Florida properties

[speedfreeksteve]

I recently got a few offline messages about Florida properties since I've bought a couple in the past year and they were basically the same questions so I thought I'd answer them here, and maybe generate some discussion from others that may have some experiences in buying Florida property.

My main questions were like this:

Did you use foreclosure lists/websites?

No. I used trulia.com, ebay (mostly for research and land comparison), mls, and real estate agent websites.

What issues are there?

You have to make sure #1 that it's not a "scrub jay lot" (look it up). Also be careful in "platted land" areas. There's dozens of massive subdivisions in Florida with tons of roads (and divided lots) but barely a house on them due to no services (water, sewer, roads, etc). Perfect for selling to out of state buyers.

Benefits?

No lawyers needed in most cases (you use a Title company). No land transfer tax. Generally lower property taxes than Canada. Lock into US currency (I bought one of mine when the CDN dollar was $1.07). Land clearing costs and surveys are about a third the price as in Ontario.

 
Advice?

Buy the best waterfront or close to water property that you can afford. If you have to choose between 2 close to water and 1 on the water, you'll make way more $ with the one on the water. Tier 1 is waterfront gulf access, Tier 2 is freshwater canal, Tier 3 is water view.

There's tons of properties including homes under $100,000 up for sale. A large percentage of Florida properties on the market right now are bank owned since no individuals want to sell right now and take a loss unless they have to.

Here is one sample area this is low crime, well priced, and visually appealing:

http://www.trulia.com/FL/Englewood/34224/

[26.2]

Good info Speed.  Thanks for the tips.  Did you go down and inspect the properties before.  Could access inside?  Thanks.

[Dave2]

Speed et al:

There are other bargains out there. you don't have to stick with Florida.  For Frank in the offseason when his new cottage is covered with snow and ice.  First the reference.(12 castles for under $250,000)

http://www.intlistings.com/articles/

Here's Franks new home for just one euro:   Now if I just can convince my accountant that I have to charge the visit off as a business expense.  (go to reference for photos)

A Masseria in Italy
The Lowdown: A masseria is a farm or estate, and many Italian masserias once belonged to royalty. This particular Salento masseria is located in the Puglia (Apulia) countryside. It needs vast restoration for its fortifications, which include cultivated lands and terraces. Once restored, this palace could be breathtaking. The price, which seems ridiculously low, seems to be part of an auction scheme, as the Realtor states no prices on the home site, simply, ?Reserved negotiations,? whereas other listings show the 1 EUR price.
Why You Should Want This Castle: Although you may pay more than $1.50 USD for this property, if you have the wherewithal to purchase and renovate this masseria, you then could have a wise investment on your hands. Did we mention that this property is located near Lecce, a city also known as the ?Florence of the South,? for its rich Baroque architectural monuments and for its location in southern Italy? Speaking of location (location, location), this property is located in a region in southeastern Italy that borders the Adriatic Sea to the east, the Ionian Sea to the southeast, and the Strait of ?tranto and Gulf of Taranto in the south. Its southern portion is known as ?Salento,? a peninsula that forms a high heel on the ?boot? of Italy. This is an ideal purchase for anyone who loves the countryside and endless water.
Price:: 1 EUR ($1.58414 USD) 

Dave2

[Frank]

Speed et al:
For Frank in the offseason when his new cottage is covered with snow and ice.  First the reference.(12 castles for under $250,000)
Here's Franks new home for just one euro:   Now if I just can convince my accountant that I have to charge the visit off as a business expense.  (go to reference for photos)

A Masseria in Italy
Why You Should Want This Castle:Price:: 1 EUR ($1.58414 USD) 

Dave2

I am actually tempted to pay the Euro and bring the property back into the family.  Long sad story, but if you weren't fascist, then the best thing to do was leave Italy and all of your belongings and head to Canada.  The government, much like ours, would then seize your property and resell it.   What goes around, comes around.

[Frank]

Speed et al:
For Frank in the offseason when his new cottage is covered with snow and ice. Dave2

ps.  there is nothing wrong with Muskoka in the winter...you gotta have a snowmobile though and love to ski as well.  Ice fishing is another great sport...sit in a hut and drink stuff all day, maybe catch a fish or two...drink more stuff, etc...you get it, just don't eat the yellow snow, unless it's in a glass and you just poured scotch into it.

Quit picking on me guys...I'm developing quite a complex.  Any shrinks out there?

[speedfreeksteve]

Good info Speed.  Thanks for the tips.  Did you go down and inspect the properties before.  Could access inside?  Thanks.

I bought just land. No inspection, did a decent pile of research. You should try google maps "street view" for the US.. you can see things like you're standing on the street in front of the property.

Came close to going for a 2 bedroom house with pool for under 70k but someone scooped it up before I could even book a cheap flight out of Buffalo. The agents down there are hurting so they encourage people to fly down and have a look inside and out. My last flight to Florida was about $80 including tax each way so it's crazy not to fly down if you have the time.

I agree that there's other areas worth looking at. California and Arizona are a good buyers market now too. Personally I want somewhere I could drive to from here if I wanted to, or fly to for a reasonable price (which rules out anywhere within Canadian borders)... and I like Florida.. the west coast of it, not the east coast.

Muskoka winters are great too. Nothing like a winterized cottage and having a view of almost nothing but snow.

[Dave2]

sorry Frank:

I thought you were descended from royalty and thus a winter place in the old country would be appropriate.  Other then a few people descended from lowlifes like me, only descendents of royalty are allowed into Ontarios best university; McMaster right?? 

Didn't intend to pick on you but if you still feel need of a counsellor can I offer a cheaper substitute?

http://www.youtube.com/watch?v=GH7bjIajc0A

Note not recommended for the ladies. 

It has additional benefits of testing the structural integridty of your new place for no extra cost.

If this does not work first time you could always test this alternate as a second iron in the fire.

http://www.youtube.com/watch?v=L11fQ6-QTIc&feature=related

enjoy the summer finally at last.  I will try to find a suitable counterpart for the ladies while we wait for the fall.

Dave2

[Frank]

Dave2

All is forgiven.  Maybe it would be fun to share a beer sometime...ha.

[Frank]

Dave2

ps.  Mac was good enough for us low-lifes, but not for my offspring...wouldn't be caught dead near there...can't possibly go to the same place our parents went...too close to home...not Ivy League..I've heard it all.  Would have saved me a bundle.

[26.2]

It has additional benefits of testing the structural integridty of your new place for no extra cost.

If this does not work first time you could always test this alternate as a second iron in the fire.

That was  a good one Dave.  Now I know why one is never enough, [second link]. 

The florida listings seem overwhelming.  Also it seems to me some of the foreclosure listings are the same as market value.  Maybe I should just have another beer from Denmark .
I guess it is a case of do your homework.  It is hard enough to do your homework close to home
 Happy trails

[26.2]

What is the best way to buy a property foreclosure?  REO,  auction, or pre foreclosure.  For the auction, do you have to travel or is it online.  'Real estate owned' is what I assume is the most common route.  Are the listed prices what these properties go for? Or do offers drive the price up.  Some prices I find hard to believe.

[speedfreeksteve]

Preforeclosures are a waste of time 99% of the time. You can put in an offer that's accepted and you still usually don't get the property.

The auctions have practically dried up due to lack of interested buyers. Online real estate tools or agents are a good bet though.

I would still recommend anyone just pick an area or two with some decent deals and check them out in person.

[stever]

Ken, this is one of the forums i was talking about, but read through several .....there is alot of information and helpful posters
steve

[Sasha]

Steve:

Is Port Charlotte a nice area?  How safe are these homes from hurricanes?  There is one in Port Charlotte, stucco, inground pool, on canal, gulf access, under 100K and too good to be true, unless its a crime infested area.

What is a 'short sale'?

[26.2]

What is a 'short sale'?

I have been looking at Florida properties since Steves announcement of his southern acquisition. A short sale means the seller's lender is accepting less than the mortgage balance to release an existing mortgage. This doesn't  mean the lender will accept your offer, even if the seller accepts it.  Lender acceptance may depend on the percentage of your down payment, closing date, etc. Proof of funds may be required.
As a general rule, the seller will  be in default on their mortgage and must have stopped making mortgage payments, before a lender will consider a short sale. Next is the foreclosure process.
There are great deals down there.  I was looking for a house on the water ie gulf access canal but I am now looking for a house as close to the beach as possible, on a key.