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"HarryKrause" wrote in message ... NOYB wrote: "HarryKrause" wrote in message ... wrote: NOYB wrote: "HarryKrause" wrote in message ... Real Name wrote: Wow, the picture I saw of your driveway was only about 30' to the road. Did you driveway get it's master degree at Yale? The photo was not shot with a 50 or 55 mm lens or equivalent. It is 60' from the outside edge of my garage floor to the end of the part of the drive where the boat is sitting, and 110' feet from the driveway under the stern of the boat to my private road and another 30' feet of my private road, which I also paved to a little traffic circle where the county road ends. That's a bit over 200'. They paved paradise and put up a parking lot. NOYB's jealous because he lives in a cookie cutter subdivision. Doubtful. Though I wouldn't live in that part of Florida. Too hot, too many hurricanes. If I didn't live on the water, I'd go inland about 8-10 miles and buy about 4-5 acres. The lots in Golden Gate estates are all 660' deep...with either 75, 150, or 250 of frontage. The layout of the area looks alot like what's in Harry's pictures of his driveway and surrounding area, except for the type of trees (we have cypress trees mostly). 5 years ago, you could have bought a lot out there for about $15k. Now, the 75x660 lots are selling for $200k and up. The 4-5 acre lots are selling for $600-800k. Heck, I'm on a little less than a third of an acre now, and these lots are going for a million and up. I just had the house reappraised in order to draw some more equity out to pay off my school loan, and to use the extra cash to buy some investment properties... and the appraisal came back 43.5% higher than the one done in April 2004. The heat and hurricanes obviously aren't scaring away the folks looking to move to Naples. I hope for your family's sake your resl estate appraisal bubble doesn't burst. It really won't hurt me. I can afford the payment on my current home even if the rates increase a lot 5 years from now when the loan "balloons". The investment property that I'm looking to get into is actually a home my brother is trying to buy. He just took a job down here, and cannot afford to pay what they're getting for entry-level single family homes. I'm planning on putting up 20%, and he'll add 10%. The remaining 70% will be a mortgage in his name. When the house is sold, I'll get back 20% of the sales price (less real estate commissions). I really don't need the money until I retire, so as long as he sells it sometime in the next 26 years, I'll be fine. A house I built in 1982 in a really nice Virginia suburb of DC for around $275,000 is now on the market for $1,400,000. I built the house well, but it is only a 2x6 wood frame house, not masonry, and after 20+ years some of its systems are wearing out. I understand how the real estate game is played, but these "value" increases are just plain insane. I agree that they're nuts. In Punta Gorda, almost 25% of the properties being bought are bought by speculators who have no plan to even occupy the home. Those are the folks that will get burned by a bursting bubble. If you're buying the house to live in, and have no need to sell it anytime soon, then what's the difference if prices tumble? |
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