ExBritFL

I posted here a few months ago when I first put my house on the market for sale in Florida so I could make provisions to move back to the UK.

How optimistic I was back then - I knew I'd spent over the odds for the house when I bought it, but because I'd spent close to $80k on upgrades to make the house look like a show home, of course I'd sell it - no problem. All the realtor needed to do was to get people through the door, and it would sell itself. I was confident.

Three price reductions later the house still sits for sale - tired and sad as it watches the other houses in the neighbourhood join it's "For Sale" status by the day - houses at a fraction of the price, because their owners had bought them as investments and toys but now can't afford them; so they turn and walk away leaving a plethora of overgrown yards and mossy pools. Houses that I would have loved to have owned at one time, but didn't because I was not ready for the sleepless nights that would follow, wondering how I would be able to earn enough money to keep that roof over my head.

So I now wait. I've kissed the 30% deposit I intially invested goodbye. I'll never make back the the money spent in the upgrades. All I wish is that the house sale makes enough to pay back the bank and the realtors; and maybe have some money left for the air fare back home and a few months worth of rent when I get there. From the lifetimes worth of savings I vested in the Sunshine State, is it too much to ask?

fulwood

You are in the same boat many of us are.. I am in Arizona and would even sell my house to just break even. It has been listed but plethora of homes on the market and it is a buyer's market. We are both in some of the worst states for housing. I do wish you well...I am going to rent it as I do not wish to live in a state I cannot tolerate any longer and do not want to be burdened by house I wish I could just offload. I know the problems that may occur with renting but it is my only option at this point..

dunroving

Some of us trying to leave the UK are in the same boat, though I don't think it is nearly as bad as some areas of the States. Interestingly, the woman who bought my US house back in July 2006 (North Carolina) sold it at a small profit in April of this year.

ExBritFL

. Interestingly, the woman who bought my US house back in July 2006 (North Carolina) sold it at a small profit in April of this year.[/QUOTE]

That's promising...

Although in FL it seems the outlook is that the house prices are going to drop another 20% in the next two years apparently due to all the new foreclosures that the banks will be releasing into the market.

slidingbyee

I know it might not help but the obvious statement is that you can sell anything at the right price? Weighing up how long you are prepared to wait for the market to turn around v's your plans is your real dilemma. I just sold a house in the devastated San Diego market in 1 day. I'm sure I could have got more money if I had listened to the other realtors but I weighed up the personal cost to me of holding out for that extra $$$ which frankly was not worth it. Pricing right meant the house sold and is now someone else's problem ( I was heartened as it continues to decline in $$ according to all the figures). I personally decided that it was not worth keeping the home for what I believe will be another 5 to 10 years to recoup money lost. You have to figure the % increases you are truly likely to see on a year to year basis. If you do that you will see that you will likely not recoup your money in a short period of time. If your dream/ plans are to leave take the loss. Move on, re buy somewhere else and surf/ ride the increase in money there. At least you will be where you want to be inside of tied to bricks and mortar somewhere you don't want to be. Be mindful that many realtors will go along with your $$ estimate just to get your business and listing.

ExBritFL

Some good advice. It's now priced very aggresively - in fact we've reduced it further than what the realtor had suggested - taking into account the daily depreciation just so we can get out and get on with our lives.

sallysimmons

I think that's really smart. I've read a few articles today saying that most economists think the days of real estate as an investment are over. They're saying houses will increase at the rate of inflation plus any value you add to them, but that they don't believe we'll ever see massive increases again.

Of course there are others who disagree but I do tend to think that our best economic days are behind us, and to me this pessimism about house prices makes sense.

We are a few years away from selling our house, but we're making it as nice as we can in the meantime, and then I plan to put it on the market a little bit below everything else that's comparable so we can just get out. We're lucky that even though prices have fallen here, they would have to fall way way lower to put us under water.

My heart goes out to those of you in more hard-hit states. I will keep everything crossed that you get a sale soon ExBritFL.

ExBritFL

[
My heart goes out to those of you in more hard-hit states. I will keep everything crossed that you get a sale soon ExBritFL.[/QUOTE]

Thank you...

dunroving

That's how it has always been in some countries and in some areas. Where I lived in the States, for example, we didn't see the ridiculous ramping up of house values that occurred elsewhere in the country - more's the pity for me, because my house didn't increase in value between 2000-2006, when everywhere else (including most of the UK) it was going mental.

I agree that a house should be a place to live, not an easy buy-it-and-flip-it source of profit. It's just a shame that through pure luck or lack thereof, some folks got caught in the middle of things that happened in the "noughties".

paranoidandroid

It's the same as a lot of us who bought places when prices were going up, especially here in FL.
I'm glad to have the house I do and it would still make a profit over what I paid. Even if I knew I wouldn't cover the upgrade costs, I enjoyed them and it was my own choice to do them. Plenty are in the same boat as you in Florida.. unfortunately.
If it were me (and eventually it will be) I'd look at it like this - the money you spent upgrading to your own tastes is gone now, realistically you won't get it back and it's pointless holding out for an unrealistic price if you really want to move back to the UK.
Just be satisfied to get what you can for your house and kiss the money you spent in upgrades goodbye. Look at it as a life experience, what's done is done and you'll be able to start again in the UK. There wil be other houses and opportunities.

All the best with the sale though!

ExBritFL

There wil be other houses and opportunities.


This is what keeps me going, in the hope that the houses in the UK will be at a similar level.

This article seems to suggest so...

http://www.telegraph.co.uk/finance/e...se-prices.html

paranoidandroid

Yeah, I read that article last week. Pretty interesting actually.
The fact that the dollar is getting weaker against the pound again is another factor that makes the thought of moving back "more variable" at the moment.
You just have to do what you need to do to be happy, a house is a house. Ok so you'll never own one in the UK as big as you do here in FL for the same kind of money, but it's all relative.

ExBritFL

Ok so you'll never own one in the UK as big as you do here in FL for the same kind of money, but it's all relative. [/QUOTE]

True, my husband who is a native Floridian says the last thing he wants is a yard this size as the maintenance drives him crazy!!

paranoidandroid

I can relate to that although I kind of like being in the garden at home, just that here it's tough to keep things watered, unless it's a day like today! He might struggle in a house that's half the size though!
Look at it another way too, it'll give you a chance to downsize the furniture too, or sell it with the house! Whatever you have will be too big/too much for a house of the same price back at home Less shipping to do

ExBritFL

Yes, today reminds me of the grey autumn / winter as it approaches, until I step outstide and get bitten by the mosquitoes and feel the oven-like temperatures!!

I'm going to try and sell the furniture with the house for sure, and as a last resort, put it onto Craiglist. The shipping costs going to the UK from here seem alot more than the other way around...