Every other house is for sale on some blocks here in Pasco, and I have a girlfriend who every single house on her block is for sale. They aren’t getting their prices, so they are just trying to rent them.
The house across the street from me was bought for 130K about 3 years ago, went up in value to about 150K, and the people tried to sell just about the time the market was crashing. They eventually just walked out in the middle of the night, and some folks picked it up at a government sale for $118. It’s a very nice little house too, and this is a nice little area, although not wealthy.
It took the govenment 3 months to sell the house for that rock bottom price. But I think whoever bought it for that will never regret it, unless he suddenly runs into a cash crunch in the near future.
The co-op is trying to enforce a noxious policy on me, and when I inquired this week about selling, the agent says there is no market. He and I agree that one reason is the pressure on illegals to leave.
We saw huge run-ups in property value in the last 6 years. You used to be able to buy a bungalow in South Tampa for $65k. It got so crazy that they were paying $250k, razing the house, and building a $500k home on the lot!
Trust me folks: If I had my druthers, I'd stay in Florida. In spite of the bad press (hurricanes, sinkholes, crime, etc) the things to do there and the weather more than made up for it. However, forces bigger than just the real estate market, property taxes, and insurance are causing me to move on. The Good Lord willing (and the creek don't rise) I hope to be back some day. Maybe it will have calmed down a bit by then...