yukichon

We were a little unlucky and purchased a holiday home back in late 2007. A few months later all hell broke loose in the financial world and the world went into a fast and deep set recession. One of the worst hit sectors was the housing market and Florida was pretty much top of the list
We are now 6.5 years on and the market still hasn't recovered much and seems a ways off getting back to near to what values were.....it would be great to see if anyone had any thoughts what they expect to happen with the market?
Our place is in Central Florida near Disney, thanks

Flabound oneday

I can tell you the market is coming back, on our side (Gulf coast) sales are up, inventory is down,new builds are rapidly rising and prices rising . Home inflation in 2013 was +11.3%

I have been buying/selling for the last 3 years and its definitely got better.
this year we are starting building new and comps have risen sharply psf for new the last 6 months.

the bad news is you are probably in one of the worst areas in Florida , Disneyville, which has way too much inventory, still lots of (cheaper) bank stuff.its one of the reasons I advise people to steer clear.

sorry , you will have to sit and wait or cut your losses and run

yukichon

Yeah I agree, our home is in one if the best gated communities in Champions Gate, but like you say, there are so many foreclosures and cheap short sales it stents the market....I'm sort of hoping that as the economy gets better in Europe that people will start to buy again near Disney as holiday homes or rentals.
There was a time in 2006-7 that they couldn't build properties quick enough for the demand. I think there is at present about 6.5 months of inventory so not good

Bob

If it makes you feel better...the missus knows someone who bought a gutted properly on the lake around us for $65K as it was just a tiny bit of land, spent $150K building up a house and flipped it for $750K a couple of months before the market crashed.

The missus knows the folks who bought it for that price. They recently sold it for a smidge under $250K

ottotheboar

Round here is still pretty grim just down the road is around 60 acres of poor land with a house sold for $425,000 at the height of the boom now being offered at around $235,000

osgood

Hard to say when you will get your money back......or close to a price you would sell at...The insurance industry are making sure of that....Here in south florida..all really cheap priced property, gobbled up by foreign investors....i can't see prices coming back for another decade at least..good luck...

Flabound oneday

it depends where you are, as I say our area is already bouncing back. orlando no......it wont be a decade, history teaches us that.

my take is its the banks who have caused 99% of the problem