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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: MoneyPenny who wrote (54927)	5/26/2006 10:59:11 AM
From: GraceZ	Read Replies (1) \| Respond to of 306849

What made you decide to move there? I thought for a nano second that I'd keep my Dad's house in Cape Coral but I could never live there year round and I hate the thought of owning an asset that I don't utilize enough to justify the expense. I share the view that I don't want to buy a second, resort home in that I can have anyone else's home for as long as I want it cheaper and I don't have to go to the same place every year to get away from the cold.

To: MoneyPenny who wrote (54927)	5/26/2006 11:32:07 AM
From: John Vosilla	Read Replies (2) \| Respond to of 306849

Funny you mentioned that. I have a ton of older relatives who have had their SoFla condos as second homes that they bought 10-25 yrs ago. Their boomer kids rarely if ever even come down here and many now debate whether they should continue owning. Typical figures were purchase price for cash near $100k. Current market values near $400-500k with $20K plus a year now in holding costs even though they are mortgage free. If this is the new trend we'll have a huge oversupply of condos flooding the market for years to come but a dire shortage of seasonal furnished rentals in the winter in the southern half of the state..