Real estate General topic

[paulsharvey]

I was just told last night there is a proposed FLa Building Code change to disallow new shingles roofs. I haven't researched it yet, to know what truth there is, and if true, the details. It might be only in the coastal wind born debris zone, or maybe the 130 or 140 mph contours?

 

[2manyrocks]

That whole shingle roof insurance thing in Florida looks like a can of worms.

The other big issue in Florida seems to be the relatively new state requirement that condos have fully assessed and funded maintenance.

Seems like the more they try to regulate, the worse it gets for homeowners who get boxed into having no choice about what they'd personally choose in their own situation.

 

[ultrarunner]

Moving towards a state of Renters…

 

[2manyrocks]

Nation of subservient serfs.

The retirees that bought condos thinking they were more affordable and someone else would handle the maintenance would seem hit pretty hard. Inspectors will tend to say they need all kinds of repairs which cost a lot these days. If they can’t afford the assessments, buying another home today is the least affordable in 40 years. Retired means many have no means to earn themselves out of this.

 

[paulsharvey]

Nation of subservient serfs.

The retirees that bought condos thinking they were more affordable and someone else would handle the maintenance would seem hit pretty hard. Inspectors will tend to say they need all kinds of repairs which cost a lot these days. If they can’t afford the assessments, buying another home today is the least affordable in 40 years. Retired means many have no means to earn themselves out of this.

On Condos specifically, the last multi family project we did in late 07 was mixed 2, 3, and 4 bed condos, basically a clone of our low income floor plan, with granite counter tops, and upgraded appliances. I believe the assoc fees (not our business, we constructed them for a customer, and that customer sell the units) were artificially low, and just covered outside lighting, lawn care, gym, and club house. It wasn't enough to build reserves for replacement on roofs (30 year shingles), exterior painting, a contractor to replace lighting, or anything. So, yeah, i would guess now the association fees are around $800/month, plus the mortgage.

I did some Google work, at it appears most of the units were purchased by a leasing company to rent as apartments. It also appears that the rental agency didn't purchase (or currently doesn't have available) any of 4 bed lay outs.

 

[ultrarunner]

The insurance affordability/availability problem continues to dog buyers causing escrows not to close.

The fact is without insurance only cash buyers can buy unless the seller is in the position to carry back the note.

Anyone needing a conventional mortgage that can’t also obtain acceptable insurance coverage will be on the sidelines.

 

[paulsharvey]

Long time, no update... Met with real estate folks at the old house today. Basically told them, same as everyone, I want it sold fast, and make as much as possible; but given the choice, I just want it sold. I figured $179-219k; but they said $179 was more realistic; and we agreed to list it a bit lower, for fast sale/cash buyers. Honestly, I dont know that it was worth the time/effort/money cleaning/repairing. They are thinking a flipper will likely purchase, put about $30k into it, and sell around $239k. I had thought first time buyer or land lord.

Couple notes; i brought a whole folder, with copy of the original survey, and the retired VINs. Apparently the survey is still valid for 20 years for most mortage companies.

They did say I really should go ahead and have the septic pumped and inspected; as that frequently kills a deal at the finish line. So I went ahead and scheduled that, fingers crossed they don't find anything wrong.

I did tell them I don't want to deal with VA fiancing.

 

[WinterDeere]

Mom just sold her house, having received 3 offers on her first day and a half listing the property, and accepting one that was about 6% over her asking. Set a new high water mark for her development, which was a surprise, as everyone had been warning us the market was depressed. I guess things vary locally.

 

[zzvyb6]

Live below your means because the end will be more expensive. I'd check what your new property taxes could be, maybe not what they were before the sale. Easements could bring roads, TV, high voltage power lines, and sewers to a new neighborhood next to you which traditionally means trouble from trespassers, hunters, lost dogs, and other trouble makers. Insist on a house in the middle of the property to minimize the neighbor's loud music and to give your firing range a safe zone...

 

[caver]

Using Grok I found a website that finds the highest RE producers in your state or big city. RealTrends Verified another called homelight.com is supposed to also do that but I did not have success in finding what I wanted.