Sell Florida residence or not? - Posted by Brad C

Posted by Bob Smith on July 13, 2007 at 08:37:55:

I like it here in Florida, but Crist’s god-awful global warming initiative is going to trash our economy.

Sell Florida residence or not? - Posted by Brad C

Posted by Brad C on July 12, 2007 at 16:09:54:

Hello,

Just wanted to get some opinions on my situation, since I have no idea what to do at this point.

I bought my home in Florida 1.5 yrs ago, at the peak of the market, for $250,000. It was built in 1996, but could use some updating (add tile floors, landscaping). I think it might sell for $200,000 now if I’m lucky.

I’d like to move back to New Hampshire in the near future. In this case, should I cut my losses and sell this house now and go to closing with cash (borrowed partially from HELOC or from sale of another rental property), or should I return to NH and rent out this house at a significant loss each month (mortgage of $1800 PITI, rent for $900 conservatively) for a few years until I’m able to sell it and break even?

Thanks in advance!

Brad

Re: Sell Florida residence or not? - Posted by thutch fl

Posted by thutch fl on July 19, 2007 at 12:24:14:

Sell, you lose 50k now. It would take you 55 months of negative cash flow to equal the same 50K loss.

In 55 months I think it will be worth 180.
I believe the market is going to go down another 10% to 20% in the next 9 months. It is simple supply and demand. One person lowers there price to sell, the next wants lower. It was great going up, it will be even better for those of us left over after the market has bottomed.

things always look gloomy … - Posted by Marc Donovan

Posted by Marc Donovan on July 13, 2007 at 04:07:58:

right before they turn around.

Unless you overpaid, or you live on the space coast, I seriously doubt you lost 20% in a year and a half. Do some comps before you decide anything. Zillow.com works well for Florida since home prices are public. Take a look.

It also depends on which market you are in, but it’s safe to say that most of the speculators that caused this price war are gone:

FL still has 300,000 new residents every year and they have to live somewhere.

My advice, hang in there, its about to move up again.

Re: Sell Florida residence or not? - Posted by Sailor

Posted by Sailor on July 12, 2007 at 20:31:44:

Not all FL property has the same outlook. Some areas are more
viable than others & w/appreciate because there are jobs & folks
still want to live there. Right now much of FL is being painted w/
the same brush, but some areas w/separate from the pack &
rebound.

Tye

Re: Sell Florida residence or not? - Posted by Rich-CA

Posted by Rich-CA on July 12, 2007 at 19:34:00:

Personally, I think you’d be hard pressed to sell, even at a low price, with so much on the market.

Run…Forrest…Run… - Posted by Jarid- Fl

Posted by Jarid- Fl on July 12, 2007 at 18:19:40:

The south fla market is enondated with foreclosures. Inventory will continue to rise making it a race to the bottom. If you can sell…do so.