beast of the east
Active member
The interest in vacant lots, even prime ones, has cooled on the east end due to soaring lumber and construction costs.
FLORIDA - Relocating
- Thread starter Knight
- Start date
———-mjmaherjr post=446956 said:
I am pretty familiar with NY metro prices cause my daughter just purchased a home in Ridgewood NJ where seemingly reckless people were also waiving inspection. She did not waive inspection and may have lost out on one or two properties doing so, but so be it.
Scouting the Adirondacks before purchasing is advisable because of the vast size of the region. Most downstaters do not understand just how big the Adirondack Park is. The Park is larger than any 7 US States. From your prospective as. a Long Islander you would likely be interested in something that is a straight drive up I-87 (the “Northway”) .
In a PM you once noted that you go to Saratoga from time to time. The City of Saratoga, a straight drive up I-87 and also has escalated prices.
The Fed increasing rates, and the market drop over the past 10 days may cool the market. Here is a link to City of Saratoga real estate. Regards.
[URL]https://www.juliecorealty.com/property-listings-search/?property-search[/URL]=true&property-id&s-location=199&s-status&s-type=184&s-agent&min-bed&min-bath&l-price=0&u-price=7500000&l-area=0&u-area=13125&sort=price-desc
beast of the east
Active member
I've done buy and sell real estate transactions on the east end, and I understand why a buyer would waive inspection, and it's not what you think.
I'm accustomed to contracts that are signed with inspection contingencies. Also used to a binder being put down in advance which I understand is not legally binding. On the east end at least, these practices don't exist.
Instead, you learn the blurring of the lines acceptable vs. accepted offer.
When you make an offer that's acceptable, sellers (directed by r.e. agents) won't sign contracts until the inspection is completed. So for the buyer, you have to spend money (up to 3k) and wait to schedule and receive an inspection and report. Meanwhile, the seller can continue to solicit higher offers, which over the pandemic fueled buyer's frenzy, happens routinely. A buyer has no recourse legally, except to walk or match the higher offer.
It's a disgusting practice. Typically an inspection will yield under 10k of repairs. Rarely will it be catastrophic problems. However on the east end, risking that gap period between acceptable (not accepted) offer can cause a price to be inflated by tens to hundreds of thousands of dollars.
Trust me. I've been victimized and had to make ridiculous decisions that cost me a lot of money. The reality is its a game, and the only choice a buyer has is to play along or walk.
I'm accustomed to contracts that are signed with inspection contingencies. Also used to a binder being put down in advance which I understand is not legally binding. On the east end at least, these practices don't exist.
Instead, you learn the blurring of the lines acceptable vs. accepted offer.
When you make an offer that's acceptable, sellers (directed by r.e. agents) won't sign contracts until the inspection is completed. So for the buyer, you have to spend money (up to 3k) and wait to schedule and receive an inspection and report. Meanwhile, the seller can continue to solicit higher offers, which over the pandemic fueled buyer's frenzy, happens routinely. A buyer has no recourse legally, except to walk or match the higher offer.
It's a disgusting practice. Typically an inspection will yield under 10k of repairs. Rarely will it be catastrophic problems. However on the east end, risking that gap period between acceptable (not accepted) offer can cause a price to be inflated by tens to hundreds of thousands of dollars.
Trust me. I've been victimized and had to make ridiculous decisions that cost me a lot of money. The reality is its a game, and the only choice a buyer has is to play along or walk.
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Good point on record low mortgage rates - it really was a perfect storm to inflate prices to ridiculous levels.
I had been looking at relatively affordable beachfront condos in the Stuart Fl area in the past few years as an investment now and possible retirement home later. And even they’ve gone through the roof in a sleepy part of Fl.
I had been looking at relatively affordable beachfront condos in the Stuart Fl area in the past few years as an investment now and possible retirement home later. And even they’ve gone through the roof in a sleepy part of Fl.
I just saw this thread and wanted to give my input. I bought a waterfront condo on an island called Longboat Key off of Sarasota two years ago and am so happy that I bought it when I did. The value of the property has doubled since I bought it. Unfortunately I have tenants who are there through April. In May I am relocating there for good. Sarasota is one of the most beautiful, vibrant and accessible cities that I have ever seen. Great restaurants, theatre (even opera), night life and it's clean!
I love my island condo and we have 4 large heated pools for year round swimming as well as boat slips (for only $350 per year!), sauna, gym, card and billiards hall, game room, our own private beach on the Gulf of Mexico and many more amenities. I think that I found the perfect place to retire.
I love my island condo and we have 4 large heated pools for year round swimming as well as boat slips (for only $350 per year!), sauna, gym, card and billiards hall, game room, our own private beach on the Gulf of Mexico and many more amenities. I think that I found the perfect place to retire.
Thank you Otis but these tenants came with the purchase. They're a very nice couple from New Hampshire. She's a real estate agent and he is a retired Sheriff and State Police. I have never had any problems with them and I treat them very well, which they appreciate. They are snowbirds in their 70's. I don't think that I will have any problems with them. They've been renting in this condo complex for 9 years and the condo association vets them thoroughly. I only have another 4 months until they leave anyway. Too short a time to do anything about it. Thank you for your concern, though.otis post=446982 said:
beast of the east
Active member
otis post=446982 said:
Otis, depending on locality, certain vendors- internet, cable, VIP, utilities, even insurance rates may be significantly higher as corporate rates and insurance if property is not in the name of an individual . If you try to contract as an LLC owned property, expenses can go up. But I understand your point about personal liability.
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gregbodkin post=447009 said:
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beast of the east
Active member
I will say that with insurance companies in Florida you must be very careful with what is covered and not covered, including using a property as a rental property. A tenant is way more likely to sue if injured in your apartment than a family member, way more likely to cause negligent damages. This can be as benign leaving a thermostat too high and contributing to an expensive mold bloom. Be aware that some counties (Collier, for example) charge a renter's tax (10% or more). Renters can damage things that you won't find for months or even years. If they overstay their welcome, you have very limited legal options, that may not be worth the cost to pursue. All in all can be a massive headache. The longer the rental period, generally, the less headaches.otis post=447900 said:
lifted from the internet
Time for my annual Christmas in Florida rant...
As Floridians we hear “but it just doesn’t feel like Christmas! It’s too warm,” every year around this time.
That is so wrong on many levels.
This feels exactly like Christmas. An American Christmas.
Let’s go back. Way back to the first Christmas in America. Of course, it wasn't America at the time, but you know what I mean.
The year is 1539. A group of Spanish explorers landed at “Espiritu Santo” in May of that year bringing with them over 620 men, including a few priests, 220 horses and some pigs.
They later gathered to celebrate Christmas for the first time in the New World. There were no lighted trees, decorations or presents and the meal was not a lavish feast and probably consisted mostly of pork from the pigs they had brought with them.
This first Christmas in America was a more solemn religious event focused on Christmas mass. There was no chapel so it was most likely held outside. The weather was probably warm, or at least sunny, so that was not a problem.
The location was somewhere near modern-day Tallahassee. Wait. What? America’s first Christmas was celebrated in Florida?
Yes. According to historians.
America’s first Christmas was white only if you count the white sands of a Florida beach. It was probably warm and sunny. So when your northern friends and relatives say they don’t understand how we can enjoy a warm Christmas just tell them we celebrate a traditional Christmas here in Florida, Just like that first one so many years ago.
WARM Florida wishes for a happy Christmas.
Time for my annual Christmas in Florida rant...
As Floridians we hear “but it just doesn’t feel like Christmas! It’s too warm,” every year around this time.
That is so wrong on many levels.
This feels exactly like Christmas. An American Christmas.
Let’s go back. Way back to the first Christmas in America. Of course, it wasn't America at the time, but you know what I mean.
The year is 1539. A group of Spanish explorers landed at “Espiritu Santo” in May of that year bringing with them over 620 men, including a few priests, 220 horses and some pigs.
They later gathered to celebrate Christmas for the first time in the New World. There were no lighted trees, decorations or presents and the meal was not a lavish feast and probably consisted mostly of pork from the pigs they had brought with them.
This first Christmas in America was a more solemn religious event focused on Christmas mass. There was no chapel so it was most likely held outside. The weather was probably warm, or at least sunny, so that was not a problem.
The location was somewhere near modern-day Tallahassee. Wait. What? America’s first Christmas was celebrated in Florida?
Yes. According to historians.
America’s first Christmas was white only if you count the white sands of a Florida beach. It was probably warm and sunny. So when your northern friends and relatives say they don’t understand how we can enjoy a warm Christmas just tell them we celebrate a traditional Christmas here in Florida, Just like that first one so many years ago.
WARM Florida wishes for a happy Christmas.
beast of the east
Active member
Woke up to a completely white dusting this morning in Nassau Countybamafan post=448213 said:
I'm not a retiree but here in NC, there is a flat income tax of 5.25% and a decent amount of retirees from the north.
weather, family distance etc probably all come into play for many.
I joke with my wife that one day we'll retire to FL but not sure if I'd leave NC for FL. She wants no part of it and i really have no affinity for FL.....Who knows.
weather, family distance etc probably all come into play for many.
I joke with my wife that one day we'll retire to FL but not sure if I'd leave NC for FL. She wants no part of it and i really have no affinity for FL.....Who knows.
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how do i love thee florida, let me count the ways. tshirt, taxes, traffic, ticks.
economics.
no city/state income taxes.
way less real estate taxes.
way less car insurance.
way less umbrella liability insurance.
florida power and light - my electric utility firm - one of lowest rates in nation
transportation
many regional commercial airports. 5 commercial airports within 70 minutes from me.
can get to the big apple in well less than 3 hours.
highways have 70 mph limits. not nyc's 25 mph local road limit.
sarasota is 5th in USA in culture per capita.
world class opera. many live theatres. van wenzel venue is a stop on national touring company.
tampa is 70 minutes away with nfl, nhl, mlb. top 50 USA hospital. division 1 basketball. busch gardens.
sarasota has a 5 star hospital.
i play softball 10 months a year. (no august/october.)
ny/lon gisland
your real estate values increase way more than florida. great for current owners
i miss being an SJU basketball season ticket holder. 27 years.
economics.
no city/state income taxes.
way less real estate taxes.
way less car insurance.
way less umbrella liability insurance.
florida power and light - my electric utility firm - one of lowest rates in nation
transportation
many regional commercial airports. 5 commercial airports within 70 minutes from me.
can get to the big apple in well less than 3 hours.
highways have 70 mph limits. not nyc's 25 mph local road limit.
sarasota is 5th in USA in culture per capita.
world class opera. many live theatres. van wenzel venue is a stop on national touring company.
tampa is 70 minutes away with nfl, nhl, mlb. top 50 USA hospital. division 1 basketball. busch gardens.
sarasota has a 5 star hospital.
i play softball 10 months a year. (no august/october.)
ny/lon gisland
your real estate values increase way more than florida. great for current owners
i miss being an SJU basketball season ticket holder. 27 years.