Real Estate Supply

[Mango]

Posted by Shelly:
"A couple months ago there was a young, newly-minted physician who was offered a job in the area but couldn't find "affordable housing" for his family on a 6-figure salary (I'm suspecting he was smart enough to know not to get into one of those killer option ARM). Most of the "affluent" oldsters who own down here don't settle in SoWal year-round like they do in Naples, Sarasota, Ft Lauderdale and the like--that's where the $$$ is so that's where the doctors go."

I suppose that commuting that distance from the North with the wages being paid is definitely a problem. But I think that affordable housing definitely has to be thought out well. I am not against it.
I was shocked to hear that Ft. Lauderdale (one of the areas that you said a physician was more likely to relocate) also (which has affordable housing) also has the highest crime rate in the country!
I do think though that eventually affluent baby boomers will be retiring to the area vs. Naples, Sarasota etc. I also read that some of those people have decided to move permanently already to our area now instead due to the congestion in Naples, Sarasota etc.

Another thread talks about the County doing research and gathering statistics so they can ascertain what is needed to initiate an affordable housing initiative. It certainly will be difficult since they our County also has dedicated a large portion of land to State Forest Preservation and further North will be more costly for commuters especially with currentl fuel prices.
Yes, it certainly will be most interesting to see what happens.

 

[SHELLY]

Another thread talks about the County doing research and gathering statistics so they can ascertain what is needed to initiate an affordable housing initiative. It certainly will be difficult since they our County also has dedicated a large portion of land to State Forest Preservation and further North will be more costly for commuters especially with currentl fuel prices.
Yes, it certainly will be most interesting to see what happens.

Don't hold your breath waiting on this.

The county was giggling with glee and local powers-that-be were joining in the rah-rah pre-sale parties along with the other investulators over the last couple of years.

The punchbowl has now been taken away and the party IS over. The sobering fact remains that the real estate land grab has essentially drained SoWal's vital labor pool. Some of the slack will be taken up by the folks who once worked in the real estate industry (realtors, resort sales, mortgage brokers, appraisers, and the like). Finding locals willing (or financially able) to work for $12.50 per hour is a challenge. The "old rich folks" who are paying big bucks to be serviced won't be pleased if they can't find someone to do their nails, spray on a tan, or give them their occasional Botox injections--let alone install a pacemaker or insert a stent.

In the "old days" SoWal and the surrounding resort areas worked because taxes, insurance, land and gas were cheap enough to support a working class (and supply inexpensive lodging for seasonal college students). In just a few short years all that was wiped out by the real estate grab and, to a lesser extent, hurricanes.

Short-term, SoWal may have to look to SanDestin for the solution to their problems--that is, build barracks, shipping in seasonal migrant workers from 3rd world countries, and running the area like a cruise ship.

 

[redfisher]

Whatever a "Real estate land grab" is, I'm sure its St. Joe's fault...just like all the other hardships created here in paradise...I mean my goodnes, if it weren't for St. Joe and those horrible local politicos, none of us would be in this torturous mess to begin with...damn them...

 

[spinDrAtl]

The party may be over for those who jumped in at the height of the gold rush fever (if it ever was a party). For those unfortunate folks things could be bad. For anyone who bought prudently and/or prior to the speculatory run up, things couldn't be better, IMO. Those folks are in all likelihood enjoying their properties while experiencing nice appreciation.

I for one am keeping my dry powder and high credit score ready for what will inevitably be some good opportunities in the future.

 

[SHELLY]

Whatever a "Real estate land grab" is, I'm sure its St. Joe's fault.....

And the "addicted" blame the "pusher"

 

[30A Skunkape]

Shelly, I think you were refering to me when I talked about not being able to work at Sacred Heart due to housing cost. I will reinterview with them in the future, and they may offer a liberal housing incentive. They will have to do something...they are getting ready to add a big wing onto the medical center on Hwy 98. I for one have been looking into an area on the Atlantic coast south of Jacksonville where there is still lots of good undeveloped land :clap_1:

 

[redfisher]

Shelly, I have to laugh...What exactly and I additcted too...It must be more of that ignorant witless tripe..I'm still waiting for you to define "Real Estate Land Grab"...did THOSE crooks reach in their bag of tricks create some add'l r/e that got "grabbed"...OOOH....or how Naples, with their obvious labor problems manages to keep the Supercuts open...Certainly, the "old rich folks" don't get their botox injections there...Maybe you've got a gripe with some of those crooked r/e agents...THEY must be the source of all this strife (you know they get a commission)...Gosh, and don't get me started on those devilish developers...please grace me w/your economic insight...Maybe we can get more "snowflakes melting in the hand", "Greenspan's an idiot", "used car and insurance salesman" condescension, or maybe you can help that doctor find the PERFECT job...WOW, YOU REALLY CAN DO IT ALL...How bout that CEO who can cut his pay package to maintain a dividend for a stock w/market cap in the billions...I actually went back and reviewed some of those hundreds of knuclehead posts and am not sure you can make intellectual change for a $20...

 

[SHELLY]

Shelly, I think you were refering to me when I talked about not being able to work at Sacred Heart due to housing cost. I will reinterview with them in the future, and they may offer a liberal housing incentive. They will have to do something...they are getting ready to add a big wing onto the medical center on Hwy 98. I for one have been looking into an area on the Atlantic coast south of Jacksonville where there is still lots of good undeveloped land :clap_1:

Good luck...stick to your guns! (And don't think of shoehorning your way into an overpriced place with one of those suicide loans--prices WILL come down. You'll see...patience will pay off.)

 

[Kurt]

Shelly, I have to laugh...What exactly and I additcted too...It must be more of that ignorant witless tripe..I'm still waiting for you to define "Real Estate Land Grab"...did THOSE crooks reach in their bag of tricks create some add'l r/e that got "grabbed"...OOOH....or how Naples, with their obvious labor problems manages to keep the Supercuts open...Certainly, the "old rich folks" don't get their botox injections there...Maybe you've got a gripe with some of those crooked r/e agents...THEY must be the source of all this strife (you know they get a commission)...Gosh, and don't get me started on those devilish developers...please grace me w/your economic insight...Maybe we can get more "snowflakes melting in the hand", "Greenspan's an idiot", "used car and insurance salesman" condescension, or maybe you can help that doctor find the PERFECT job...WOW, YOU REALLY CAN DO IT ALL...How bout that CEO who can cut his pay package to maintain a dividend for a stock w/market cap in the billions...I actually went back and reviewed some of those hundreds of knuclehead posts and am not sure you can make intellectual change for a $20...

:shock:

 

[sandfleas]

You won't need to be patient for very long. Prices have been falling for a while now and the pace will increase as sellers with low basis in their property get more and more nervous about the depressed market. Those people will begin unloading at prices not seen for several years.

Good luck...stick to your guns! (And don't think of shoehorning your way into an overpriced place with one of those suicide loans--prices WILL come down. You'll see...patience will pay off.)