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.

 

[paulsharvey]

I got my septic pump out and inspection scheduled. And the real estate people have their photographer/drone tech scheduled. Still have to go demo a trampoline, and load up some more stuff from the shed. Some are tools you don't use that often, but like 4 big totes are Christmas figurines that MIL gave use when her MIl died. You feel guilty just dumping them, but I don't really know... maybe they get "lost" in the move

 

[paulsharvey]

So, just down from our new place, same road, same pond, I saw they were selling 3.1 acres of "pristine private acreage on a 15 acre private lake", no home, but RV hook up, water and septic for $139,900. I also get a laugh on the 20 minutes to x, 20 minutes to Y. At 90 mph? It's a solid 30 minutes to the edge of X, and a solid 35 minutes to the outside edge of Y towns. Add 20 minutes to get to the main part of town X

Also, don't know how they measured 15 acre private lake; i get 5.6 acres...

 

[paulsharvey]

The one we offered on a month or so ago, started at $420, for whole 13.5; we offered $360; hit with counter of $400; we final offered $380k, with all of their other demands, Except, we wanted all 13.5, not just 10 he wanted to lump. Just now, I see, he's down to asking $359.9k, for just the 10.0 acres and home...

Frankly, depending on Fridays viewing; we might circle back with Guy1, and say $340 or all 13.5... I know he was desperate for cash, with his demands for a Largw amount of earnest money.

That property ended up selling at $366k, and 10.0 acres. So, I dont know that the seller really "won" on the hold out.

 

[paulsharvey]

Got the septic pumped and certified this morning, and drone pilot/photographer/3d home tour guy came after lunch.

 

[paulsharvey]

So, our real estate side; maybe they aren't as specialized in rural, lower value, properties; but they do seem focused on having everything together, and it selling Quickly. Basically, they said, we want to start at the end price. Something sitting for 45 days, then drop the price, just wastes time, and encourages low ball offers. Basically, start with the best offer; which is an interesting approach.

 

[paulsharvey]

Home got posted on the online sites this evening, and the first viewing is scheduled for tomorrow.

 

[paulsharvey]

Some of the drone shots

 

[ultrarunner]

Homes here are selling and most still overbid though list price is typically low ball to generate traffic/interest.

Typically 21 days for pending to go up…

A neighbor of 30 years retired and decided he and the wife would live in Portugal for a year and rented their home here…

They had a good renter who stayed all through the pandemic who relocated last month.

The home is now up for sale as the owners love Portugal and decided they are not coming back after 5 years…

Realtor handling it all from refinishing g the hardwood, paint, etc…

Sunday was the first open house.

 

[BackRoad]

The listing has reference to it being a fly-in neighborhood. Good luck on selling it quickly and hope you get your ask Mr. PaulsHarvey!

We owned a house outside of Tulsa, OK on a small private airstrip "spiderwebbed" with private taxiways right up to private hangers. My property could have supported a hanger, but we never had desire to add one, though it would have been more valuable.

Saturday mornings were actually enjoyable with the small props flying in and out, and I did get a chance to fly with one of the locals.

It was also a landing destination target site for a local hot air balloon fest and our kids were the right age to have great fun with that.

Kind of miss it!

 

[paulsharvey]

The listing has reference to it being a fly-in neighborhood. Good luck on selling it quickly and hope you get your ask Mr. PaulsHarvey!

We owned a house outside of Tulsa, OK on a small private airstrip "spiderwebbed" with private taxiways right up to private hangers. My property could have supported a hanger, but we never had desire to add one, though it would have been more valuable.

Saturday mornings were actually enjoyable with the small props flying in and out, and I did get a chance to fly with one of the locals.

It was also a landing destination target site for a local hot air balloon fest and our kids were the right age to have great fun with that.

Kind of miss it!

So, yes, it is in a fly in neighborhood, but not on the runway. The runway is 3450 lf paved; with an additional 1200 LF of grass "over run" strip, for a total runway of 4650 feet.

Back when the HOA was still in legal active status; it was a two tiered system; non runway property was $100/year; and runway was around $1000/year in dues. There was always kind of a fight between airport people and others. Whole community had access to airstrip, but they really tried hard to keep people away; even to the point of disallowing the req center kitchen for a couples wedding, because the kitchen didn't meet health code.

Also, I understand, you pay your $1000/year for all the air strip maintenance, and the "commoners" want to use it.