Other Buy Now or later and when?

[MissSunshine]

We already own and a family member is considering moving here and buying a single family home, a condo or a townhouse. We aren’t sure if this is the time. With customary use being such an issue we’re thinking prices are going to have to drop bc of all the short term rentals that people purchased at the high and now aren’t hitting their numbers. What’s everyone’s opinion right now? Need some guidance.

 

[Ken]

My short answer is SoWal is a buy anytime, especially long term.

What are some of their requirements? Near beach? Amenities? Schools? Etc.

Will this be their permanent home? Will they want something they can rent as a vacation rental?

 

[MissSunshine]

It’s for an older family member. If/when the time comes we’d consider renting it but more likely would sell. We just don’t want to purchase if prices will take a big hit bc of the problems we have here. Infrastructure, traffic, lack of enforcement, customary use - you name it. Thinking it will affect the golden goose if it hasn't already. I know it’s like looking into a crystal ball but wanted to get varying opinions.

 

[bob bob]

It’s for an older family member. If/when the time comes we’d consider renting it but more likely would sell. We just don’t want to purchase if prices will take a big hit bc of the problems we have here. Infrastructure, traffic, lack of enforcement, customary use - you name it. Thinking it will affect the golden goose if it hasn't already. I know it’s like looking into a crystal ball but wanted to get varying opinions.

I tend to look at Florida development trends over the last hundred years. SoWal is in the beginning stages and will have a ton of growing pains but as one of the fastest growing counties in the nation, we will be adding hundreds of thousands of people. Short term these are the golden days - health care may be an issue though.

 

[PoppaJ]

Location, location, location has been replaced with Insurance, insurance, insurance in Florida.
Here are a couple of links to articles about how this is affecting various areas in our state from prices to inventory to days on market.

Florida home prices could be falling due to rising insurance costs. Is Pensacola next?

The ongoing home insurance crisis hangs over Floridians like dark storm clouds and it's impacting home sales.

www.pnj.com

Florida home prices fall as surging insurance costs scare buyers

Burgeoning cost of home insurance has scared off would-be buyers from acquiring properties in the corridor that runs between Sarasota and Naples.

nypost.com

 

[Matt J]

If you're long-term buy anytime, even those that felt underwater during 05/06 have or would have made it back as of today.

Beach front will never go down. However, the further from the beach will likely become bargains while customary use plays out.

If you do go the condo route I cannot stress enough the importance of looking at the financials with an emphasis on reserve funds. Plenty of sales have been essentially forced due to a large assessment not covered by reserves and there are plenty of condos out there that have never funded one penny into a reserve fund.