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The Trulia Price Monitor shows national house asking prices finally halting their slide and...

The Trulia Price Monitor shows national house asking prices finally halting their slide and heading up in March, with a 1.4% Q/Q rise. The index bills itself as a leading indicator as opposed to the lagging Case-Shiller (whose January report included sales from contracts signed in September). Leading the move higher were big jumps in most all of Florida.
Comments (6)
  • Art Trader
    , contributor
    Comments (120) | Send Message
     
    And so began the official start of the national baby-boom retirement state income tax drain.
    6 Apr 2012, 11:15 AM Reply Like
  • Joe Dirnfeld
    , contributor
    Comments (1128) | Send Message
     
    Yeah Florida, no state income state tax, and. Heap housing.
    6 Apr 2012, 11:27 AM Reply Like
  • WallStreetDebunker
    , contributor
    Comments (2284) | Send Message
     
    Notice that 7 of 10 of the states with increases in asking prices are in Florida and Arizona. As I've said before, real estate speculating is a lifestyle in the sand states.

     

    And we all know that Floriduh is filled with "smart money". Here's a tidbit from an Orlando Sentinel article in summer of 2007:
    -------
    But as early as 2004, McCabe and Lew Goodkin of Miami-based Goodkin Consulting warned that up to 70 percent of the condos rising in Miami were being snapped up by people who didn't plan to hold on to them, much less live in them.

     

    That was evident from the hordes who camped overnight, fought over lottery numbers, even paid homeless men $20 and a pack of cigarettes to hold their places in long lines, all for the chance to put 20 percent deposits on condos that existed only in brochures. The frenzy for some projects was so fevered that some developers raised their prices hourly.

     

    "It was a nightmare. Lines around the corner. People screaming into phones. I would look at them, and think, `You don't know what you're doing,' " said Mark Zilbert, president of Zilbert Realty Group.
    6 Apr 2012, 02:45 PM Reply Like
  • Conventional Wisdumb
    , contributor
    Comments (1802) | Send Message
     
    Wallstreet,

     

    I live in SouthFL, Boca area, and this is exactly the type of story that's supposed to be "mythical" like the shoeshine boy giving stock tips but the funny thing is this is the type of story that really happened.

     

    Personal story: My wife was standing in line to pick our kids at school in early 2007 and is having a conversation with one of the parents and of course it turns to real estate. He asks her how many condos do you own? She says none. He looks at her like she is an alien creature and tells her she is missing the boat. He then confides that there is a sale going on tomorrow and if you get there early enough (as in nighttime) you will be able to get a good spot in line. He says it's a quick flip and inside of a month you will get a 20% return on your money. For me I knew this was a sign of a top.

     

    Last we heard is nothing. The guy is gone and the story is he lost everything.

     

    In 2007 you couldn't see the skyline in Miami because of the "birds" (all the cranes) in the sky. Now it's a pretty clear view.

     

    I know real estate pros in FL who are convinced we have a 17-20 year boom/bust cycle here which repeats itself quite regularly so the craziness will return some day which means buying in the next 2-4 years will present some excellent entry points until the next blow up.
    6 Apr 2012, 03:05 PM Reply Like
  • WallStreetDebunker
    , contributor
    Comments (2284) | Send Message
     
    I have little doubt that speculation will occur again in Florida. No state income taxes, pretty beaches--and even cheap houses in parts of the central/north. South Florida seems to be ground zero for speculation. No surprise--there's tons of retired & semi-retired money there with too much time and money on their hands--and even more greed.
    6 Apr 2012, 03:24 PM Reply Like
  • sr1977
    , contributor
    Comments (319) | Send Message
     
    There is some property starting to move in SFL, but most of the new high end construction is being bought by the South Americans & of course they also bought most of the high end condo's in Miami. The low end is being bought at auction by investors who then rent it. There are a lot of apartment complexes going up down here, which would seem to indicate that the smart money is not expecting a housing rebound anytime soon. I think a lot of the price increases are due to the lack of foreclosure's. Once those get going again, look out. There are substantial numbers of abandoned/foreclosed homes in nearly every neighborhood with no "for sale" signs on the lawn. In some of the run down area's there are still rows of 4-5 consecutive empty houses on the same street. Even the ultra high end (away from the coast) have their share of empty multi-million dollar homes. Some of these were abandoned in various stages of construction in 2007 and have sat unfinished since then. It's really odd to ride though a high end neighborhood and pass by these 9000 sq ft Spanish colonials on 2+ acres that are bare cement block with a tiled roof, but no doors, windows or interior. Things are perking down here, but there still is a long way to go.

     

    These are anecdotal observations from the Pembroke Pines/Miramar/Southwest & Sunshine Ranches area.

     

    Also see my comment in this other RE thread:
    http://seekingalpha.co...
    6 Apr 2012, 04:59 PM Reply Like
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