Membership is FREE, giving all registered users unlimited access to every Acorn Domains feature, resource, and tool! Optional membership upgrades unlock exclusive benefits like profile signatures with links, banner placements, appearances in the weekly newsletter, and much more - customized to your membership level!

Why is property in Florida so cheap at the moment ?

Status
Not open for further replies.
I just had a look around FourCorners (the first link in the OP) on Google Maps

It's literally a ghost town, identical house after house, with not a sign of life, no people, no cars, nothing. It's really eerie.

It's a well maintained ghost town though - really weird.
 
I guess there's a high risk, high return strategy at the top end i.e. for large developers able to buy up whole blocks at a time - they then have the opportunity to try and revitalise the area and breathe new life into it by reflating house prices. Basically a kind of "assisted gentrification" by providing new commercial spaces, parks and communal areas, improving road and pedestrian access, putting in ultra-high-end communications networks, etc.

I've often wondered if that kind of strategy might apply to the currently less desirable parts (as voted by the property market and current resale values) of otherwise expensive cities, such as London? In other words, is it possible for an area to be "dragged upmarket" by the might of a single property development company, if they put enough financial muscle behind it?
 
I've often wondered if that kind of strategy might apply to the currently less desirable parts (as voted by the property market and current resale values) of otherwise expensive cities, such as London? In other words, is it possible for an area to be "dragged upmarket" by the might of a single property development company, if they put enough financial muscle behind it?

Las Vagas comes to mind.

IRC it was once a un-wealthy place. After much development it is now one of the worlds most wealthiest cities in the US.

Still even in LV there are foreclosures.
 
Las Vagas comes to mind.

IRC it was once a un-wealthy place. After much development it is now one of the worlds most wealthiest cities in the US.

Still even in LV there are foreclosures.

Er, it's a bit grimmer than that...
http://www.zillow.com/local-info/NV-Las-Vegas-Metro-home-value/r_394775/

The graph looks like a roller coaster just after you've hit the highest peak and it's down down down from there!

Compared to the US, the UK got off relatively mildly from the recent property crash.
 
i remember 2 or 3 years back seeing a house on ebay
was actually a beautiful old colonial style building
sort of house if you saw in london it would be half a mill, pretty much anywhere in london, the worst parts. had like 12 beds
if it was in the posh parts , well
anyway, this house was about $28k, and it's in new yoik
I'm thinking, ok, ebay, must be a scam

checked it out all seemed good, seller high rating, all details were there
street even looked pretty nice, but on looking it was just a crime area and loads of empty houses
it's easy to think, new york, must be worth loads, like florida
but here in the uk, its tiny and planning laws are insanely tight so we get used to paying fortunes for property

the u.s is vast and has some truly fucking grotesque areas, places you literally would not let your dog go outside and have a crap in

moral, only buy what you know. (i didnt buy lol)
great thing is we do have vast amounts of info at our fingertips these days, school reports, crime reports, google maps, wlak down the street with streetview, views from space all the way down. theoretically you dont need to actually go somewhere to buy. if its really cheap and you got cash, maybe take an educated risk

talking of dirt cheap places , anyione remoted considered a pad in bulgaria? :)
throw 8k at a house for shits and giggles. or are you likely to be tied up by the local mushes on arrival? lol
 
Last edited:
I'm not sure how representative that Zillow Home Value Index is of the market. If you alter the graph to List Price or Sale Price, it becomes considerably less augmented, although still a big decrease.

One other factor influencing the extent that property prices have slumped in the US is the willingness of the banks to create mortgages. If people cannot get a mortgage to buy a particular property (because few mortgages are being created or because the banks perceive the property is too risky due to its condition or the reputation of its area) then the demand for the property will have been axed since most buyers even at these low prices would not have enough cash to buy it outright.

Also the foreclosure sales would dramatically reduce the average price as they tend to be much cheaper than normal to stand out from the big supply and to attract buyers quickly. So the average decline excluding foreclosed properties is probably some way less severe than the graphs suggest. Still a disastrous investment especially taking all the inflation into account.

Another major difference between the UK and US markets is in the US, the mortgage debt is tied to the property whereas in the UK it is tied to the person. Many people once their property had declined in value below its asking price literally posted the keys to the bank and said 'here you go, I'm outta here!' and moved into rented accommodation. The bank's only recourse is to foreclose and cannot pursue the person for any diference in price between the mortgage and the sale price. In the UK if your house is repossessed and sold at a loss you will still owe the bank the difference. Hence there is a huge glut of abandoned houses in the US from people who would rather walk away than swallow a big (typically 6 or 7 figure) loss or pay interest on a loan much bigger than the value their house is now worth.
 
Last edited:
I just had a look around FourCorners (the first link in the OP) on Google Maps

It's literally a ghost town, identical house after house, with not a sign of life, no people, no cars, nothing. It's really eerie.

It's a well maintained ghost town though - really weird.
Can you post a link please pal? I'd be interested to know where in davenport this is compared to where I've stayed :)

Edit:
I've taken a look on Google maps and you can't seem to access the four corners community. Probably not streetview indexed.
A lot of placed on Google maps in florida is outdated as it has been developed extensively (especially around Orlando/Disney areas). It looks like the development is on the outskirts of Davenport so will be the land between Kissimmee and Davenport rather than close to Highway/Route 17 which runs through the main area. It would actually be slightly closer to disney but not as direct.
 
Last edited:
I'm not sure how far it is away from the house posted but it's four corners, davenport

http://maps.google.co.uk/maps?f=q&s...=GbHQphAtCyHGXV7s7ovR0w&cbp=11,161.95,,0,3.17

The bit I have linked to is the busiest part i found. Have a look round the whole estate and the one next to it and they are mostly empty
Yeah its reasonably close but not in FourCorners area. However that said the road you've linked to looks like the majority of other developments within Orlando for residential and rental villas. All look like the same style but nice little communities.

It's difficult but Google maps don't do it justice. Damn I wish I had money to invest in one of those properties. Oh well, this time next year rodders ;)
 
Status
Not open for further replies.

The Rule #1

Do not insult any other member. Be polite and do business. Thank you!

Members online

Premium Members

Acorn Domains Merch
MariaBuy Marketplace

New Threads

Our Mods' Businesses

Laskos
*the exceptional businesses of our esteemed moderators
General chit-chat
Help Users
  • No one is chatting at the moment.
  • ukbackorder AcornBot:
    ukbackorder has left the room.
  • T AcornBot:
    ttek has left the room.
  • Admin @ Admin:
    Hello. So, do anyone happen to know anything about Whois and how it can be accessed?
  • BrandFlu AcornBot:
    BrandFlu has joined the room.
  • BrandFlu AcornBot:
    BrandFlu has left the room.
  • Helmuts @ Helmuts:
    Admin said:
    Hello. So, do anyone happen to know anything about Whois and how it can be accessed?
    ;) you are leaking info ;) :D :D
    • Funny
    Reactions: Admin
  • D AcornBot:
    Darren has left the room.
      D AcornBot: Darren has left the room.
      Top Bottom