Visit to purchase

[Cajungirl]

Last Oct 15 there were two posts that caught my interest: the first from PROMO saying he will not buy in TV till current prices drop 10-15%. My question to you is are we there yet?
ALSO from JOHN saying before he buys he will do a "Business Case" . Can you give me a clue as to what that is? Tell you why I'm asking. We will be in TV next week for 6 days or more and will probably purchase. Do you recommend renting thru summer to wait the market out a little longer? From your observations and your many years of business experience, is now a good time to buy or would you wait it out a little longer? Appreciate any feedback I can get. Take care!

[JohnN]

Hi Cajungirl,
Boomer BeBack is another great source of info and study. I've been watching the TV market for about 2 years now. Visited in May '07 for a few days and loved it, and plan a Lifestyle trip for a week this coming May. Our plans are to buy, maybe, end of year or early next year (knock on wood, some other variables like kids and parents).

Anyway, at first the market there and everywhere was just ~popping~, houses would sell in a day. Now it's a lot slower and the prices have come down some 5-10%. Courtyard villas (as an example) on resale were NEVER below $200K, now there's a selection at that price point. New homes seem to be on specials more, and some $10K below where they were.
All this is my perspective, several others here may disagree.

My advice, check new and resale and learn the market, figure out what you really want, then go find it, it's here. I also think the housing market is really soft and will be for a couple of years so no great hurry. Housing doesn't change direction on a dime, but it will straighten out. Good luck, send a note if you need more free advice LOL

[JohnN]

Business case is just a financial analysis of different scenarios.
Include time, interest rates, initial out-of-pocket and ongoing expenses, home price and bond plus any other closing costs, any modifications to be made (new or resale), etc.

I'm not wealthy enough to maintain 2 homes for an extended period, but at the point I can make TV as the "home base" and travel to see the family, we'll jump!

[Cajungirl]

Thanks you guys on your quick response. It has certainly been very helpful! Have done a lot of online research and next week and week after will be the footwork. Appreciate you guys and ya'll take care.

[Sidney Lanier]

You have to remember that the housing market in TV never slumped in the way it has in other parts of Florida (south Florida is a virtual graveyard real estate-wise) and other parts of the country. It is without a doubt slower than what it was, but there's no predicting with absolute certainty when the bottom will be. Besides, you could see a house at a price that is not to be believed because someone HAS to sell, regardless of whether the market generally is at its absolute lowest. You have to do what's best for you, dealing with the situation today--the real estate here and your own personal and financial situation. We bought when we did (in the fall) because it was right then. Could we have gotten a lower price a few months later? Who knows? Probably not, we believe. And frankly, I can't make myself crazy obsessing about that. Come and look over the market; see the resales as well as the new. Educate yourself as thoroughly as you can and then make a decision. IMHO, I don't think it'll be two years to hit bottom, at least based on the economic news I've looked at. Best of luck!

[JohnN]

Be sure you look at the TV website where another post here today pointed out that all houses have been "price reduced"