking to move to Sarasota now and read my original post, I would have immediately ruled it out. Anyone on here saying otherwise clearly has other agendas and should be ignored.

Let me add one more recent encounter with the new, younger demographic of people moving here so people can see what type of community they are moving into: I went to a gas station the other day and there was a d-bag holding a cigarette in one hand and a lollipop in the other hand, standing right in front of the entrance to the store. And when I walked the long way around him to the other side of the door to avoid his disgusting smoke, he eye-balled me the whole time, as if to start something.

Before any of the idiots on this site accuse me of being "Shekkie" again and/or say that they would have done something differently if they saw this thug, let me just tell you that I am over 200lbs of muscle and I workout on a heavy bag every day, so trust me, you would not have done anything differently.

[Trying941]

Originally Posted by SRQperson

I think this thread has gone a little off track. The main reason I posted it was for anyone doing research about moving here from other areas so they would know it is not the upgrade they were hoping it would be from wherever they are coming from because I used this site 15 years ago to research the area before I moved here. If I were looking to move to Sarasota now and read my original post, I would have immediately ruled it out. Anyone on here saying otherwise clearly has other agendas and should be ignored.

Let me add one more recent encounter with the new, younger demographic of people moving here so people can see what type of community they are moving into: I went to a gas station the other day and there was a d-bag holding a cigarette in one hand and a lollipop in the other hand, standing right in front of the entrance to the store. And when I walked the long way around him to the other side of the door to avoid his disgusting smoke, he eye-balled me the whole time, as if to start something.

Before any of the idiots on this site accuse me of being "Shekkie" again and/or say that they would have done something differently if they saw this thug, let me just tell you that I am over 200lbs of muscle and I workout on a heavy bag every day, so trust me, you would not have done anything differently.

My favorite line above: “Anyone on here saying otherwise clearly has other agendas and should be ignored.“

Seems the pot is calling the kettle black.

[joshan]

Originally Posted by Trying941

My favorite line above: “Anyone on here saying otherwise clearly has other agendas and should be ignored.“

Seems the pot is calling the kettle black.

most truthful post in the entire thread. Shekky reminds me of the people in the Tesla forums telling everyone how horrible they are, thinking they are making some sort of difference on stopping EV adoption, as Tesla keeps growing 50% year over year.

[Sunshine Rules]

Originally Posted by 1rainman

In 2008 it took five years from the highest point to the lowest. It went down 28%. We just started to decline and will probably go down by more. Probably 30% or so but housing will still be too expensive for many even with a 30% price reduction. Prices are falling faster than 2008 which is why I think it will be a bit steeper than back then. Just like back then the bank failures are starting. The government needs to let them fail.

Well Sarasota used to be moderately expensive and port Charlotte dirt cheap now you need to be a millionaire to live in Sarasota

The current "bubble" in real estate prices is very different, in my opinion, than the one back in the mid 2000's in that a lot of that bubble here in FL then was fed by insane, no money down loans (even to investors), no document loans & subprime lender loans at ridiculous interest rates. They created the "Ninja" mortgages -- no income, no job, no assets -- at very high interest rates, which added even more fuel to the fire. The number of loans increased substantially between 2003 and 2006. And it wasn't just new loans. Home owners also got into the loan crap shoot by pulling money from their residences via equity home loans. Eventually in 2008 the feeding frenzy hit a peak and lending dried up, the real estate market collapsed, and foreclosures became the norm for several years.

Most buyers today are doing conventional financing or paying cash (approximately 50% of all sales in our area are cash) rather than dubious 100% financing loans. Tighter lending standards compared to the 2000's will help minimize the risk of a real estate market crash as in 2008. The loans that have been made over the past decade are more solid, from borrowers with higher credit scores/ savings and lower debt. Yes there will be foreclosures, but then, there are always foreclosures going on, even in boom real estate markets.

This market is also different because the number of people looking to relocate to Florida continues to grow, creating more demand for owner occupied housing. Between now and April 1, 2024, the population of Florida is expected to grow by an average of 906 new residents per day, according to a news release from WFLA Channel 8 in Tampa. Florida’s population is expected to grow by more than 700,000 residents the next 2 years alone. More people require more housing.

One of the reasons for the growth can be contributed to Florida's business friendly governments, at the local and state levels. Businesses are finding they no longer have to be tied to metro areas like New York, and are therefore taking advantage of what FL has to offer.

I will leave the market predictions to the "experts." Most of those are not predicting a housing market crash in FL anytime soon, especially not in the next 5 years. Some are predicting demand will continue to drop as mortgage rates increase, which makes sense. Others disagree, saying the demand and lack of supply will continue to fuel the price increases for at least the next few years.

A study published recently by the FL Realtors Assn is predicting the following for our immediate area for 2023: Sales down 28.7%, prices up 3.2%

Time will tell which experts got it right.

[Above Average Bear]

Originally Posted by Sunshine Rules

The current "bubble" in real estate prices is very different, in my opinion, than the one back in the mid 2000's in that a lot of that bubble here in FL then was fed by insane, no money down loans (even to investors), no document loans & subprime lender loans at ridiculous interest rates. They created the "Ninja" mortgages -- no income, no job, no assets -- at very high interest rates, which added even more fuel to the fire. The number of loans increased substantially between 2003 and 2006. And it wasn't just new loans. Home owners also got into the loan crap shoot by pulling money from their residences via equity home loans. Eventually in 2008 the feeding frenzy hit a peak and lending dried up, the real estate market collapsed, and foreclosures became the norm for several years.

Most buyers today are doing conventional financing or paying cash (approximately 50% of all sales in our area are cash) rather than dubious 100% financing loans. Tighter lending standards compared to the 2000's will help minimize the risk of a real estate market crash as in 2008. The loans that have been made over the past decade are more solid, from borrowers with higher credit scores/ savings and lower debt. Yes there will be foreclosures, but then, there are always foreclosures going on, even in boom real estate markets.

This market is also different because the number of people looking to relocate to Florida continues to grow, creating more demand for owner occupied housing. Between now and April 1, 2024, the population of Florida is expected to grow by an average of 906 new residents per day, according to a news release from WFLA Channel 8 in Tampa. Florida’s population is expected to grow by more than 700,000 residents the next 2 years alone. More people require more housing.

One of the reasons for the growth can be contributed to Florida's business friendly governments, at the local and state levels. Businesses are finding they no longer have to be tied to metro areas like New York, and are therefore taking advantage of what FL has to offer.

I will leave the market predictions to the "experts." Most of those are not predicting a housing market crash in FL anytime soon, especially not in the next 5 years. Some are predicting demand will continue to drop as mortgage rates increase, which makes sense. Others disagree, saying the demand and lack of supply will continue to fuel the price increases for at least the next few years.

A study published recently by the FL Realtors Assn is predicting the following for our immediate area for 2023: Sales down 28.7%, prices up 3.2%

Time will tell which experts got it right.

Do you know if the 906 residents per day moving to Florida is calculated using the residents moving away from Florida and the number of residents dying per day?
In other words what is the net inflow per day?