|
PureBytes Links
Trading Reference Links
|
Well put Bob.
The difference, however in this hot area of Myrtle Beach is that it is 10
miles inland but just a short no traffic drive to the beach.
Statistically, FL gets the highest per cent of hurricanes [aroud 50% +]
since 1980 and this area gets about 6%...with least damage inland. At
least that is what was the info provided by a local expert.
Also construction standards have risen to withstand at least 120 mile
gusts for a set duration. So the newer houses have a better chance. A
proof of that is Homeowner's Insurance including wind damage is amazingly
low.
Housing price falls are a risk with rate hikes anywhere but as I posted
once before, the construction per square foot here is still one of the
biggest national bargains from what I have seen and the feedback given to
me by others. Prices may not go up as fast if rates go up dramatically,
but I doubt that they will come down substantially either.
I have been to just about every potential area in FL to retire including
Sanibel so I am not writing in a vacuum. The people I have actually spoken
with from CA and WA who have purchased here have a single mantra. They can
not afford to retire in the areas of their Million dollar homes and are
looking for a less costly escape valve as well as investment.
I would not worry about property in Sanibel either. It is gorgeous there!
All the best to you.
And what have you been buying or selling lately?
I bought $100,000 closed end munis yielding 7.5% a couple of months ago
and cashed out last week with a 10% profit...helps to cover my other
stupid plays. Thanks to some wise counsel from Ben, I am playing it closer
to the vest
Sincerely,
John
> Of course, there's is nothing quite like three major hurricanes in a
> month to bring property values down fast. My home on Sanibel Island,
> Fl escalated from $290K in '98 to $550K in '03 but it's hard to say
> what it may be worth right now. Also, purchasing at historical low
> interest rates runs the risk that with rising rates, real estate values
> will fall. Sort of like being in a stock you can't sell because
> trading is halted ... :)
>
> Bob
>
>
> At 02:39 PM 9/11/2004 -0400, you wrote:
>>Well I am finally seeing it happen in real time...in the community I
>> live.
>>
>>I am active in Homeowner's Association in my Myrtle Beach, SC
>> community. We are Lakeside and just 5 minutes from the Beach with the
>> new roads.
>>
>>I saw a list of the homes owned by people from CA and WA and it is
>> growing. Apparently there is a network of over 2000 people dealing with
>> select realtors who find fast growing and escalating value areas in new
>> communities here and elsewhere.
>>
>>The out of staters are buying homes here and renting them for $1050 per
>> month which covers mortgage and practically all expenses with some left
>> over for repair. In speaking to one from WA, he can not afford to
>> retire where he lives plus he believes the escalation in value here
>> will give him a better profit than the stock market. Apparently, his
>> particular effort was started by a group of stock investment club women
>> who are also doing this.
>>
>>It is having a negative affect on our Family community since many
>> renters are college students...away from supervision...FWIW. But that
>> is being gradually dealt with.
>>
>>I am thinking about doing a few properties myself. There is no let up
>> in demand here.
>>
>>Just FYI.
>>
>>Sincerely,
>>
>>John
>>
>>
>>
>>
>>
>>
>>Yahoo! Groups Links
>>
>>
>>
>>
>
>
>
>
>
> Yahoo! Groups Links
>
>
>
>
------------------------ Yahoo! Groups Sponsor --------------------~-->
$9.95 domain names from Yahoo!. Register anything.
http://us.click.yahoo.com/J8kdrA/y20IAA/yQLSAA/zMEolB/TM
--------------------------------------------------------------------~->
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/realtraders/
<*> To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
|