Current housing (condo, downtown, huouse, suburbs) discussion

[sunshine]

Think the luxury condo market is rebounding anytime soon?

Posted on Sep 12, 2007 10:01:54 PM

Here are numbers to think about.

In August, the Orlando Regional Realtors Association had 524 condo units listed for more than $400,000.

The same monthy, they reported six sales in that price category.

That translates into more than a 7-year inventory on the market.

This is bad news if you're a luxury condo developer anywhere but Winter Park, where the city will bail you out.

http://blogs.orlandosentinel.com/news_colu...-the-luxur.html

[macrocosim144]

Republicans are BAD BAD BAD for the economy. The proof is in the pudding...

[Go Gators]

Republicans are BAD BAD BAD for the economy. The proof is in the pudding...

[Camillo Sitte]

How intelligent and such a deep intellectual argument. Who has been in control of Congress for the past year?

Lets blame it on the big bad Republicans and all their friends in the banking industry who wrote these ARM loans. Let's not put any blame on the people who put an average of 3% down on homes and signed loans they knew they couldnt afford all in the name of looking like they are more wealthy than they are. But no, lets not blame it on personal responsibility when we can blame the Republicans.

Its always someone elses fault, right?

[jack]

Its always someone elses fault, right?

[Go Gators]

While there may be a bit of truth buried somewhere in your post, to me it smacks of the drug dealer bemoaning the lack of personal responsibility that his customers should themselves exhibit when using his illicit products or when some gun dealer disavows any responsibility for crimes committed with guns he sold and advertised as "leaves no fingerprints" or "will penetrate bullet proof vests".

So while we might all wish that everyone would properly weight the risks of entering into a loan for which they qualify only because of lowered banking standards but for which they were still financially unable to support, let us also remember that the largely conservative/republican banking establishment that loves to tout personal responsibility always turns to the federal government [read the U.S. taxpayers] to bail them out when their various schemes go awry.

[gumpking1]

There's a lot of truth "buried" in the post, and the drug dealer analogy doesnt follow the same logic. I dont think people have to do drugs or have to own guns, but they have to have somewhere to live. They should be responsible enough to know what they can afford.

But lets just blame it on the Republicans and their financial cronies. I wish I could find the video of Hillary ranting on the Senate floor where banks and mortgage companies needed to write more loans to people so they could own a home. Now shes whining that its all the banks and mortgage companies fault. Go figure.

Lack of personal responsibility is killing this country.

[gumpking1]

There's a lot of truth "buried" in the post, and the drug dealer analogy doesnt follow the same logic. I dont think people have to do drugs or have to own guns, but they have to have somewhere to live. They should be responsible enough to know what they can afford.

But lets just blame it on the Republicans and their financial cronies. I wish I could find the video of Hillary ranting on the Senate floor where banks and mortgage companies needed to write more loans to people so they could own a home. Now shes whining that its all the banks and mortgage companies fault. Go figure.

Lack of personal responsibility is killing this country.

[Camillo Sitte]

But lets just blame it on the Republicans and their financial cronies.

[Go Gators]

It shouldn't surprise anyone that pretty much every banking and S&L crisis and scam we have seen in this country has occurred during the watch of republican administrations and Congresses. The reason is their refusal/unwillingness to properly regulate a industry that issues credit cards to children and pets and gives home loans to individuals without any real income and based on a bunch of phony 110%, all-interest, back-end loaded mortgage schemes.

[Boomer136]

Not exactly sure if this is the proper forum for this, but resposibility is a part of everything.

It is a balance, people who take the loans should take responsibility for not extending themselves too far in order to obtain one of the 'American Dreams'. Lenders should take responsibility for their service to these customers, loan officers seeing themselves working for the borrower as an expert matching the best instrument to that borrower instead of loan officers seeing themselves working for the sales manager to pile up as much profit as possible and then bundle these things to pass onto another sucker who will have to deal with the repercussions.

Yes, personal responsibility, professional responsibility. The thing I fault de-regulators and those who believe any government intervention is detrimental to the operations of markets and business in general is not that they are mean or poor hating or anything like that, rather they are foolish. I hear the speeches and talking points and it is as if they believe in Peter Pan and pixie dust. Then, when things fall about their ears, they expect that despised government to come to the rescue, talk about the height of irresponsibility.

We all are wise and fools in our own segments of life. Preying on the folly of the innocent (and I use the term as a form naivety) is not responsible, one could argue that it is rude, base, un-Christian, and shows a bad up-bringing. However in many circles this is considered 'good business' and may win one approbations of superiors and peers alike. Nice guys finish last, right? Buyer beware. The customer (read mark) should take the personal responsibility to research so that they are armoured against the irresponsible behavior of the salesperson/loan officer/sales manager team (read operators) during the sale (read confidence scheme).

So yes, if we all treated others as we wished to be treated and could reasonably expect others to return the courtesy, I would agree with the basic Republican tennent that we would not need business regulation. If such were the case, I further believe cities would not need police forces or code enforcement much less codes, Nations would not need armies, and God would not need Hell.

[rich407]

spin?

Developer of The Sanctuary, Star Tower Condominiums optimistic about the future of Downtown Orlando condominiums

Kodsi said downtown Orlando real estate investment may rank as the best in the entire region. "The real value of downtown is that we're the only one in the region," Kodsi said. "Every economic engine in the region powers downtown property values. When the Burnham Institute opens in east Orlando, far more of their executives will want to live downtown than in Lake Nona or Windermere," said Kodsi.

[prahaboheme]

^Yet no mention of his Main & Main project.

[spenser1058]

spin?

Developer of The Sanctuary, Star Tower Condominiums optimistic about the future of Downtown Orlando condominiums

Kodsi said downtown Orlando real estate investment may rank as the best in the entire region. "The real value of downtown is that we're the only one in the region," Kodsi said. "Every economic engine in the region powers downtown property values. When the Burnham Institute opens in east Orlando, far more of their executives will want to live downtown than in Lake Nona or Windermere," said Kodsi.

[neon9]

Again, its a lack of personal responsibility. When I was in college, Visa or Mastercard would always be at football games offering free T-Shirts and all you had to do was sign up! There would be lines of students waiting to have their credit destroyed for a free T-Shirt. The credit card companies werent making them do that, the students just arent smart enough not to. Its their own fault, not the credit card companies.

And, again, its a lack of personal responsibility to those without any real income to sign those loan agreements. I could have gone out and bought a million dollar home with an ARM, but I didnt. I know I cant afford that. People today are so debt and appearance consumed that they dont care how much they have to go into debt as long as they give the appearance of wealth. And for the low income people who signed those loans for houses they couldnt afford, same thing. Nobody forced them to sign those loans.

But blame it on the big bad war mongering, poor hating, hypocritical Republicans. Its the responsible thing to do, right? Their the ones who made you sign those loans. Those nasty Republicans!

[neon9]

By the way, anyone got any stories about how much the market is slowing? Tales of empty buildings? The commercial development my company does hasn't slowed down much yet in aggregrate, but you can tell some areas (Volusia is slow, for instance) and some sectors (office space) have. We'll really see how things are going in January, I think.

[FrigginGr8est]

All these new flights from europe to MCO and thousands of europeans visiting should affect the housing market in a positive way. I don't get it, with the Dollar selling at over a 30% discount to the Euro, Europeans should be snapping up U.S. real estate. A $400K condo would cost about $280K in Euros. Oh wait, I forgot, FL discriminates against non-residents charging them almost double for real estate taxes than residents. Who needs the europeans anyway. Let them keep their money, nothing wrong with a few thousand foreclosures among friends.

[bobbarker]

All these new flights from europe to MCO and thousands of europeans visiting should affect the housing market in a positive way. I don't get it, with the Dollar selling at over a 30% discount to the Euro, Europeans should be snapping up U.S. real estate. A $400K condo would cost about $280K in Euros. Oh wait, I forgot, FL discriminates against non-residents charging them almost double for real estate taxes than residents. Who needs the europeans anyway. Let them keep their money, nothing wrong with a few thousand foreclosures among friends.

[FrigginGr8est]

Non-residents do not get the 25% homestead exemption or 3% cap (both on homesteaded property only) on increases for property taxes that residents do. I fail to see how that translates to "almost double for real estate taxes." I also fail to see how promoting more short term real estate speculation helps out in the long run.

[facilities man]

Homestead is $25,000 not 25%. Big difference when talking about a $400,000 house or condo.

[FrigginGr8est]

Homestead is $25,000 not 25%. Big difference when talking about a $400,000 house or condo.

[facilities man]

My current tax rate for a 2/2 in TPC without homestead is $5559.50 (which is almost 2 1/2 times the assesed rate I am paying on property in NY btw). My neighbor with homestead is paying $3764.96 for the same unit, about a 48% difference. This difference will grow every year with her 3% cap. I sure the non-resident tax rate is a factor when people are thinking of buying a vacation home in FL.

[Rayman]

TO ALL BUILDERS,,,STOP STOP STOP, for god sakes stop building more homes, Nothing is moving right now. Why with all the inventory in the Orlando area are they still building? Can't the Gov't make them stop? Its killing this town.

[lala67]

My current tax rate for a 2/2 in TPC without homestead is $5559.50 (which is almost 2 1/2 times the assesed rate I am paying on property in NY btw). My neighbor with homestead is paying $3764.96 for the same unit, about a 48% difference. This difference will grow every year with her 3% cap. I sure the non-resident tax rate is a factor when people are thinking of buying a vacation home in FL.

[FrigginGr8est]

cry me a river, how many homes do people need? Your neighbor gets that discount because that's their main residence. It's not like you can't deduct those same taxes on your 1040 each year either, or deduct the depreciation/costs, etc. Taxes are still pretty low in FL. There's no income tax and sales tax is pretty low as well. Reals estate in FL has been a bargain for decades, now that values have actually come more in line with what they're really worth, so be it.

I voted against the SOH amendment, thought it was shortsighted then and now we're seeing why it was a bad idea. I agree it's unfair, but it's hard to work up sympathy for folks that have multiple homes. Frankly, too many vacation homes/properties can be bad for communities too.