Buying Condo in Florida

A

anfield68

Guest
I am considering buying a condo in Palm Harbor Florida.
Has anybody bought one or has anybody got any advice on the palm harbor/florida property market?
 
If you search Askaboutmoney for 'Florida', I'm pretty sure that you will find quite a bit of negative comment.
 
anfield68 said:
I am considering buying a condo in Palm Harbor Florida.
Has anybody bought one or has anybody got any advice on the palm harbor/florida property market?
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You can read all the negative comment about Florida all you want but whether your propsed purchase is a good investment boils down to location. Anything on the water/beach you will always profit from. Certain areas have seen a downturn, but not on the water or beach. Florida will always be one of the safest investments to make if you buy on the water or beach together with the sfae guards in a monetery sense with deposits held in escrow / title companies etc etc.
 
icecool said:
You can read all the negative comment about Florida all you want but whether your propsed purchase is a good investment boils down to location. Anything on the water/beach you will always profit from. Certain areas have seen a downturn, but not on the water or beach. Florida will always be one of the safest investments to make if you buy on the water or beach together with the sfae guards in a monetery sense with deposits held in escrow / title companies etc etc.
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prices for beach-fronting condos have droped by aprox 15% this year.
New ones aren't shifting.

Read the Miami newspapers.
Look at the classifieds.

Your misinformed.

If someone is considering buying over there for whatever reason, hire a recommended buyers agent who knows the area..

after all it is location,location location,,,,and to protect yourself from even more price drops, which look highley likely in the american market, then this agent should be able to ffer you some protection.
 
So if as suggested prices are dropping, may this be a good time to buy??
 
anfield68 said:
So if as suggested prices are dropping, may this be a good time to buy??
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Prices were also dropping 6 months ago when the market was down 5%... so would that have been a good time to buy? The market in Florida isn't anywhere near bottom yet - there are record levels of inventory and no-one is buying.

www.globaleconomicanalysis.blogspot.com has some posts concerning the florida market. Usually quite reasoned and very negative.
 
Prices dropping all the time on resales, but holding firm or rising on many new developments, so be careful and check local resale prices -- not necessarily quoted ones, try to see what has been achieved.

If buying for yourself, buy where you would like to live and try to buy as low as possible. Watch out for further falls in the Dollar.

If buying for rental -- the market is well oversupplied and returns are not being achieved
 
baby_tooth said:
prices for beach-fronting condos have droped by aprox 15% this year.
New ones aren't shifting.

Read the Miami newspapers.
Look at the classifieds.

Your misinformed.

If someone is considering buying over there for whatever reason, hire a recommended buyers agent who knows the area..

after all it is location,location location,,,,and to protect yourself from even more price drops, which look highley likely in the american market, then this agent should be able to ffer you some protection.
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I can assure you i am not misinformed. I have 3 properties in florida, namely hollywood beach, bal harbour and 1 south beach. I was in miami in july and i am going there again in 2 weeks time. I'll let you know if i have suffered a down fall in the values on my properties. Unlike some i dont look at a country and beleive the hype that surrounds it and quote press articles that pigeon hole an entire country as a good or bad investment. Last week USA was stated in the press as a bad investment. This is garbage. If they have gone down in value i'll reinvest the lot into what the press say is the best area to invest.....Bulgaria LOL.
 
icecool said:
I can assure you i am not misinformed. I have 3 properties in florida, namely hollywood beach, bal harbour and 1 south beach. I was in miami in july and i am going there again in 2 weeks time. I'll let you know if i have suffered a down fall in the values on my properties. Unlike some i dont look at a country and beleive the hype that surrounds it and quote press articles that pigeon hole an entire country as a good or bad investment. Last week USA was stated in the press as a bad investment. This is garbage. If they have gone down in value i'll reinvest the lot into what the press say is the best area to invest.....Bulgaria LOL.
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bulgaria....the land of dreams.

at the moment, with money so cheap all property assets are over-valued, . the us is dropping like a stone. mortage approval rates are down, mortage drawdown sizes are down. As an investment professional, I wouldn't touch anything dollar at the moment.

Say your prices on your property does increase by 10%, but the dollar drops to 1.40. What have you made then?..that along with increasing invenetory, lower mortage drawdown size, increasing rates, dropping dollar, oil prices to spike in jan 07...doesn't bode well for florida
 
I saw this article on the New York Times a week ago.Have a read yourself and it will tell you all you need to know.

"What Statistics on Home Sales Aren’t Saying
By DAVID LEONHARDT

Moderator note:Text of article removed-please note Posting Guidelines on reproducing entire article.

You are of course free to provide a link.
 
I'm living just south of Palm Harbour.

Relative to Ireland there are Amazing deals, really beautiful properties that seem ridiculously cheap when you work them out in Euro's. We're shopping around at the moment.

We're shopping for a place to live in, not as a rental property. We will probably have to return to Ireland at some point, but we can pick up a place cheap enough, that even living in it for the next few months, and then holding on to it for trips over here, family, friends etc. It still works out a good deal.

look at craigslist.com if you want in idea of some of the deals you can get. I actually saw a buy one house get one free on there. Don't know about that.

They've certainly built too many Condo's and done too many condo conversions. I think prices will fall more.

To the original poster, you are certainly picking a nice part of Florida. I definitely prefer the Tampa/Clearwater to the more typical holiday spots like Orlando or Miami.

PM me if you're seriously interested in buying something here, I can forward you details of some of the places I've looked into.

-Rd
 
icecool said:
I can assure you i am not misinformed. I have 3 properties in florida. I'll let you know if i have suffered a down fall in the values on my properties.
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How does the fact that you have 3 properties there make you 'not misinformed'? Have you actually made any cash from your properties i.e. a sale? How will you know if you have suffered a down fall in the values until you actually sell them?
 
roland said:
How does the fact that you have 3 properties there make you 'not misinformed'?
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Yeah this annoys me when I hear this, just because someone has bought a number of investment properties previously, they believe that they are experts in property investing and more worrying their friends/neighbours/relatives believe it too and they accept misinformed advice from them as being gospel.

I would say that a considerable amount of people who made money(or who have had increased equity) in Ireland or Spain for example is more due to rising tides rather than any serious research/analysis/due dilligence.
 
daltonr said:
look at craigslist.com if you want in idea of some of the deals you can get. I actually saw a buy one house get one free on there. Don't know about that.


-Rd
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Are you sure its craigslist.com? Can't see anything here except San Francisco? And don't do as I did and type in craiglist in error!!!!!!
 
DonKing said:
Yeah this annoys me when I hear this, just because someone has bought a number of investment properties previously, they believe that they are experts in property investing and more worrying their friends/neighbours/relatives believe it too and they accept misinformed advice from them as being gospel.

I would say that a considerable amount of people who made money(or who have had increased equity) in Ireland or Spain for example is more due to rising tides rather than any serious research/analysis/due dilligence.
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You are all right I havn't got a clue.
 
icecool said:
You are all right I havn't got a clue.
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Ah relax Icecool. Don't be taking it personnally. I wasn't specifically referring to you.

I've no idea what your level of compedence is and I wouldn't comment on it anyway.
 
icecool said:
You are all right I havn't got a clue.
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Dont mind'em Ice, if I was buying i would certainly take what you say into consideration, given that you have put your money where your mouth is. I wonder what color armchairs some of the other posters are sitting on?
 
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