Bonita Springs and Fort Myers FL Area

[pranas Senior Member Find all posts View Profile Close pranas]

Cute but tiny

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Cute but tiny

Yeah, about the size of an average TS unit.
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I was thinking about this thread today . . .

There are many houses of this size in Englewood, and at the peak they were pretty pricey. I've heard folks there call them beach bungalows.

In Florida you can look up legal docs online, so I today looked into an Englewood foreclosure that has resold. The loan that was foreclosed was for $165,000. I believe it took 8 months to resell it, after however long it took to foreclose it.

After all of that, and all the costs of foreclosure and marketing, it resold for $45,000. Hundreds/thousands of them are just like that.

Does that make sense?

[pranas Senior Member Find all posts View Profile Close pranas]

That what happens when speculators and gamblers get involved. You drive up the price and then bail when you lose.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

It says a lot about those who run things now, that rather than work something out with folks with a $165,000 loan, they settle for maybe $25,000 and a lot of hassle and heartache instead.

They coulda cut the loan in half and cut the interest rate in half, and come out better.

[pranas Senior Member Find all posts View Profile Close pranas]

Sorry, I do not agree. We should not be rearding anyone for their reckless greedly behavior by cutting their loans in half and drastically lowering their interest rates. It will only encourage them and others do the same in the next go around.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Sorry, I do not agree. We should not be rearding anyone for their reckless greedly behavior by cutting their loans in half and drastically lowering their interest rates. It will only encourage them and others do the same in the next go around.

Your viewpoint wins in this case. The last few years they have certainly been doing a good job of teaching all those greedy people how to behave in the future.



Sorry, but I had to come back and add that you obviously don't know many/any of the people who have lost their homes, and I can tell it would be a waste of time and energy on my part to go any further, other than to say that tens of thousands of people bought houses at the current market price, and financed them according to accepted standards. None of the several hundred I have looked at personally have even the most remote appearance of greed.

What's greedy about waking up one morning and, oops, the house you bought for $200,000 three years ago is only worth $50,000 today?

Each foreclosure has a sad personal story, which obviously the financial institutions, and some people, could care less about.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I can tell it would be a waste of time and energy on my part to go any further,

Well, y'all know me . . .

Here is an example of the assessed value of one house from a hard-hit area of Florida:

2005 170,298
2006 160,472
2007 113,249
2008 74,676
2009 74,261
2010 71,911
2011 50,018

To illustrate that is not a fluke, that other houses in an area are affected, here is the virtually-identical house two houses away:

2005: 196,827
2006: 178,543
2007: 111,986
2008: 73,806
2009: 58,517
2010: 57,707
2011: 56,328

I could post every house in the subdivision, or in the County, or in several counties, perhaps the entire state, and they would nearly all tell the same story.

Those who bought in 2005 and 2006 (tens of thousands of home owners) did so in the normal course of business, at prevailing market prices, affirmed by professional appraisers, and at mortgage rates nearly double what they are today. Those buyers had no greed or ill-intent, no forewarning of what was to come. They had every reason to believe that what had been, and was, would continue to be.

Their monthly payment would have been around $1800, and for the same houses, those who bought recently would have a payment around $400.

There should be no need to go into the distress this created for millions of homeowners nationwide.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I am not prone to condemnation. My primary responsibility is to myself and those I provide for. After that, I can consider the greater good.

If I can now buy for $45,000, the same thing as, through no fault of my own, I have a $165,000 mortagage on, giving up all that I have in it, the decision is one that makes itself.

If those who purport to aspire to some greater good wish to preserve it, let them come forward with an incentive for me to consider.

[pranas Senior Member Find all posts View Profile Close pranas]

Yes, it was greed that pushed the prices up. Many people walked away from their debts when the bubble burst. Some won and did very well; others lost. This has nothing to do with the greater good, a term that you seem to like to toss around for some strange reason. As to taking care of one's family, isn't that what we should all do. Of what relevance is this comment to anything that I posted.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Why be so critical of the thousands who lost their houses? Why talk about greed? Why call ordinary people reckless?

You make it sound as everyone who lost their house refinanced for 200% cash, then walked away.

Most are just everyday people trying to provide for their families.

Your compassion is underwhelming. I call it greater good because you make it sound as you are the good person and those thousands are all bad, and that you would never do anything bad, like they all did.

How did you get so judgemental and cynical, some personal experience?
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What should be criminal is a lender foreclosing a $165,000 loan, then taking $20,000, if that, for the same house. Then asking for a bailout.

Of course, I could be wrong.

Nah!

Have a nice day, and pray you will always be able to pay your bills, that no unforeseen financial crises will ever come your way.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

We went to look at a fannie mae foreclosure here at home . . . a home on 6.9 acres, $22K.

It said to go in a 4-wheel drive vehicle, which we did.

We googlemapped it and studied it before we went.

We couldn't get to it. We were in serious danger of not being able to get back out once we gave up. We were on the road in the subdivision, not off-road!!!

and there are more homes further on the same road

DW asked who was responsible for that road, and I said, "No one."

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Here's A New Foreclosure in Englewood

Inground pool, just off the main drag, across the street from Lemon Bay.

$69,900

Sarasota County, FL - Fannie Mae REO Homes For Sale

1445 Homestead Drive, Englewood, Florida 34223 - Google Maps

[DaveVelasco Junior Member Find all posts View Profile Close DaveVelasco]

Bonita Springs these days are of better option. Well, Fort Myers is not that performing well in terms of housing and the prices as well, so this may push you to BS for your planned vacation home purchase.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Bonita Springs these days are of better option. Well, Fort Myers is not that performing well in terms of housing and the prices as well, so this may push you to BS for your planned vacation home purchase.

Been to Englewood, Rotonda, Cape Haze, Manasota Key, Boca Grande?

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Highest in the 10-Day here: 63
Highest in the 10-Day there: 84
Lowest in the 10-Day here: 34
Lowest in the 10-Day there: 59

Is it time to go?