Backstory: My parents, who worked hard for what they have and deserve the best, retired to Florida about 7 years ago. They first lived in a very nice house in Hunter's Creek, then decided to upgrade and move to Celebration. In 2003 they decided to move to a new upscale apartment complex and have an 1,869 square foot apartment that has many upgrades in it that they pay an arm and a leg in rent for - because they can. They love this apartment and had hoped that would be their last move.
Now: Today they found out the complex is going condo. They have suspected it for a while and the surveyors have been out there everyday for the last couple of weeks. My dad goes to the office to get some info and this is what they tell him. The sale of the complex will be final by the end of October and the apartments will sell for $350-370 a square foot. With their upgrades theirs could possibly be more. You do the math - 1869 x 370 = $691,530!!! My parents are moving. I haven't gotten a real feel for how upset they are, but my mom said that the move to the apartment would be their last. Neither of them want to own a $700K condo this late in their life. I believe state law mandates 9 month period from the date of going condo notice for residents who are not buying to vacate. So they need to get on the ball and begin house hunting.
Housing prices are unbelievable. I just resigned my lease, but had them put in a home purchase clause because I want to buy a house - my plan was to buy it within the next year, but there is no way I can afford anything right now. I am looking for a home or a condo under $250,000 and the only things I can find for that are under 1000 square feet and don't have a garage (a requirement for me) or are too far out in the country for me.
We moved from Vegas 8 yrs ago & since then housing has sky-rocketed out there. Our home that we sold was only 5 yrs old & we sold for $135 & it has been sold twice since then & is on the market now for almost $300, crazy. How terrible for your mom & dad just when they think they are settled.
I agree, it's absolutely stupid what the real estate prices are doing here in Orlando. (I really wish we'd bought in Thornton Park before it was Thornton Park.....then again when I moved here in 1979 only the transients were living in Thornton Park.)
My heart goes out to Red and your dad.....hope something easy works out for them.
You know, this is terrible. Having aging in-laws with no long term care insurance, it is scary...........my husband is a CPA and he said the saddest thing is to watch a client outlive what he has put aside for retirement as income.............if they keep making people buy these condos in this real estate market..............sad, sad..............Florida seems to be doing this all over. Panama City Beach is doing it as well................
It's one of the many reasons we're going RV'ing full time next year. Sell this house and get top dollar, invest it in mutual funds, buy an RV and live wherever we wish. The whole USA is our back yard and camp fees in the State and Federal parks are about $20 per night. And this includes trash pickup, electricity (mostly), lawn service, water and most of them are in the most beautiful acreage of the country.
We live in Edmonton, Alberta and our home is l400 square feet in a good area of the city and it was just appraised at 215,000 and increase of 50,000 in 3 years. So they are increasing here as well, We have a full basement and a double car garage.
It is very had to see older people forced to move and make all the mental adjustments that go with this type of change in their lives.
Come over towards Lakeland, (Polk County) and take a look. Granted, the prices are absolutely going up, but they haven't hit the levels of the areas around us yet, and I think you'll find some very, very nice homes around here that are still affordable! (taxes are much lower too).
Get on the internet and take a look!
If I can help, let me know.
See you aboard,
I am so sorry to hear your parents have to move. I hope thye can find something that will fit their needs.
As for real estate prices. We bought our home 2 years ago at a price of 160,000 with a pool and a double garage. The builder now sells the same house for 301,089. Isn't this crazy? I am stunned and not sure how people can swing this kind of monthly payment.I think Florida is getting to be very expensive and we know of many families that have moved out of state due to the high cost of living with only small paychecks.
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In Westchester county NY where I live the median house is now selling for $750,000.
My three bedroom /three bath home with no garage , 55 years old is worth roughly $500,000. If it was in the lower part of the county ,instead of way up in the sticks where I live, it would be $650,000.
Low end rent for a two bedroom apartment is $1,200-$1,400 and can easily go to $3000 and more in a luxury building.
My sister in law has been in her small two bedroom coop for 5 years. Bought it for $63,000. They are going for close to $300,000 if they have been renovated.
I live in southern NH, about 45 min north of Boston and the prices here have just gone crazy. We bought our house in 1997 for $150,000.00 - 4 bedroom, 2 1/2 bath, double garage and swimming pool. Now it would go for between $400,000.00 - $450,000.00. I don't know how the young couples are doing it. I wouldn't want to have their mortgage payments.
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I'm sorry your parents have to move, Jodi... turning apartments into condos sure seems to be the trend here lately, though. I had a friend in Metrowest at The Hamptons, and she had to move because they went condo. Before long there will be no place to rent!
We were lucky... we bought our house two years ago for $179,000 and now we think we could get $400,000 if we tried to sell today. Too bad we can't afford to move anyplace else! If we hadn't have bought when we did, we'd be priced out of the market.
I'm so sorry to read what's happened to your partents, Jodi. It's a sad sign of the times. We were living in an Orlando apartment ten years ago when we saw the writing on the wall. So we built our home for what was then a very reasonable price. We beat the boom, but just barely. I wouldn't say that a trend of converting apartments to condos has run rampant here, but it does seem to be more common today than it was a few years ago.
A lead story in today's Orlando Sentinel begins: "Orlando's median home price sprinted to another record in July, hitting $245,000, but the market showed signs it may be cooling. The number of sales of existing homes slipped for the second month in a row and the inventory of available homes jumped to the highest level in more than a year. The consecutive dips in monthly sales--compared with the same months a year ago--were the first such declines in more than a decade."
This well might be a sign of the times here in Central Florida. We know some people who recently speculated rather heavily in Orange County properties, and already they have cause to become disheartened by events suggesting that the bubble may soon burst. It's become a real guessing game, which is a really bad scenario when you're gambling with your life's savings.