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Real estate craziness


crockett
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I'm running out of room in my house and just decided to find me some land in my area, so that I can build a custom shop and house on it. Something around 5 acres with room for a 25 yard range and an organic garden.

There is NONE for sale within 50 miles. All sucked up in the last 12 months or so. Crazy!

I feel so stupid because I passed on a 5 acre lot for sale 3 years ago. It was for sale at around 90k. Its now worth close to 1 million.

This part of Florida used to be a hidden gem with less traffic and less tourists. Not any more. They have been building new communities all around my neck.

Value of my current house goes up by 10 grand every single month, now for 1.5 years. House across the street was for sale 4 months ago, and sold on the next day, over asking price.

Is this a nation-wide issue or is everybody moving to Florida?

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I could sell my house for 3-4 times what I gave for it, and I would, but there is nowhere to go.  Land prices are the same.  I think it’s this way on the southern part of the east coast.  

Commies fleeing the mess they made seems to be one reason.  Another is people in the north selling out for huge profit and buying up every acre they can at the coast or in the mountains.  One person I know owned 2 lots at the coast.  He is selling them for enough to buy a lot with a house already built.  It’s just crazy.

I predict better prices and availability when the market crashes, and it will.   Soon.  

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Prime farm land in this area, specially suited for row crops, is having road frontage with water chopped into acre +/- plots suitable for McMansions. And those are going up rapidly as possible.

Meanwhile nearby cities are having single family houses replaced by apartment buildings fast as zoning changes can be approved.

Mortgage interest rates on thirty year full amortizing paper has been hovering around 3% for months. Half of what used to be the typical rate. Most people consider only the monthly payment when buying a house or condo. If you could make payments on $200,000 mortgage at 6% or so, you can make payments on a $300,000 3% mortgage

A 30 year full amortizing mortgage at 3% is a good hedge against 6% inflation IF the mortgagee’s income grows at the rate of inflation. 

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 I'm currently in the PNW for family reasons. On my drive into town, I go through an area that was cattle fields when I was young. It flooded every few years. Soon enough people began building there as it was close to town. Then the county had to do something about the flooding so dikes were built. It still flooded. Higher dikes were built. More homes built. It flooded again. New pumps were put in to pump the creek into the river that is behind the now huge dike. Lots more homes were built. No more farm land and no more cows. Lots of tax dollar money is spent yearly to protect this place form flooding when the cows just didn't care back in the day. They just headed to high ground until the water receded. Humans are dumb. We are destroying our best farm and crop lands. 

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My lot's twin, 6 lots down, just sold for $60k more than I bought mine for. I'm not complaining. 

@crockett my home in Central FL has tripled in appraised value since I bought in the late 1990s. The population boom ain't no joke.

@RS_Rider I've been out here in Phoenix for the last couple months, and yeah, the locals are definitely feeling the pinch of the Californicators. Even the "good" ones, (like the "good" yankees), are not good for the environment in such numbers.

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It's not just Florida.  If I didn't know any better I would say people are getting mortgages that shouldn't have them.

What could go wrong (again) ?  Banks will always be bailed out by taxpayers, so no real downside for them.

This is a large, unsustainable bubble just waiting to burst and no one knows when.  Sleep well tonight.

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A year and a bit ago we moved from FLL a bit north...the same house we bought in the development is now selling for over  $100,000 more....(and being sold in DAYS)

"Farm" land is being developed at an incredible rate, and for sure there is a bit of hanky panky going on....ZONING IS BEING CHANGED....

ps WE ain't moving again...A move after living in a place for 30+ years :shoot-me:

 

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It's everywhere, even Michigan.  We keep getting flyers and letters in mail from realtors wanting to sell our property for us, because apparently half the country has decided they need a 50 acre homestead instead of a an apt in the city or a tiny lot in the 'burbs.   As much as we'd like to get out of MI, Mr.C's job is here, and I think we'd be hard put to find this kind of land with river frontage and deer and turkey all over it for sale for a reasonable price.  

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Coast Commies plus everyone who has watched Yellowstone decided they needed their own piece of Montana. It's gone nuts here, and not just in the popular valleys, all across the state. My son bought a building lot for $120,000 6 months ago, now he's got people trying to give him twice that.

 

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On 10/18/2021 at 6:17 AM, Huaco Kid said:

I shudder every time work sends me to Florida.  I'm sure there are areas I'd love,  but I haven't found them yet.

Why would you say that?  Your "Work" send you to only the scum citys of Florida?  What the hell you do for a living?  

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51 minutes ago, Swampfox762 said:

Why would you say that?  Your "Work" send you to only the scum citys of Florida?  What the hell you do for a living?  

He's just jelly because he sits in some random sticky town.

80 million people from all over the world spend a ton of money to come visit Florida every year. They must be all idiots.

I call this home.

Apartment The Anna Maria Island Beach Sands 101, Bradenton ...

Destin Florida | Official Visitor Site for Destin, FL

Photo Gallery | Resort at Longboat Key Club

 

 

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41 minutes ago, Huaco Kid said:

I'm glad you love it.  But that's what my Hell would look like.

Here's Florida, within 50 miles from any coastline.  That's 95% of the state:

1.thumb.jpg.ebf550921993ec413e8928672a265f2c.jpg

Enjoy!

 

 

That's cape coral, they have more canals than Venice in Italy. Its a boaters paradise! A good friend lives there, he is a boat broker, has several lifts. His canal leads to the ocean within 10 minutes. Where else in the US can / could you find a new 2600 sqft house with pool and OCEAN access for 350k?

Does your backyard look like this?

 

image.thumb.png.69c2d3d0c99f630ca70c6739780a2c0b.png

 

image.thumb.png.d8b439f6f48f00bee21e781efa27cf66.png

 

Trip to Ft Meyers Beach takes 15 min.

 

image.thumb.png.06ffd22deffc2137374b4d7c786d823f.png

 

image.thumb.png.4f3894904f7bdd45feec77be4847fb53.png

 

 

 

 

 

 

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9 hours ago, MO Fugga said:

You're living the dream dude, just keep in mind that ain't everyone's dream. Many of us will never look back. There's always a better place.

I call bullshit.

- I pay ZERO state income tax, compared to CA for instance, that saves me enough money worth a new car, every year

- living expenses are much lower compared to similar places like CA and HI

- Florida is a red state after all

- We have the best Governor in the nation

- We have excellent stand your ground and castle doctrine laws

- Very low business taxes

- I live in a red county, outside city limits, my neighbors fly 'Come Take it" flags etc

- I have zero winter weather, never stuck in snow or greyish rainy depressing weather

- I have access to the best beaches in the US, posted plenty of photos

- Best boating, water sports and golfing in the nation

 

I spent years trying to find the best place within the US, lived in TX and NC as well. While there are places with less folks, you pay heavily with shitty weather at times, political problems or higher taxes.

 

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It’s insane here

no  one is moving to Milwaukee, yet prices are up.

all the houses here for sale are way overpriced and aren’t moving some in months.

and the inflated prices are now back to the normal prices.

problem is you sell for more, then have to buy again and its for more.

but people are not moving here they are moving away.

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