Mortgage rates

[Concrete Helmet]

I'm not sure what's going on out there but we are as busy right now as we were 18-24 months ago, Big HELOC's, Construction loans, commercial purchases and residential purchases out the wazoo....and big million dollar plus sales just rolling in....And I don't think it's just us.....all of the county recording offices are falling 2-3 weeks behind on returning our recordings and the policy account number from our most used underwriter goes up by the hundreds everytime I log in(several times a day)and they're only statewide not national....Is Florida really escaping the Great Housing Collapse part 2?

 

[FireFoley]

Not going to be a crash anywhere Crete. Stuff is still moving, but here it is moving well below initial and in some cases most recet list price. People think that when they see a price drop or their bid is accepted that they got 'the deal" Maybe they did. But movement is still occurring but down here it is roughly 15-20% below what the high 6 figure home was bringing 1 year ago.

 

[URGatorBait]

I think the economy is on a downside, but I sure hope I'm wrong.

The business I help run is a little sensitive to people's disposable income and is directly related to residential use, though we do commercial work too.

Business has slowed down over the last month for us, not enough to kill us, or lay anyone off...yet...but enough to notice it.
We are a franchise and pretty much all the other franchises around the country are down this month.
Looking at the metrics from ads and business listings, things are down while they should be slowly gaining steam by this point in the year, and then through Thanksgiving.

It's disheartening because last month was our 2nd best month ever.

 

[soflagator]

I think the economy is on a downside, but I sure hope I'm wrong.

The business I help run is a little sensitive to people's disposable income and is directly related to residential use, though we do commercial work too.

Business has slowed down over the last month for us, not enough to kill us, or lay anyone off...yet...but enough to notice it.
We are a franchise and pretty much all the other franchises around the country are down this month.
Looking at the metrics from ads and business listings, things are down while they should be slowly gaining steam by this point in the year, and then through Thanksgiving.

It's disheartening because last month was our 2nd best month ever.

Rachel’s?

 

[URGatorBait]

Rachel’s?

I would never divulge where your mom works

 

[Concrete Helmet]

Welp the RE portfolio just got smaller.....offed house #2 today to an investor. They bought it sight unseen and closed today....just got the wire confirmation a little while ago. It's been sitting vacant for several months now and in need of a sizable renovation....

 

[URGatorBait]

Welp the RE portfolio just got smaller.....offed house #2 today to an investor. They bought it sight unseen and closed today....just got the wire confirmation a little while ago. It's been sitting vacant for several months now and in need of a sizable renovation....

Next Zombie House huh?

 

[Concrete Helmet]

Next Zombie House huh?

Zombie House?

 

[URGatorBait]

Zombie House?

It's a show, which is in part filmed in Orlando amongst many other major cities

 

[FireFoley]

Welp the RE portfolio just got smaller.....offed house #2 today to an investor. They bought it sight unseen and closed today....just got the wire confirmation a little while ago. It's been sitting vacant for several months now and in need of a sizable renovation....

So another 7 figure chunk of change for you to scoop up those Treasuries. Speaking of which I was just reading tonight that the Treasury will be announcing tomorrow an auction of 1.2 TRILLION in new debt to get us thru Sept. The announcement will be the durations and the amount of each so depending on how it is structured it could play havoc with the yield curve. Stay alert.

 

[FireFoley]

Here you go. Two price drops in less than a week for a total of 10%. Paid 925K one year ago today, Listed it for 1.2M. Pre Kung Flu, knowing this neighborhood like I do, this house goes for 500K maybe 550K. Sold for 325K very end of 2018. SMH

23300 Boca Chica Cir, Boca Raton, FL 33433 | realtor.com®

See photos and price history of this 3 bed, 2 bath, 2,078 Sq. Ft. recently sold home located at 23300 Boca Chica Cir, Boca Raton, FL 33433 that was sold on 08/11/2023 for $930000.

www.realtor.com

 

[soflagator]

Here you go. Two price drops in less than a week for a total of 10%. Paid 925K one year ago today, Listed it for 1.2M. Pre Kung Flu, knowing this neighborhood like I do, this house goes for 500K maybe 550K. Sold for 325K very end of 2018. SMH

23300 Boca Chica Cir, Boca Raton, FL 33433 | realtor.com®

See photos and price history of this 3 bed, 2 bath, 2,078 Sq. Ft. recently sold home located at 23300 Boca Chica Cir, Boca Raton, FL 33433 that was sold on 08/11/2023 for $930000.

www.realtor.com

Still find it odd that areas here aren’t seeing that. I’m trying to buy a condo in St Augustine for a rental, and within weeks of listing they’re gone, full ask.

On that house, the outside is great. You’re right though. The inside is a 500k home at best. Very dated look throughout and there’s not even any crown. Minus a foolish cash buyer, they’re sitting or taking a serious bath.

Side note. It probably doesn’t help that their street(Boca Chica) is named after a city in the Dominican Republic that’s associated with high crime, poverty and an influx of Italians and Germans heavily involved in underage porn filming and sex trafficking.

 

[Bernardo de la Paz]

Is there a way to short the Miami housing market?

 

[FireFoley]

Is there a way to short the Miami housing market?

Lol, I just saw this article.

Peter Thiel Says Moving to Florida from Silicon Valley Is Too Expensive

 

[Concrete Helmet]

Is there a way to short the Miami housing market?

Not yet but I've heard rumors there's an inverse ETF in the works based on a basket of overpriced Miami home listings that @FireFoley is posting here....

 

[FireFoley]

Here you go @Concrete Helmet, since you offloaded some properties here is one for you to 1031 Exchange with all that cash. It has a beautiful backyard. If you look at property history you will see it was listed for 1.05M in March and is now 695K. That is a 30+% drop by my finger count,

2701 S Ocean Blvd Apt 18, Highland Beach, FL 33487 | realtor.com®

See photos and price history of this 2 bed, 2 bath, 1,504 Sq. Ft. recently sold home located at 2701 S Ocean Blvd Apt 18, Highland Beach, FL 33487 that was sold on 07/07/2023 for $697000.

www.realtor.com

 

[Concrete Helmet]

Here you go @Concrete Helmet, since you offloaded some properties here is one for you to 1031 Exchange with all that cash. It has a beautiful backyard. If you look at property history you will see it was listed for 1.05M in March and is now 695K. That is a 30+% drop by my finger count,

2701 S Ocean Blvd Apt 18, Highland Beach, FL 33487 | realtor.com®

See photos and price history of this 2 bed, 2 bath, 1,504 Sq. Ft. recently sold home located at 2701 S Ocean Blvd Apt 18, Highland Beach, FL 33487 that was sold on 07/07/2023 for $697000.

www.realtor.com

Never....One thing I've learned from successful client/Investors of ours is to stick to the entry level market......they provide excellent liquidity, lower cost(taxes & insurance, HOA, repairs) and are easier to hold if you have to because of a more affordable rental bracket.

Again I think S. Florida is a different market because you have a lot of Johnny come lately's when there is a boom and they get their heads taken off on properties like this....Wasn't Miami area the crypto capital like 2-3 years ago? I imagine this is where a lot of these "mistakes" came from......yesterday's millionaire are sometimes today's broke d!ck MFer's....

 

[FireFoley]

Never....One thing I've learned from successful client/Investors of ours is to stick to the entry level market......they provide excellent liquidity, lower cost(taxes & insurance, HOA, repairs) and are easier to hold if you have to because of a more affordable rental bracket.

Again I think S. Florida is a different market because you have a lot of Johnny come lately's when there is a boom and they get their heads taken off on properties like this....Wasn't Miami area the crypto capital like 2-3 years ago? I imagine this is where a lot of these "mistakes" came from......yesterday's millionaire are sometimes today's broke d!ck MFer's....

Understood. I was really just using this to highlight how huge the actual sale price drop will end being when it does sell relative to the initial asking price. This is happening all over the place down here with properties that people bought for 800 and up down here in the last 2 years. They can't unload them without taking the proverbial bath.

 

[GatorCatsi]

 

[URGatorBait]

I might have to vote for Biden, so we can have an economic collapse and then I'll finally be able to afford a house