tag:blogger.com,1999:blog-8903336.post4914091707762885595..comments2023-10-11T06:20:11.391-04:00Comments on Key West Chronicle - Key West Blog: What Your Realtor Doesn't Want You to Know - Part IIUnknownnoreply@blogger.comBlogger16125tag:blogger.com,1999:blog-8903336.post-39567071227812790592007-05-09T10:35:00.000-04:002007-05-09T10:35:00.000-04:00Also in 10 years on 30 year 300k loan you pay abou...Also in 10 years on 30 year 300k loan you pay about 190k worth of intrest<BR/><BR/>something realters seem to gloss overAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8903336.post-43536127115892888092007-05-07T19:53:00.000-04:002007-05-07T19:53:00.000-04:00I am starting to think that this post is being spo...<I>I am starting to think that this post is being sponsored by a bunch of landlords trying to promote rentals over buying. Makes good sense due to the enormous amount of rentals currently on the market. It is also funny how everyone is conveniently forgetting to include the cost of the actual rent in their various theories, formlas. In the case of the person who is paying $1700.00 per month, thisCayo Davehttps://www.blogger.com/profile/15987361594608889802noreply@blogger.comtag:blogger.com,1999:blog-8903336.post-51269719889795418642007-05-07T11:26:00.000-04:002007-05-07T11:26:00.000-04:00I am starting to think that this post is being spo...I am starting to think that this post is being sponsored by a bunch of landlords trying to promote rentals over buying. Makes good sense due to the enormous amount of rentals currently on the market. It is also funny how everyone is conveniently forgetting to include the cost of the actual rent in their various theories, formlas. In the case of the person who is paying $1700.00 per month, this isAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8903336.post-55223268364304476762007-05-05T11:42:00.000-04:002007-05-05T11:42:00.000-04:00He might have gotten this property cheaper if he h...<I>He might have gotten this property cheaper if he had waited however there are not a whole lot of QUALITY condos on the market so I think that he made a good purchase. It is very possible that in 7-10 years from now this property could be re-sold in the 500-600 k range and he will have made a nice little profit. I dont know of any renters who could say the same.!</I><BR/><BR/>What exectly does Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8903336.post-80568760627774764902007-05-05T10:28:00.000-04:002007-05-05T10:28:00.000-04:00It is way cheaper then renting then buying in Key ...It is way cheaper then renting then buying in Key West.<BR/><BR/>Even if I bought one the new "reduced " condos that are closets for like 250k, straight out without a mortgage, it would still cost at least a grand a month in insurance taxes and condo fees.<BR/><BR/>Add that to the minimum of 5% I would be losing in interest the money could be earning, we are talking about close to 2k a month, in Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8903336.post-37653493709136849342007-05-04T13:07:00.000-04:002007-05-04T13:07:00.000-04:00To the previous post by Ms. O'Boyle. I know of ver...To the previous post by Ms. O'Boyle. I know of very few working class people that only spend 25% or less of their income on housing. Most people that I know spend 40-50%. I think that is reality. I would also disagree with you that renting is advantageous to buying. That has never been the case before so why should that be the case now. Home ownership has always been a good LONG term investment Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8903336.post-40355324557197804312007-05-04T12:58:00.000-04:002007-05-04T12:58:00.000-04:00I am coming to the rescue of Anonymous who appears...I am coming to the rescue of Anonymous who appears to be getting the short end of the stick. Since when is it a poor choice to own a home simply for home ownership sake! That was, and is still the American Dream for a lot of people. It is the INVESTORS who got us into this mess and are responsible for the overpriced real estate. Certain segments of the KW real estate market have come down Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8903336.post-57835746097857595982007-05-03T19:09:00.000-04:002007-05-03T19:09:00.000-04:00If you buy a home for $500K and need a mortgage, t...If you buy a home for $500K and need a mortgage, these days you need 10% ($50K) to 20% ($100K) down. Then a mortgage for $400K to $450K which requires insurance ($4,000 year minimum = $333/month). Property taxes are $417/month. Payments on $450K at 6.25% are $2,770. That's a $3,520 nut every month. Keeping to the old rule of thumb "keep you housing costs to 1/4 of your income"... you need to be Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8903336.post-49467415573673404512007-05-03T12:52:00.000-04:002007-05-03T12:52:00.000-04:00Rock - I couldn't have said it better myself. I li...Rock - I couldn't have said it better myself. I like the recent article I read that said that Key West real estate had bottomed. The article cited a realtor who said that more properties were selling. What the article missed is that the prices are dropping precipitously: 25%-50% thoughout the Keys.<BR/>Volume is not the measurement of a bull market. Price is.<BR/>By that realtors logic, the Cayo Davehttps://www.blogger.com/profile/15987361594608889802noreply@blogger.comtag:blogger.com,1999:blog-8903336.post-17332567409880515062007-05-03T12:41:00.000-04:002007-05-03T12:41:00.000-04:00To the person who recommended buying a house in KW...To the person who recommended buying a house in KW for under $500k. Why buy now? Inventory is still growing. Reductions in prices outhumber price increases 10 or 20 to 1 every week. <BR/><BR/>And there's this to consider: all those folks who bought Key West Real Estate in 2004 and 2005 are just about to see those low teaser rate hybrid loans change to ARMs. When their loans go up 50% to 100% Rock Truebloodhttps://www.blogger.com/profile/12530856593253068223noreply@blogger.comtag:blogger.com,1999:blog-8903336.post-81426851954348398782007-05-03T12:11:00.000-04:002007-05-03T12:11:00.000-04:00I tipped my cap to you, Cayo Dave, for this latest...I tipped my cap to you, Cayo Dave, for this latest piece.<BR/><BR/>Keep up the great work.<BR/><BR/>http://rocktrueblood.blogspot.com/2007/05/florida-foreclosures-and-inventory.htmlRock Truebloodhttps://www.blogger.com/profile/12530856593253068223noreply@blogger.comtag:blogger.com,1999:blog-8903336.post-69464489336562591292007-05-03T09:04:00.000-04:002007-05-03T09:04:00.000-04:00What is with all of this doom and gloom. We are si...What is with all of this doom and gloom. We are simply going through a MARKET SHIFT. It has happened in the past and will happen in the future. In the case of KW real estate this shift is going to be more drastic than in other places due to the fact that prices were inflated. As far as my prev post in which I said it was a good time to buy (for first time home buyers) I was referring to lower Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8903336.post-61114633701327742492007-05-01T15:34:00.000-04:002007-05-01T15:34:00.000-04:00In response to the anonymous posts:anonymous #1 - ...In response to the anonymous posts:<BR/>anonymous #1 - i appreciate your comment, but let me respond. Who has a personal goal of owning a home that is depreciating in value for possible more than 10 years? And, a rental in Key West is far less than buying, and would probably lead to more equity over the next ten years (since renters don't have to pay carrying costs, insurance, taxes, and upkeepCayo Davehttps://www.blogger.com/profile/15987361594608889802noreply@blogger.comtag:blogger.com,1999:blog-8903336.post-46145803365735243272007-05-01T15:10:00.000-04:002007-05-01T15:10:00.000-04:00The longer the realtors run that ad, the more trut...The longer the realtors run that ad, the more truthful it will become. When would a realtor ever say it is not a good time to buy a home? Keep up the great work, love your blog.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8903336.post-27185421140713056822007-05-01T14:58:00.000-04:002007-05-01T14:58:00.000-04:00That's it. Real estate sucks. I'm going to sell ...That's it. Real estate sucks. I'm going to sell everything and rent an apartment the rest of my life.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8903336.post-82716437374623343652007-05-01T12:55:00.000-04:002007-05-01T12:55:00.000-04:00It's a great time to buy for some people. It all ...It's a great time to buy for some people. It all depends on your personal financial goals. It's not a great time for flipping homes as what was being done here. If you're looking to move out of a rental and into home ownership, then, yes, it's a great time. <BR/><BR/>Another point you may have missed is that as long as the stock market is performing well, people will be less likely to buy a Anonymousnoreply@blogger.com