Housing market is too far gone.

monolith

Hey, Herbie! How's life? Taking forever.
OT Supporter
May 9, 2004
37,866
Southern California
Brother spontaneously decided to look into buying a home in Boca Raton since he's sick of paying $5k+/month for a 2bd apt in Miami Beach. They were planning on waiting another year to see if prices drop but they just had their first kid and they found a place that ticked all their boxes so decided to jump in. Offered $50k over ask, haven't heard anything yet - waiting to hear back if it got accepted.

He got a 4.99% rate from Chase Private Client.
 

stevezissou

OT Supporter
Jul 15, 2009
37,702
US
Brother spontaneously decided to look into buying a home in Boca Raton since he's sick of paying $5k+/month for a 2bd apt in Miami Beach. They were planning on waiting another year to see if prices drop but they just had their first kid and they found a place that ticked all their boxes so decided to jump in. Offered $50k over ask, haven't heard anything yet - waiting to hear back if it got accepted.

He got a 4.99% rate from Chase Private Client.
arm or fixed?
 
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Boing

OT Supporter
Jun 30, 2007
59,576
Wake me up when home values come crashing down to 1990s prices.
are-you-serious-spiderman.gif
 

Slimmy

Yep.
Mar 14, 2000
135,666
Ft. Lauderdale
Just spoke to the Lennar rep, told me that bids are going down in number, and all his buyers want the lakeview homes, and there's one model coming out this week that is NOT lakeview and he thinks I could get it at list price as the only bidder.

OR there is the slightly larger model that I really like, with the dedicated den/office, which isn't yet up for bid. But if the site has broke ground, and he gets manager approval, he might able to just sell me that one outright at list price if no other buyers are looking for that model from other sales reps. :x:
 

Muddy Waters

Pronouns: They/Them
OT Supporter
Dec 12, 2007
39,057
Southern California
Just spoke to the Lennar rep, told me that bids are going down in number, and all his buyers want the lakeview homes, and there's one model coming out this week that is NOT lakeview and he thinks I could get it at list price as the only bidder.

OR there is the slightly larger model that I really like, with the dedicated den/office, which isn't yet up for bid. But if the site has broke ground, and he gets manager approval, he might able to just sell me that one outright at list price if no other buyers are looking for that model from other sales reps. :x:
Very nice turn of events.

What are they telling you the build out time will be?
 

pookrat

OT Supporter
Dec 6, 2002
4,549
The Woodlands
This shit is freaking rediculous. This house was owned by an old couple who could no longer get up and down the stairs. Not updated. Horribly small yard. Very small house. Listed at $333/sqft and went under contract in 8 days!!! My house is just down the road. 3 times the square footage. Twice the lot size. At the end of the cul de sac. Apartment above the detached garage. And it has been partially remodeled. I paid less for my place two years ago than this one just sold for. What gives? If I got the same price per square foot for my place I would get over a million dollars. Thats like $600,000 profit in 2 years.

 
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calisteph6

Well-Known Member
May 5, 2005
16,492
KRAPROOM
Brother spontaneously decided to look into buying a home in Boca Raton since he's sick of paying $5k+/month for a 2bd apt in Miami Beach. They were planning on waiting another year to see if prices drop but they just had their first kid and they found a place that ticked all their boxes so decided to jump in. Offered $50k over ask, haven't heard anything yet - waiting to hear back if it got accepted.

He got a 4.99% rate from Chase Private Client.
When we tried to buy our house 7 years ago chase private client couldn’t even approve us lol. We had to go through a broker. I forget what the reason was. Our loan was really complicated because we weren’t selling our old house.
 
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saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
21,781
Loserville. Population: 1
Just spoke to the Lennar rep, told me that bids are going down in number, and all his buyers want the lakeview homes, and there's one model coming out this week that is NOT lakeview and he thinks I could get it at list price as the only bidder.

OR there is the slightly larger model that I really like, with the dedicated den/office, which isn't yet up for bid. But if the site has broke ground, and he gets manager approval, he might able to just sell me that one outright at list price if no other buyers are looking for that model from other sales reps. :x:
You should host a free charcuterie board/wine & cheese/mimosa brunch on the day the new sites get released. Blast it out on local FB community pages, so everyone who might want to put in a bid is getting hammered at your brunch instead
 

DSHR

Well-Known Member
Jun 4, 2000
75,578
LA/MIA
Brother spontaneously decided to look into buying a home in Boca Raton since he's sick of paying $5k+/month for a 2bd apt in Miami Beach. They were planning on waiting another year to see if prices drop but they just had their first kid and they found a place that ticked all their boxes so decided to jump in. Offered $50k over ask, haven't heard anything yet - waiting to hear back if it got accepted.

He got a 4.99% rate from Chase Private Client.

I’m looking everywhere from West Palm Beach to Pompano but with these rates I’m holding off :omg:
 
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DSHR

Well-Known Member
Jun 4, 2000
75,578
LA/MIA
Problem is rates won’t be going back down any time soon. Could be years and who knows what prices will be then.

I get it I remember 2009. And honestly I just haven’t found what I want yet between the combination it’s given me reason pause.
 

victor77

Internet Crew
OT Supporter
Mar 13, 2011
46,601
Internets
You should host a free charcuterie board/wine & cheese/mimosa brunch on the day the new sites get released. Blast it out on local FB community pages, so everyone who might want to put in a bid is getting hammered at your brunch instead
I'd go to that.
 

Fordgasm

Mike Trout > All
May 12, 2001
20,383
Just spoke to the Lennar rep, told me that bids are going down in number, and all his buyers want the lakeview homes, and there's one model coming out this week that is NOT lakeview and he thinks I could get it at list price as the only bidder.

OR there is the slightly larger model that I really like, with the dedicated den/office, which isn't yet up for bid. But if the site has broke ground, and he gets manager approval, he might able to just sell me that one outright at list price if no other buyers are looking for that model from other sales reps. :x:

The wife and I looked at the Lennar homes being built just north of us in Washington in March of 2021. They weren’t doing bidding wars. You got a pre approval from their lender and could call first dibs on a house that wasn’t claimed yet. When it got close to being completed they would contact you with the price and you had the option to purchase it. If you declined it was offered to the other people that had been pre approved and had first dibs on another one of their houses. If it failed to sell then it was offered to the general public. The house we had dibs on was about 12 months out from being completed when we found the house we eventually bought. No idea if they are still using that format up here but I looked at what the house we had dibs on eventually closed at and it was $127k over the price that it was originally listed at. Can’t imagine being on a waiting list the last few months and having the price increase and a much higher interest rate than when you got dibs on it 6-12 months earlier. I bet a lot of people are bowing out.

The nice thing about the Lennar homes up here is they came fully fenced, with a garage door opener, blinds and a fridge/washer/dryer. They only had like 15 foot deep backyards though which became one of the deal breakers for us with two kids. Plus the houses are built on top of each other….pic of the house we had dibs on, was in the neighborhood and wanted to see what it eventually looked like….
43878E50-A245-4337-BD0D-D641DDF0D7F0.jpeg

Back of the houses where you can tell they have a token backyard
C12FE805-BE08-4F7B-AF96-F141ADD37BFE.jpeg
 

Slimmy

Yep.
Mar 14, 2000
135,666
Ft. Lauderdale
The wife and I looked at the Lennar homes being built just north of us in Washington in March of 2021. They weren’t doing bidding wars. You got a pre approval from their lender and could call first dibs on a house that wasn’t claimed yet. When it got close to being completed they would contact you with the price and you had the option to purchase it. If you declined it was offered to the other people that had been pre approved and had first dibs on another one of their houses. If it failed to sell then it was offered to the general public. The house we had dibs on was about 12 months out from being completed when we found the house we eventually bought. No idea if they are still using that format up here but I looked at what the house we had dibs on eventually closed at and it was $127k over the price that it was originally listed at. Can’t imagine being on a waiting list the last few months and having the price increase and a much higher interest rate than when you got dibs on it 6-12 months earlier. I bet a lot of people are bowing out.

The nice thing about the Lennar homes up here is they came fully fenced, with a garage door opener, blinds and a fridge/washer/dryer. They only had like 15 foot deep backyards though which became one of the deal breakers for us with two kids. Plus the houses are built on top of each other….pic of the house we had dibs on, was in the neighborhood and wanted to see what it eventually looked like….
The price would be locked in when I sign an agreement, only variable would be the interest rates when closing time comes after construction completion, so don't have to worry about that.
 

lescivic

OT Supporter
Oct 13, 2003
1,942
Space Coast FL
This shit is freaking rediculous. This house was owned by an old couple who could no longer get up and down the stairs. Not updated. Horribly small yard. Very small house. Listed at $333/sqft and went under contract in 8 days!!! My house is just down the road. 3 times the square footage. Twice the lot size. At the end of the cul de sac. Apartment above the detached garage. And it has been partially remodeled. I paid less for my place two years ago than this one just sold for. What gives? If I got the same price per square foot for my place I would get over a million dollars. Thats like $600,000 profit in 2 years.

The sqft has to be off. 4/2 in 960 sqft?
 
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