Real Estate Mkt / Coronavirus

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  #31  
Old 03-17-2020, 11:25 AM
jimlambert jimlambert is offline
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Throw in a case of toilet paper if you are selling your home! Sale guaranteed!
  #32  
Old 03-17-2020, 11:52 AM
davem4616 davem4616 is offline
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Default Real Estate sales will take a hit for awhile

The economic impact of closing everything down / wages lost / etc. will stretch out for more than a few quarters, the negative impact will ultimately decline like 'a dragon's tail'...things will return to what will be "the new normal'

Back in 2008 when the stock market tanked it took awhile for many things to come back to where they were previously...albeit some never did, or came back with a different model

One huge difference is that the 2008 crisis didn't put so many people out of work like we're seeing now....it was more of a hit to our accumulated wealth

regarding the impact on R/E:

In 2008 we had a second home down in Ft Lauderdale in a 55+ community...just before the stock market tanked in 2008 the house across the street from us (which was not on the canal) sold for $215K....the new owners are still underwater...(but that community was built in the late 60's/early 70's...).

I did pay close attention to the prices of new construction in the Broward/Palm Beach counties subsequent to 2008 for a number of years...New construction sales and development seemed to slow down, but they pretty much held the prices offered by the developers in the 55+ communities up and down the eastern FL coast in those two counties

Homes will still appreciate in TV over time...it's the life style, not the quality of the homes that sells TV....the expansion may slow down and the builder may not be building as many spec houses for awhile
  #33  
Old 03-17-2020, 12:05 PM
Rwirish Rwirish is offline
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I think the real estate market will go “south.”
  #34  
Old 03-17-2020, 12:53 PM
Yukon33 Yukon33 is offline
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I think the stock market will be back to 29,000 by November.
  #35  
Old 03-17-2020, 12:56 PM
Drdoug49 Drdoug49 is offline
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TV. Sells a lifestyle, if most group activities are closed because of a pandemic, that’s a negative. If the virus returns in the fall, and government furthers the shutdown, the prices could stay depressed for years
  #36  
Old 03-17-2020, 01:29 PM
David Fletcher David Fletcher is offline
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There is only one correct answer!!

Nobody knows for sure.

When was the last consumer lead recession? Hardest to get out of.

No time to own three boats or three golf carts!!!
  #37  
Old 03-17-2020, 01:58 PM
Barborv Barborv is offline
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Actually, its a good time to buy. The rates have dropped on Mortgages. As this COVID 19 is a major concern, and I am NO WAY down playing it, We just need to be mindful, and follow directions from the CDC . Does anyone remember during the last administration the Swine Flu? Well, that killed over 1,000 Americans, including the young. But I don't remember the big Hype over the news, etc. This will pass, like anything else in history, and I do believe things will get back to normal.
BE WELL AND STAY SAFE!!
  #38  
Old 03-17-2020, 02:56 PM
Greyson Greyson is offline
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Quote:
Originally Posted by manaboutown View Post
A crematorium? No thanks.
You could make pizzas in the slow times
  #39  
Old 03-17-2020, 03:20 PM
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Craig Vernon Craig Vernon is offline
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I have watched the home values in TV for a few years the rise has been incredible. I have visited three times and long to retire where many of you are. If home values fall then it will be a buying opportunity for my wife and I. Few years from retirement, income is stable and we have time to wait for the IRA/401k to come back. There have been many discussions about home values, taxes and cost of living in TV but most of you are retired and could care less. What a great place to be. Things will get back to normal in time for now stay safe and well....
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  #40  
Old 03-17-2020, 05:01 PM
Meboko Meboko is offline
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Really?
  #41  
Old 03-17-2020, 05:02 PM
Meboko Meboko is offline
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Quote:
Originally Posted by manaboutown View Post
Wish I owned a cemetery in which I could raise the price of the lots I had to sell.
Really?
  #42  
Old 03-17-2020, 05:23 PM
capecoralbill capecoralbill is offline
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Quote:
Originally Posted by twoplanekid View Post
This Iris located across the street from me in Lake Deaton was listed at around $564,000 a month ago to then drop a little several weeks ago. Now it's listed for $499,000.[/url]
The owner bought it for 375 000 in May of 2015. This house has streets in the front yard, and backyard. And the smallest pool I have ever seen.

Sumter County Property Appraiser
  #43  
Old 03-17-2020, 05:57 PM
Kilmacowen Kilmacowen is offline
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Quote:
Originally Posted by capecoralbill View Post
The owner bought it for 375 000 in May of 2015. This house has streets in the front yard, and backyard. And the smallest pool I have ever seen.

Sumter County Property Appraiser
But how much in upgrades were put in? New houses are just basic and in need of several $$ in upgrades. Add in everything including realtor and closing fees and they probably will brake even.
  #44  
Old 03-17-2020, 07:01 PM
vintageogauge vintageogauge is offline
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Quote:
Originally Posted by twoplanekid View Post
This Iris located across the street from me in Lake Deaton was listed at around $564,000 a month ago to then drop a little several weeks ago. Now it's listed for $499,000. It's dropping into the good deal range??

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That is all it's worth if that. We had an Iris across the street from us sell in January before the virus for $535,000 with a full pool and on water rather than backing to a street.
  #45  
Old 03-17-2020, 07:24 PM
vintageogauge vintageogauge is offline
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Quote:
Originally Posted by karostay View Post
No matter how low interest rates go you still need green backs to pay the mortgage. Many new or pending retires nest eggs have dropped by 30% or more .
No matter how fast this pandemic passes recovery will likely be slow
Only if they have all their eggs in one basket. If their portfolio is 1/3 in the market they only lost 10% or so of their nest egg.
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