Wednesday, December 13, 2006

The Florida Room - Housing News

The latest Housing and Economic News from around the state and around the country.

Please do not hesitate to post any interesting links that you've come across.

Knowledge is Power.

Nuclear Power in Levy County

Rents Increasing Faster than Incomes

Older Americans Have More Debt than Ever

Mortgage Defaults Continue to Climb

Jacksonville - Maybe Not as Big a Bubble

Retail Sales Boom in November

31 comments:

super supper said...

Interesting about the proposed nuke. Regarding housing, I can tell you this historical footnote about another nuke plant in Florida, St. Lucie:

By the early 90's, developers had built houses right UP TO THE FENCE, where people live to this day.

It would be a long time coming before population density reached that proportion in Levy.

Anonymous said...

I'm not buying into that profs' assertions about Jacksonville. If there's no bubble popping, then why are there so many layoffs in construction and lending up here?

The only thing we got going for us is that prices up here didn't get ridiculous in the first place (unlike every other town south-by-southwest of Daytona).

crazy g said...

An update on 'Eagle Lakes', a Masterpiece Home Builders development in southern Flagler County.....

Initally, it was proposed as a HUGE 800 residence development.....
the first phase of approx. 125 homes & homesites, was started approx 1 1/2 yrs ago.....

At the time, I told my wife....

""THERE'LL NEVER BE A HOUSE BUILT THERE"""...MARK MY WORDS.....

SHE LAUGHED AT ME, LIKE MOST STUPID PREDICTIONS I MAKE!!!!

>>>>>"""WELL!!! HERE WE ARE!!!""<<<<

>>>>NOT A HOUSE IN SIGHT.....NOBODY NOTHING...PERIOD<<<<

Only sign out in front is from Colonial Bank, indicating they financed the whole thing...and a sign from MasterPiece Builders, saying to call a number ""IF"" your interested.....

THERE IT SITS, APPROX 125 HOMESITES WITH WATER, ELECTRIC, STREETS PAVED, STREET LIGHTING, THE WHOLE WORKS.....

"""NOT ONE BUILDING ANYWHERE, OR EVEN A PORTABLE SALES OFFICE, OR CONSTRUCTION SHANTY, OR EVEN A PORTAPOTTY!!!""""

It brings back visions of what I saw happen 30 years ago up north...

DEVELOPERS DOING THE SAME STUPID THING.....

A off-handed casual estimate on my part, would indicate that Masterpiece has got $3-5 Million tied up in "Eagle Lakes" development...

>>>>ALL GOING DOWN THE TUBE<<<<

CRAZY G said...

So I listened in on the conference call, of "Orleans Homes"...The company that owns Masterpiece Builders....

A significant part of the interview was dedicated to the situation in Palm Coast.....

Seems Orleans operates on a 20% profit margin [on the home w/o property]...."BUT" in Palm Coast they have been double digit discounting to the tune of 15%...
They said they normally discount 2-4% MAX.....

As always in these conference calls they try to remain upbeat, but do acknowledge that the situation in Florida is very competitive and challenging.....

zippo said...

G - you got on the conference call? Is that the quarterly earnings conference call? FREAKIN' AWESOME, BRO!!!!

AnalysisGuy said...

Miami has been released! Tomorrow I’ll release both the Las Vegas & San Diego reports. They will joins prior Q3:2006 reports on Boston, Bakersfield, Chicago, Denver, San Francisco, Seattle & Los Angeles.
thebubblebuster.com

CRAZY G said...

As crazy as this may sound I would like you to do something...

>>>FORGET ABOUT EVERYTHING YOU READ IN THE PAPER

>>>FORGET EVERYTHING YOU SEE ON TV

Get into your car, and drive into some of these developments, and see "ALL"" the empty homes setting there currently owned by "FLIPPERS" and developers....


""NOW"", Ask yourself...what is going to happen to all these empty houses?????

CRAZY doesn't know exactly either!!!!

""BUT"", he did take a course in ECONOMICS 101 [got an F+]....and in there we talked about demand & supply....

And YES!!! The supply is greater than the current demand....What does that mean????

THE PRICE IS GOING TO DROP, TILL THERE IS A BALANCE BETWEEN THE TWO!!!!!

When is that going to be????

Answer!!! When the flippers, and the developers finally throw in the hat????

When is that going to be????

Answer!!! Simply walk to a flipper or developer, and ask him

ANSWER!!! HE'LL LAUGH AT YOU!!!!

P.S. You'll get the last laugh, cuz you just took Crazy's Econ 101 course and got an """F+""""


DUUHHH!!!

SKB said...

Extra Extra read all about it!!

This for sure will bring back all of the buyers into the market. They think they are so clever.
What morons.

A new advertising strategy has been thought up by the Sarasota Association of Realtors:

http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20070111/BUSINESS/701110654

SKB said...

I came across this listing and I am wondering if this would be considering false advertising.
What do you think?
The listing price says 160,000 then there is the fine print of the listing.
http://www.portstlucierealestatesearch.com/mls_search/index.htm

Jerry, I wish you would start a blog for general comments and rants and raves.

Thanks for the great site!

SKB

SKB said...

The link didn't work.
Here is the fine print:

Comments:
"BUYER PAYS $160,000 AND ASSUME MORTGAGE AND ""TITLE INS"" AT THIS PRICE. >>>>>>>>>READ ADDENDA BELOW<<<<<" Request More Information
Property Features:
Stories: 1
Pool: N
Appliance: DISHWASHER, RANGE, REFRIGERATOR, DRYER, WASHER, GAS WTR HTR, DISPOSAL, SMOKE DETECT, MICROWAVE, ICE MAKER, AUTO GAR DR
AC: CEILING FAN, CENTRAL, ELECTRIC
Utilities: 3-PHASE ELEC, PUBLIC WATER, PUBLIC SEWER, CABLE, NATURAL
Interior: VOL CEIL, SPLIT BEDRMS, ROMAN TUB, WLK IN CLOS, PANTRY, FOYER, W/D HOOKUP, LAUNDRY TUB, PULL DN STR, FIRE SPRINK, WATT WISE
Exterior: COVRD PATIO, SCRND PATIO, AUTO SPRINK, ZONED SPRINK, SHUTTERS
View: LAKE
Waterfront: MANGROVE

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