From the AP:
Homebuyers Searching for Real Estate Deals in Hurricane Sandy Wreckage
It sounds like the premise for a new reality TV series: “Hurricane House” — people scouring waterside communities looking to buy homes damaged by Hurricane Sandy at a deep discount. While there are bargains out there, ranging from 10 percent off pre-storm prices for upscale homes on New York’s Long Island and the Jersey Shore to as much as 60 percent off modest bungalows on Staten Island and Queens, it’s still very much a game of buyer beware.
Not only are buyers on the hook for repairs and in some cases total rebuilds, they’re also wading into a host of potentially expensive uncertainties about new flood maps and future insurance rates, zoning changes and updated building codes. “It’s totally changed the way I sell real estate,” said Lawrence Greenberg, a sales associate with Van Skiver Realtors, whose own Mantoloking, N.J., office was wrecked in the storm.
…
There is no sign of a mass exodus from shoreline communities. The number of for-sale listings in January in the 380 Zip codes hit by the storm was about 2 percent below the same time last year, according to online real estate information company Zillow. That indicates that most homeowners are rebuilding, or have not yet decided how to proceed. But real estate agents in New York and New Jersey say the majority of homes for sale in these areas have some damage from the Oct. 29 storm, and it appears to them that a rising number are being put on the market as the spring home-buying season approaches.New listings range from destroyed oceanfront properties being sold for the land, to flooded bayside homes untouched since the storm that must be gutted. Even the few undamaged homes in affected neighborhoods are listing at prices about 10 percent lower than they would have been pre-storm. Some sellers are overwhelmed by the daunting prospect of restoring a damaged home. Some are older homeowners who had stayed in the houses where they raised their families, but now are relocating. Some didn’t have flood insurance.
“They either don’t have the funds or don’t have the energy to go through the renovating and rebuilding process,” said Jeff Childers, a broker with Childers Sotheby’s International Realty in Normandy Beach, N.J.
So you mean you have to use your own money to make an investment?
We are not as fortunate as JJ, who can get interest free loans from Icahn and Aikenjust for dishing some war stories about sex with Kennedys
Deep pockets needed to stay too..
Not on Wall St, they prefer to use other peoples money and ask for bailouts when it goes bad.
“JJ says:
March 11, 2013 at 7:29 am
So you mean you have to use your own money to make an investment?”
Only JJ wouldn’t mark first on a thread….
I consider my first post of the day always number one.
chicagofinance says:
March 11, 2013 at 7:50 am
Only JJ wouldn’t mark first on a thread….
ALL IS WELL
Americans are saving less and spending more for purchases such as new automobiles, as household net worth climbs with rising home values and stock indexes surging to record highs. Companies are ramping up hiring, adding 246,000 to private payrolls in February. They’re also expanding investment and rebuilding inventories as they put profits accumulated during the recovery to work.
http://www.bloomberg.com/news/2013-03-11/americans-take-payroll-tax-increase-in-stride-to-keep-spending.html
Sandy-Damaged Homes Hit Market at Bargain Prices
By EILEEN AJ CONNELLY Associated Press
LONG BEACH, N.Y. March 10, 2013 (AP)
http://abcnews.go.com/US/wireStory/sandy-damaged-homes-hit-market-bargain-prices-18697004
Sorry didn’t realize that was the same AP story with the title changed….
Good Morning New Jersey
Double First ELEVEN.
I’m still waiting for answers to the following:
1) Where’s the inventory?
2) Since we’re now supposedly in a housing bull market again, why are interest rates not rising?
3) Will all those foreclosures and pre-foreclosures littering the multiple listing sites ever be available to the actual public?
4) Why is the term “property taxes” repeatedly removed from the discussion when discussing price?
Long Beach, NY from what I see, the actual families raising kids are all staying.
However, there are tons of older folks who bought a long time ago, investors who owned several bungalows, well off folks who have summer homes etc.
Remember, FEMA maps were updated in 2009 to make flood insurance mandatory on homes in many flood areas around NYC. Anyone who did not have a FHA mortgage in 2009 or since was never notified they needed flood insurance.
So that means the population was mainly older folks, long time homeowners and cash buyers whose house got wrecked. In Long Beach or even Jersey Shore it seems Spring 2002 is when prices started shooting up. So pretty much anyone who bought pre-2002 might not have a mortgage. You need 100K or above at banks to refinance normally, and with fees associated you need a mortgage of maybe 130K or more to make it worthwhile. Many folks including me when rates fell like a brick and were locked out of refinancing we just paid it off, and when Sandy hit that was it.
Also remember, some older folks (this is from a meeting my neighbor attended last week), pulled shenanigans. For instance, one lady terminally ill at meeting transferred house to parents name as she thought medicare would take house. Couples who bought houses in trusts. Older folk who signed homes over to kids. Inherited vacation homes, homes sill in elderly parents name to keep elderly exemptions. Homes rented out illegally where tenant filed for FEMA on lower floor and claims denied. We also have houses that are now ICC. Owner taking payout rather than raising.
ICC houses are houses that require repairs estimated at 51% are great of value of homes. They are tagged you need to raise them or in 36 months your flood insurance is going to be $9,500 a year.
Oddly, my home is clean as the virgin snow. Flood Insurance came to my town in 1977 and my house has never had a claim. They dont count my FEMA pay out as a claim.
Gary (12):
I can answer #2: 85 billion/month from Uncle Sugar. Soon to be 100+ billion/month next year. Money needed for the gubbmint to monetize 1+ trillion of debt every single year. You know, Obamacare is not going to pay for itself.
Regarding #4, my friend yesterday was commenting that he will spend close to 400k in taxes by the time his kid goes to college. He thinks owning a home in NJ is not worth it. I have to agree with him.
400K in property taxes?
JJ (15): 15k+/year for 18 years is around 400k. For the pleasure of living in Wayne, NJ.
Sorry JJ, 300k. My kid had me up all last night.
I pay over $40k combined each year on property taxes. That’s the NJ share, anyway.
If you are childless and work out of state that is true. But if you have multiple kids in school district and live and work in NJ most likely you are getting back nearly all of that in services.
All Hype – Mr. Oil, Mr. Gas, Mr. Coal says:
March 11, 2013 at 9:06 am
JJ (15): 15k+/year for 18 years is around 400k. For the pleasure of living in Wayne, NJ.
1) Where’s the inventory?
I think Trulia actually summed it up pretty good here:
http://blogs-images.forbes.com/trulia/files/2013/03/Trulia_Housing-Inventory-Spiral_Infographic1.jpg
2) Since we’re now supposedly in a housing bull market again, why are interest rates not rising?
Mortgage rates are about 20 bps up from the lows set around November/December.
http://www.freddiemac.com/pmms/
3) Will all those foreclosures and pre-foreclosures littering the multiple listing sites ever be available to the actual public?
They aren’t on the MLS, which is what I think your point is, but are you sure you really want them? Englewood, Hackensack, Ridgefield Park, Garfield, Elmwood Park, Bogota, Lodi, etc. Yeah, there is an occasional Franklin Lakes, Wyckoff, USR, Mahwah, but they hardly represent any kind of appreciable add to inventory.
4) Why is the term “property taxes” repeatedly removed from the discussion when discussing price?
Taxes were up 2.4% in 2011, 1.4% in 2011, and for the first time in a long, long time, some towns actually reduced taxes. In fact, in 2012, Morris County property taxes actually declined 1.5% on average.
Unwinding property tax increases is going to take a long, long while, and will only be materially done through inflationary erosion, not actual “real” reductions.
We’re finally starting to see some political appetite to move towards consolidation and shared services, which will serve as a platform to keep taxes in-check at least into the near-term future (we all hope at least).
That said, the property tax grass is not always greener elsewhere.
Deep pockets is a funny statement. You can do HELOC from primary, borrow 401k, bet a rehab loan if primary residence, margin loan etc.
Lots of way to get cash to buy a flood damaged home if cheap enough.
Some bungalows are going for 150K. You could just do a 100K Heloc and a 50K 401K loan, then use your own funds to rehab it and rent it for summer. If you move quick, use off the books folks and do a quick fix, you most likely could renovate for 30k, then do a summer rental for 30k. Then use next five summers to pay off loans.
Beats the heck out of buying the place at 450k with 6% interest in the summer of 2006
grim,
20 bps? So, instead of 3.74%, it’s 3.94%. Wait a week and it will be back at 3.84%. It’s a bull market again, I expect 30 yr. rates to be in the 7% range. And, Lodi, Garfield, etc. might not be the most desirable areas, but lets put them all out there and let the buyers decide.
Morris County property taxes actually declined 1.5% on average.
So, instead of paying $12,000 per year, we’re now paying $11,850 per year. Party time!
The Trulia chart makes sense to me. When do we get the inventory?
The Trulia chart makes sense to me. When do we get the inventory?
In what sense? New Inventory or a big pool of available actives? If you are talking about having a big pool of inventory from which to select from, that’s very different from lots of new inventory that only spends a short time on market.
I’d argue that initially, good inventory is going to continue to be scooped up quickly, even if it comes on the market at a faster pace. In this situation there is more inventory, but the “lack of selection” perception will continue to persist.
I don’t think anyone knows when, but I’ll tell you, the time scale will be measured in years, not months.
North Jersey market…there is no denying the market is hot. Receiving offers on almost all my listings and not just offers but strong offers. Prices have firmed and are on the rise. Just listed a house in Paramus yesterday afternoon for over $1,000,000 and it has already been shown 4 times in less than 24 hours.
Not sure the market will remain this strong or that prices will continue to rise in a straight line, but I am enjoying it while it lasts.
So once again I am dealing with getting deal closed with a part time realtor house wife realtor, driving me nuts.
Seller lives out of state and has no intention of moving back to unit. Unit costs them like 1,400 a month to own. It is empty. Meanwhile realtor and seller dragging feet.
Quotes I have heard to date. Seller would like to go lower, but they want to break even after my realtor fee and their purchase price.
Still cant provide offering plan, minutes, insurance coverage for building.
Owner even though had originally listed it in 2010 had no RE lawyer.
I am always amazed at how little realtors and owners know about their house.
I also find it amazing realtors and owners need to be talked down on their asking price. Everytime they price a listing they over price by 20%, let one year go by then sell.
Funny stuff. This one will close as owners have to sell. I like place so willing to pay a little more than it is worth.
Only issue now is it appears building is “unmortgageable” I told them my offer was on a building I can get a mortgage on. If I have to go to cash, take on more risk and not get tax deduction we will have to revisit my offer. I think around a 2-5% discount is appropriate. If they can only sell for cash it is greatly limiting their buyers pool .
“The Trulia chart makes sense to me. When do we get the inventory?”
The inventory is there, just not at the price you’re willing to pay. Surging inventory at low prices (and low taxes) is not on the horizon.
Statler,
If no new inventory then existing inventory is mostly homes nobody wanted last year or year prior. That is what I am seeing. Reheated sh*t. Now people will run cash in fists to buy them this year? Go for it. I may wait out the frenzy and delusion. Summer will be a cold blast to sellers and demand will subside.
Surging inventory at low prices (and low taxes) is not on the horizon.
Wage inflation should handle the higher prices and taxes, right? Right?
From the other day. Sorry, I had her cross referenced with a different Lisa Prevost. The “right” Lisa Prevost is the author of that book,Snob Zones: Fear, Prejudice, and Real Estate , and she does live in Fairfield CT. Her married name is Lisa Sandler and she’s married to NBC News producer Tim Sandler. Here’s her FB page:
http://www.facebook.com/lisa.sandler.12
grim says:
March 9, 2013 at 1:02 pm
Doesn’t she say she lives in CT? Mumford is Rochester.
Bystander,
F.ucking classic, isn’t it? All of sudden diving into the financial abyss and making poor decisions is all the rage again.
I’m glad we bought while the financial markets were collapsing, there was no competiton for the best stuff back then. Been enjoying the last 5 years in my 300k crap shack on a quiet road with killer views surrounded by big azz fancy properties on estate sized lots. Since then, I’ve only seen maybe 3 houses that are as good as mine for the same price we paid. And 2 are on busier roads and have less land and right on top of you neighbors and the other is 400 square feet smaller (and also has right on top of you neighbors).
Next door’s got his 10,000k sq foot house listed for over 2 mill, but you only get half his land for that price. Under 30 minutes to Morristown and my taxes are damn low and have been going down every year we’ve lived here. North Jersey’s not so bad if you do it right.
Where is everyone today? Out house shopping? ;P
just lurking lib, busy with actual work
But you are comparing March 2009 300K to March 2013 300k. Even if you stayed in cash you would have earned some interest. More likely by now being very conservative with dividends and interest reinvested you would be at 600k.
So compare your 2009 300K homes to 2013 600K homes.
part of reason homes are rising are folks are sitting on a lot of paper gains they want to turn into hard assets. I am sitting on a lot of paper gains since 2009, I would like to close this deal. Turns out their are stuff turning up owners and realtors did not expect. I am hoping since it is becoming apparent I cant get a mortgage on this place I can get them to knock 15k off home if I do cash. Does not seem like a lot, but was only going to mortgage 200K at 3.0% which is only a 6k a year deduction, which equals $2,500 off in taxes. If I can get 15k off, that is same as six years of tax deductions.
Also people think rates are rising now so they are coming off the fence. Folks who wont qualify if rates rise 1 or 2 % want to buy now.
Also in your case you are dealing in limited inventory. You had to buy to get what you want. This beach condo I am dealing with, I like the town, I like the location. Very little inventory. I might overpay 15K and still sleep at night.
Ottoman says:
March 11, 2013 at 1:02 pm
I’m glad we bought while the financial markets were collapsing, there was no competiton for the best stuff back then. Been enjoying the last 5 years in my 300k crap shack on a quiet road with killer views surrounded by big azz fancy properties on estate sized lots. Since then, I’ve only seen maybe 3 houses that are as good as mine for the same price we paid. And 2 are on busier roads and have less land and right on top of you neighbors and the other is 400 square feet smaller (and also has right on top of you neighbors).
#32-33..who is putting together the chart with the correlation between NJREreport blog posts (or lack thereof) and the economy, GDP and Stock Market. Less posts, booming economy?
NJ Transit pulled the ultimate F-U this morning.
Missed the NY train this morning so I hopped onto the Hoboken train that immediately follows it. Got off at Newark Broad to transfer to NY train arriving on M&E line with about 100 other passengers. As we are leaving train, an announcement is made on the platform PA that the next NY train is delayed 23 minutes (was actually closer to a half an hour). But before I could run back on to train to take the PATH from Hoboken in to NYC, the conductor closes the door. Thanks NJT. Your pensions are well deserved.
(32) Timing is everything. The best buys in NJ RE were in the early 1990s as prices were crashing all around. Much more than what has happened in the past few years. Reasons: 1) more inventory – many tract homes were being built in new subdivisions and then abandoned by the builders. 2) The owners gave up the houses quicker – no bailouts then. Thus, prices plunged quicker. I saw many more foreclosures in the paper then as compared to now. And prices kept stable for about 8 or 9 years after that. I wished I bought some choice properties back then. Still kicking myself.
Now, how many of you see large tract subdivisions waiting to go? The only one I know of is in Raritan Twsp, here in Hunterdon. The rest of the towns here have the farmland preserved or they upped the minimum acreage to 8 like my town, or 15 acres in my neighboring town. Where will the long term supply/demand ratio go with that zoning?
Same with most areas of NNJ. It will be knockdowns from now on.
oops. the reference was to 31, not 32. My apologies.
5 Best Buys in Real Estate in last 30 years are three times.
1) RTC buys after S&L crisis in 1992/1993
2) 1996 Inflation Adjusted Real Estate hits a bottom
3) Summer 1999 til March 2000 for folks selling stocks – Two friends cashed out 100% of stocks and bought places.
4) October 2008 till October 2009 liquid troubled mortgage paper and liens sold at auction cheap as result of financial collapse.
5) Right after 9/11 Downtown Manhattan.
TBD Sandy Beach house buys. We will know in 3-5 years
As I switch at Penn from LIRR to NJT I have seen train doors closed but train not moving and I am mad.
Conductor told me LIRR trains are judged late by when they pull out of station. NJT unions do it when they shut the door. So if the 5:15 pm train shuts its doors in Penn at 5:19 within 5 minute grace period and lives at 530 after sitting with doors closed it is marked on time. I have seen this several times at Jets games
Libtard in the City says:
March 11, 2013 at 1:27 pm
NJ Transit pulled the ultimate F-U this morning.
Missed the NY train this morning so I hopped onto the Hoboken train that immediately follows it. Got off at Newark Broad to transfer to NY train arriving on M&E line with about 100 other passengers. As we are leaving train, an announcement is made on the platform PA that the next NY train is delayed 23 minutes (was actually closer to a half an hour). But before I could run back on to train to take the PATH from Hoboken in to NYC, the conductor closes the door. Thanks NJT. Your pensions are well deserved.
JJ [40];
Way to go. Your top five were all completely unavailable to the end user owner-occupier. Re: 4], the paper may have been cheap, but the property wasn’t yet. I saw lots of FK places go to auction as “BUYER ASSUMES RESPONSIBILITY OF POSSESSION”, meaning we’re giving you title, you’re gonna need a bulldozer to actually get the deadbeats out. Given the legal battle ahead of the buyer it should have gone for half price — some poor sap bought it at the circus auction for 10% off retail and thinks they got a deal.
I’m a little disappointed at those who can’t even acknowledge that data may exist to contradict the bearish housing view. Was 2012 the bottom? Maybe not, but is it heresy to say that is came down ONLY 25% off peak? (I contend in real dollar terms, the decline is more like 40%; and inflation will cause further erosion of real prices despite some nominal gains.) I followed the Buffet advice – get rich by moving too early instead of too late.
2014/2015 will be the bottom.
People do not fully understand Sandys effect on housing prices. There will be a large shift of tax bases from Sandy towns to Non Sandy towns in two to three years.
RE taxes will shoot up. If we can go three years without flooding as Sandy towns are rebuilt we will have the oddity of brand new homes selling for 340K with 5k taxes with towns nearby with same size homes on market for extended periods at 700k with 18K taxes. Folks will roll dice on Sandy towns eventually driving prices down in non-sandy towns. Also Fema long term infrastructure projects will drive up employment and improve sandy towns.
Of course another flood and this is all over. The opposite will happen. non sandy towns will increase as sandy towns will further decrease.
Anon E. Moose says:
March 11, 2013 at 2:08 pm
Great forecasting for a guy that whose January 2013 prediction was that stocks would do poorly during the 1st quarter…
http://www.habitatmag.com/Publication-Content/2013/2013-March/Featured-Articles/Co-op-Renovation-Credit#.UT40HFFv_Z8
Interesting Floor Prices at a development, never heard of it before.
Carlito, thank god my laziness ment I never sold any stocks during the Q1 but I did buy 75K of stocks in Jan and Feb as I had to put some money to work and was lessor of two evils. I am pissed that I have money laying around in cash waiting for this stupid condo to fall either way, maybe if deal falls apart I will be back in after a short term correction
“existing inventory is mostly homes nobody wanted last year or year prior. That is what I am seeing. Reheated sh*t.”
That smell isn’t poop, it’s money. Urine-stained carpets are like gold; novice buyers will run away, while others will rip out the carpet and re-sand hardwood floors at a small expense.
If the houses were in mint condition, they certainly wouldn’t be priced lower. Find a house in a good location with “good bones” and renovate.
#42, I am sure there will be an imbalance within each county as ratables are reduced in “Sandy” town to non sandy towns, but the sandy towns themselves still have to raise as much money for their schools and municipal gov’t as before so somebody in those towns re going to pay.
45 – Bring it on baby. Shit on the toilet seat is better than chocolates on the pillow.
Flocked/Velvet wallpaper, paneling, shag rugs, floral patterned vinyl floors, linoleum, hickory kitchen cabinets, harvest gold, avocado, all beautiful things.
Maybe, If one does not live in an incorporated town, for instance Queens NY beach houses or unincorporated parts of southshore long island the costs get widely spread out and majority of tax base was uneffected.
It is cities like Long Beach or incorporated parts of Jersey Shore that screwed themselves as it left them liable for more costs.
ovt offices. No school buses, no nothing.
Condos/Coops I heard in incorporated villages that sustained tons of damage are screwed. Rising maint, CC costs and property tax increases are killing them.
1987 Condo Buyer says:
March 11, 2013 at 3:06 pm
#42, I am sure there will be an imbalance within each county as ratables are reduced in “Sandy” town to non sandy towns, but the sandy towns themselves still have to raise as much money for their schools and municipal gov’t as before so somebody in those towns re going to pay.
My favorite house had a stack of sticks in yard and owner said it had a two car garage, I said where. He said like 20 years ago garage collasped but it is all there you just have to put the sticks back together.
grim says:
March 11, 2013 at 3:11 pm
45 – Bring it on baby. Shit on the toilet seat is better than chocolates on the pillow.
Flocked/Velvet wallpaper, paneling, shag rugs, floral patterned vinyl floors, linoleum, hickory kitchen cabinets, harvest gold, avocado, all beautiful things.
If the houses were in mint condition, they certainly wouldn’t be priced lower. Find a house in a good location with “good bones” and renovate.
Grim, Pine Street @ 619K? Is 619K a good price to rip that one up? Or should it be 500K or less? I’m just asking. At what price is this house “opportunity”?
No worries JJ, horse country isn’t such a bad place to spend my time until retirement. Its not the beach but then again, I don’t have to see other people unless I want to.
Xelopa, I was in the market in the early 90s and made it from a 1 bed condo in 91 to a pre-foreclosure in Summit with smoke stains on the walls and dog sh!t on the floor in 93 to an enormous renovated 5 bed farmhouse on an acre with pool in Mendham in 1995. Then divorce happened. That experience turned me off to big homes, which I think has been a good thing.
Of the three houses I mentioned that would be decent alternatives to my house, one is currently listed for 33% less than its 2006 selling price (and is now more in line with what I paid in 2008). We’ll see how low it finally sells.
Pine? I didn’t like Pine, I told you the owners kids were idiots.
However:
349 William Way, Wyckoff, $450k closing price – Very good deal, nice size house with SOLID bones. This house represented a FANASTIC opportunity for reno.
House next door sold for $1m late last year. This place could have been buttoned up tight with a $125k investment. $575k for what would have essentially been a brand new house in a neighborhood of $1m homes? I don’t care that you could hear 208, buy earplugs for the $250k you would have saved here. The guy next door could hear 208 just the same, and he paid $1m.
Also:
139 Glen Road, Woodcliff Lake – Closed $455k.
Similar situation, beautiful neighborhood, easy gut reno here, probably less work than William if you wanted a quieter neighborhood. Plenty of $700k sales in the last 12 months in the immediate neighborhood that would justify the investment. Heck, 195 Glen, a few houses down, closed last year at $1.4m.
Hell, 444 William Way just hit the market, that one BACKS to 208..
$599k.
For $599k, you could turn 349 William into a damn GEM
#48, I believe all of NJ is “incorporated”.
TOMS RIVER, N.J. — Residents of New Jersey and Long Island coastal counties who live away from the water could be forced to pay higher property taxes to offset millions of dollars in lost revenue from hard-hit beachfront towns, a county official said.
http://www.usatoday.com/story/news/nation/2013/02/20/sandy-property-taxes/1933551/ k
http://www.usatoday.com/story/news/nation/2013/02/20/sandy-property-taxes/1933551/%20k
Next stop, hell.
Too Young to Retire, but These Deals Can’t Wait
BOCA RATON, Fla. — Susan Shapira, who is 58, recently moved into a condominium in Century Village, a gated retirement community here where most residents are almost as old as the name.
In the nine months she has lived here, she has learned some of the drawbacks of being a baby boomer among the very old.
“I don’t see anyone after dark,” she said. There is zero night life. The bus is often delayed — walkers slow people getting on and off. And her building’s resident representative had been hard to find after going into rehab for a back injury.
But Ms. Shapira says she has no regrets. She bought her two-bedroom condo for cash — $26,900.
“It’s like a car,” she said.
Sometimes it is like a used car.
Last year a condo here sold for $7,000, according to the real estate industry’s Multiple Listing Service. One in Kings Point, a similar retirement community in nearby Delray Beach, sold for $3,000, according to the listings.
The prices in these large retirement communities are not low because the properties have deteriorated since they were built in the 1970s and ’80s. In fact, they are mostly well kept.
But they hold little appeal to most baby boomers, who never imagined hanging out in the same sprawling retirement complexes that attracted their parents to come here.
With that World War II generation dying off and the collapse of the Florida real estate market during the recession, condominium prices in many cases are lower than they were when the units were new.
According to Palm Beach County property assessment records, Ms. Shapira’s condo originally sold for $40,800 in 1980. In 1990 it resold for $65,000.
And that is not an anomaly. In 2012, the average price of a condo in Century Village of Boca Raton was $35,436. For Kings Point in Delray Beach, it was $24,436.
In 2006, at the height of the real estate boom here, the average Century Village of Boca Raton condo sold for $114,000, according to multiple listings data.
http://www.nytimes.com/2013/03/10/us/at-florida-condos-too-young-to-retire-but-not-to-grab-a-deal.html?src=me&ref=general&_r=0
Think we could pull off a bosom buddies reality show about bubble bloggers lying about their ages to live in cheap Florida retirement hovels?
re # 52 – Grim you are forgetting which side of the highway is more prestigious, that alone is worth $599k. Heck I was there if you were North of the highway it was considered the other side of the train tracks (the ones by Boulder Run) might as well live in Midland Park or Ridgewood if you are on the North side.
re # 59 – Grim – It’s no joking down there, they “swing” allot, apparently the older you get the more carefree down there.
I welcome green carpets, gold vinyl floors, cheap brass finishing and scratched wood floors. I just hate when they are included with warped cedar siding, triple layered shingle roofs, rotted mdf cabinets, cracked steps/driveways and mold stained basements..all with a 5-handle price tag.
gator (58)-
Free embalming fluid to the first 20 people to buy a condo in one of these purgatories-on-Earth.
bystander (62)-
If you can’t hack it here, move to the Poconos.
We’re bleeding wealth, don’t you know?
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