[loureed]

Well, planning to. He registered to reserve one of these babies.

http://www.foxandjacobs.com/Fox-and-Jacobs-West-Florida/N45744.asp


They don't look that exciting from the rendering, but what do you think? My dad doesn't exactly know his architecture.

He's jumping on the bandwagon with investing into property. Does anyone know exactly when the real estate market is going to crash?


and guess what? I'm going to live in it until he finds people to rent it out to.

 

[Jasonhouse]

^Finding someone to rent it will probably take all of 3-8 weeks at most. Any time one of the other townhouses comes up for rent in my nieghborhood, they're gone in about that much time, and this isn't that great of a nieghborhood.

 

[Agent Orange]

The bottom will drop out of the market this November. Probably mid-month, but it could come as late as the first week of December. Sorry that I can't give you more precise details.

 

[Jasonhouse]

^lolololol


yeah, I've been told by those in the know that the market will take a dump on December 7th, probably sometime in the morning...Of course, we can never really know with these things. Constipation can be a bitch sometimes.

 

[loureed]

I think my dad miscalculated.

 

[Agent Orange]

Well, everyone's jumping on the real estate bandwagon these days. Since the stock market "crash" in 2000 coupled with outrageously low interest rates, people have been looking to real estate as a safe (and rewarding) place to invest. Of course, if you got your foot in the door five or six years ago, you'll be laughing all the way to the bank, but if I had 500k, I'd be hesitant to put any of it into real estate right now. If you talk to many investors and pretty much ALL real estate agents they'll tell you the market has nowhere to go but up. I think that's funny cos in the late '90's everyone said "It's a new economy! Stocks won't ever go down!" and guess what happened? And now everyone is saying the same thing about real estate. People never learn, do they? Just wait until interest rates go up to normal levels and no one can pay off their mortgages when they're ready to sell their homes.

Well, I don't mean to rip on your dad, Lou. I'm sure he's a nice guy and for his and your sake, I hope he profits nicely from this deal.

 

[loureed]

1. Hello, and happy birthday

2. My dad isn't a nice guy, he's okay

3. I told my dad the same thing when he had this idea. Real estate has been growing for six, seven years now. How much more can it go up? But he thinks he's always right. We lost alot of money in stocks in 2000 btw.

But real estate seems different. If it does "crash" and not level off instead, where can it crash to? To the price he paid for the townhouse? And he will be making money by renting it out to people.

So hopefully, this won't be like my dad's flirt with the stock market.

4. The townhouse is so ugly. They remind me of those hiedious pastel colored apartments off of I-75 before the Brandon exit if you know what i'm talking about.

 

[multifamilyinvestor]

The Tampa market is not going to crash. Your father is making a sound investment.

Consider these facts about the Tampa Bay real estate market:

The Tampa Bay MSA grew by a population of 328,038 from 1990-2000. People continue to move here. Therefore there is a constant and strong demand for new housing. This population growth is not linked to the job market. People come here for lifestyle and weather.

The supply of new housing in the core areas of Pinellas and Hillsbourough county have been cut off due to the lack of developable land. This is a natural lack of supply (not artificial like a local government limiting the supply)

New builders continue to build affordable homes on the fringe in an attempt to meet the demand. In addition, needed redevelopment and dense development is occuring in the core. This type of development is expensive. While the fringe developments are relatively cheaper

The core area has a good supply of older homes. Older homes are also naturally expensive. This is because each time a home changes hands real estate fees are tacked on to the price. Also, owners usually invest there own money into changing/fixing a home and want the money back out when they sell it.

Among large MSAs. The Tampa Real Estate market is still below most of the country.

The bottom line is supply/demand economics. People keep moving here and there are very few new neighborhoods in the core area. The reality of the Tampa real estate market for years to come is more and more expensive in the core area. However, there will always be affordable housing if you are willing to live outside of the core.

 

[loureed]

Oh no, this will only encourage my father some more hno:



good to know.