Home Buying in Saint Cloud>Question Details

Debkepsake, Home Buyer in Mount Dora, FL

Why are the homes in Saint Cloud so cheap? Is there are high crime rate?

Asked by Debkepsake, Mount Dora, FL Sat Oct 20, 2012

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This question was asked from this property: http://www.trulia.com/property/3067984214-2228-Seven-Oaks-Dr…

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NO THEY JUST GROWING FAST WHEN IT WAS EASY TO GET LOAN PEOPLE WERE GETTING OVER THEIR HEADS WITH JUST INTEREST LOANS THEN WHEN THE BALLOON PAYMENT COMES THEY SELL TAKE PROFIT TO NEXT HOUSE WHEN THEY WERE LUCKY IF THEY WOULD EVEN GET A HOUSE 10 YEARS BEFORE WITH THEIR CREDIT ,THEN THE BUBBLE BURST THEY ALL CAME UPSIDE DOWN AND THEY ARE RUNNING MY HOUSE BOUGHT 2000 118000 3/2 WENT UP TO 225000 IN 2006 NOW 125000 SO PEOPLE PAYED HIGH 2 AND 3 NOW ARE 1/2 THAT AND THEY FOR CLOSING LIKE CRAZY
0 votes Thank Flag Link Fri Feb 15, 2013
Simple economics. Supply and Demand. Too many homes and not enough demand, if you buy there you need to realize it may be several years before home prices stabilize and/or appreciate. If you're looking for an inexpensive place to live and plan on staying put for 5-10 years or more this may present you with a good opportunity, if you think you may be having to relocate in 5 years or less it may be a reason to avoid buying there. There are many Florida agents below who given you some really good specific information about the house and neighborhood as well.
0 votes Thank Flag Link Sun Oct 21, 2012
Good question Debkepsake, Depending on where you are from, prices in St Cloud, Fl are a good value. The primary reason is because during the Real Estate Boom years of 2005-2007, Osceola County was the fastest growing county in Florida. In anticipation of the Lake Nona Medical College Major Builders converged, scooping up large parcels of property, and built at a feverous rate. Farms vanished, and developments sprung up like weeds. Then the housing market bubble burst. As a result, many of the developments failed to fully materialize. Due to speculation, many of the homes purchased when prices were at an all time high, fell to foreclosure when mortgage interest rates "re-adjusted" leaving many investors/speculators upside down. As a result, we had a high foreclosure rate (Florida ranked 3rd in the Nation in highest foreclosures) The St. Cloud housing market, has recently shown some signs of improvement gaining 6% over last year in price gains, but still offers tremendous value to buyers looking to enter the housing market now.

As for crime information, you may want to look and decide for yourself. http://www.neighborhoodscout.com/fl/st-cloud/crime/
0 votes Thank Flag Link Sun Oct 21, 2012
The info on Trulia is incorrect for the property you are asking about. This is a short sale and the MLS says the bank approved price is $80,800. It has been under contract for a week now.

Properties in this subdivsion are indeed cheap. That's because the community is currently a failure. Less than half of it was built before the recession stopped construction. It's a lot of empty lots. You buy here on the hope that a new builder will come in and finish the palce and that will certainly happen, but no one knows when.

Saint Cloud in general is not that cheap, but there was a lot of speculative building in South St. Cloud during the crazy times and you can get the benefit of someone else's mistake.
0 votes Thank Flag Link Sat Oct 20, 2012
Actually, the prices in St Cloud are not any cheaper than other areas. The market drives the prices and that is where we are at this point. The crime rate is not higher than anywhere else. A great website is the Osceola county sheriff to verify the crime.
0 votes Thank Flag Link Sat Oct 20, 2012
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