The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Perspective who wrote (238403)	3/2/2010 1:37:00 AM
From: John Vosilla	Read Replies (4) of 306849

Well RE is now a bargain in most of the rest of the country outside of our major gateway cities along the coasts. We have $20-25k condos once worth $200k here in FL that rent for $750+ a month. Of course HOA dues are a killer but cap rates are in the high teens and a competing builder even in 'deflation' can't even pay for soft costs including professional fees as well as impact fees plus put in the roads and the utilities for that price let alone buy the land, actually build the buildings and the common grounds<g> Looks like even Phoenix pricing is quite reasonable probably even lower single family compared to much of FL for what you get. 335 newer decent sized 3/2/2's under $70k can't be built by a builder for anywhere near that unless he got the land for free, the lot was already improved and impact fees were waved. realtor.com

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