ch435
New Member
- Sep 23, 2010
- 240
- Boat Info
- 2005 Sundancer 280
Tow with 97 F250 7.3 diesel
- Engines
- Twin 4.3 mercruisers, with Bravo III Drives
I remember a time not long ago when if your credit was ok, and you had a little cash, it got you into a home. And then we had the whole mortgage fiasco's, and now things are much different.
With the interest rates being at points they say may never be this low again in our lifetimes, and housing prices tumbling like they have, we thought maybe it was a good time to get our vacation home we wanted. We are looking for a modest condo on a canal in Ft Lauderdale. There are plenty available, that's for sure, and the prices have come way down over the past years. We've seen some go from 300K 5 years ago to 150K now.
The problem we have learned is that the banks don't think the market is done tumbling down there. So even with great credit, the banks are now requiring 30% - 40% down. Ugh, no wonder so many units have been on the market for close to a year. Not many people have that much cash laying around. We may have to re think our strategy. Oh well.
With the interest rates being at points they say may never be this low again in our lifetimes, and housing prices tumbling like they have, we thought maybe it was a good time to get our vacation home we wanted. We are looking for a modest condo on a canal in Ft Lauderdale. There are plenty available, that's for sure, and the prices have come way down over the past years. We've seen some go from 300K 5 years ago to 150K now.
The problem we have learned is that the banks don't think the market is done tumbling down there. So even with great credit, the banks are now requiring 30% - 40% down. Ugh, no wonder so many units have been on the market for close to a year. Not many people have that much cash laying around. We may have to re think our strategy. Oh well.