Ft. Lauderdale property

[shades]

Anyone know if investing in Ft. Lauderdale foreclosures would be a good idea or not? A lot of properties look dirt cheap around there, and they actually seem like decent homes (albiet fix-er-uppers).

[Noble]

Ive got relatives in Fl, not in Lauderdale but not far up the coast. From the talk I hear the knife is still falling on the real estate in Fl. DYODD, just my .02c. It is gawd awful beautiful down there. If you're looking to move there thats a different story. Either way, best wishes.

[dacrunch]

habla espanol or ebonics?

:bandit:

[shades]

habla espanol or ebonics?

:bandit:

Neither. :) Via con dios amigos, is about the limit of my e'spanol.

[shades]

Ive got relatives in Fl, not in Lauderdale but not far up the coast. From the talk I hear the knife is still falling on the real estate in Fl. DYODD, just my .02c. It is gawd awful beautiful down there. If you're looking to move there thats a different story. Either way, best wishes.

Nah, no way I'd want to live in Fl. too humid for my liking and I don't like the crime figures. Just rent them out, and hopefully get some capital growth. My friend is telling me there is still a lot more down-side in the US R.E. market overall, I find it a little hard to believe, but I also can't discount the evidence that there could be...

A major investment group here recently pulled out of buying there, and are looking to buy in later, so I assume they have done their research.

I suspect places like NV, AZ and FL, (at least the properties on the lower end of the scale) don't have much more to fall really...

[dacrunch]

here you can see your neighbors (& tenants):

http://interactive.sun-sentinel.com/news/local/broward/mugshots/

[97guns]

do some reserach, ive heard real estate in many florida cities is very depressed. i dont know if its in the same league as the detroit area but i know its bad. take a look at the rental market on craigslist and make sure the numbers work. another word of caution in reguards to being a long distance landlord - it does not work. the property manager will nickel and dime you because he knows your not local. i was in a long distance landlord/manager relationship and i went through 3 managers in 3 years, they were all crooks.

all this being said - no risk, no reward.
scared investors don't get paid off.

[Goldhedge]

Ft. Lauderdale used to have a pretty good
allure attached to it with regards to it being
in "Florida", but that was 40 years ago.

Today it's a slum....

[Hystckndle]

Hello Shades,
Tempting, yes.
IMO still a falling knife.
Down that way there are still a very large number of unoccupied units .
Some of the reports on single family dwellings do NOT figure in the
empty condos of which the empty ones number in the many thousands if you count down into Miami as well.
No bottom yet.
JMHO,
Regards,
Haystackneedle

[shades]

do some reserach, ive heard real estate in many florida cities is very depressed. i dont know if its in the same league as the detroit area but i know its bad. take a look at the rental market on craigslist and make sure the numbers work. another word of caution in reguards to being a long distance landlord - it does not work. the property manager will nickel and dime you because he knows your not local. i was in a long distance landlord/manager relationship and i went through 3 managers in 3 years, they were all crooks.

all this being said - no risk, no reward.
scared investors don't get paid off.

Yeah that was one of my big concerns, potentially getting ripped off by property managers, better to go with a slightly bigger brand name that wants to protect it's image than a local Joe Blow. Being beyond
reach of the property, or manager is always a concern, but there must be some decent people out there... just a matter of finding them.

Our property managers here are largely rubbish, some are outright crooks (one even had his family member doing "maintenance" and ripping us off (very common) ), many never even visit the property or perform rental inspections, they just like to sit back, and look at money roll in on spreadsheets.

As for Detroit, it's still largely dying, and there seems to be no real end to it, I couldn't buy there unless a major turn-around occurred. I know they're trying to fix it, but it could take a decade or more. Sure you can buy some slum houses there for $2000, then pay the back taxes, and still be unable to rent the thing and just end up paying the city/state on a losing 'investment'.

[Hystckndle]

P.S.
Shades,
Only wrote that to you as I am a couple of hundred of miles north,
have been building ( not anymore ! LOL ) high rises for years,
and I have never seen the likes of what happened here which is maybe 60% of what
got built during the boom down there.
Amazing numbers ( I have read 10,000 or more ) condos still sit empty.
Regards ,
Haystack

[917601]

My new neighbor moved from there last year-he said he could not pay his $12,000 yearly property tax on his home that lost 40% of its value.
Huh?

[97guns]

yes, but if you were to buy now the property tax should be revised for current value, ive purchased 4 properties post crash and they've all been re-assessed to my purchase price.

[shades]

yes, but if you were to buy now the property tax should be revised for current value, ive purchased 4 properties post crash and they've all been re-assessed to my purchase price.

Yep, you're definately crazy if you don't get that revaluation done, or make sure it can be done (and what it will be) before you even buy...

[shades]

P.S.
Shades,
Only wrote that to you as I am a couple of hundred of miles north,
have been building ( not anymore ! LOL ) high rises for years,
and I have never seen the likes of what happened here which is maybe 60% of what
got built during the boom down there.
Amazing numbers ( I have read 10,000 or more ) condos still sit empty.
Regards ,
Haystack


You used to build 'em? Wow... 10,000 empty...

Remember that the banks were simply approving loans for building these to then sell, and put the customer loans on the books, to then sell the MBS (or better description (Collaterialized Debt Obligation) as a AAA-rated derivative onto the markets for everyone's hedge funds to buy (much of which turned out to be FFF quality when loans/payments came due). Huge scam...

Vegas is full of them, really nice new buildings with apartments. They have recently been slashed in value, and they still can't find buyers for the things.

After researching NV and AZ. They have some good points, but a lot of bad points too. Ideally I'd want a property that will rent out for a decent return in a reasonably pleasant area. Scottsdale was another recommended to me and that looked quite nice, but not a lot of bargain properties available there, at least not in my league, and once again rental is a concern.

For rental to be viable, and properties to go up in value, the area needs just one thing... stable jobs.

The other way is to do McDonalds research, wherever they build a new McDonalds, invest in that area, they've already done the demographic research for you in most cases.

[dacrunch]

here you can see your neighbors (& tenants):

http://interactive.sun-sentinel.com/news/local/broward/mugshots/

As I was saying, be aware of whom you might have as neighbors and/or tenants... By law, realtors are NOT ALLOWED to tell you!... "fair housing" regs... Well my license has lapsed, so here you go:


http://www.youtube.com/watch?v=HucqTO4vfb8

Well, that's Ocala... but Fort Liquordale has its share of "rough" spots too...

:bandit:

[Goldhedge]

Looks as if the Florida sun does wonders for a tan...

They fight like girls...

The men have to break up the fight.

[Irons]

Nice chimpout.