Maureen, Home Buyer in Massachusetts

why are so many homes in cedar key, florida for sale?

Asked by Maureen, Massachusetts Fri Mar 21, 2008

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9
Late answer, but what the heck. Went to cedar key on vacation, fell in love with this small town. Started looking into 1/1 condos. Here are the problems i see with buying here. (1) Condo maintenance amounts (HOA)!!!! "CRAZY" in many cases ($400-$600 month) due to the fact that many are old and need many expensive repairs/renovations. Many owners just want out cause the unit just doesn't produce enough income or renters to pay the bills (Mortgage, TAXES, Maintenance, electric, phone, water, and on and on). (2) TAXES!!!!!!!!!!!!!!!!!!!!! This county is crazy charging $3000 for a 35 year old 1/1 condo, with only 600 sq ft. DO THE MATH. And that is in (2013) todays market. What they have done is dropped the property values to nearly nothing, and raised the millage rates to an astronomical amount. Think about it, who would want to buy now and have to deal with taxes in say 7 years if the property values go up (hahaha wishful thinking, but can happen). Not a good investment, just a nice quiet place to visit from time to time.
0 votes Thank Flag Link Thu Nov 14, 2013
I have 2 answers.First it's a second home market and retirees and weekend homes buyers are watching for money these days. Second answer is that the homes are still very over priced because the owners are setting the list price. Many agents will take the listing and wait for the sellers to realize this and it takes years some time. Sooner or later the sellers will see the writing on the wall.
0 votes Thank Flag Link Sun Aug 28, 2011
I live in Cedar Key and sell real estate in Cedar Key. We have many hold-overs from the real estate boom who still want to sell their properties but haven't quite been able to reduce the price low enough to get an offer from anyone. Some of these properties have been on the market for several years. In this market it's important for buyers to make offers on the properties that interest them, even if they think the seller will be insulted. This is the only way sellers will find out what buyers are willing to pay.

New listings are due to typical needs to move for health reasons or to take care of an elderly relative who lives somewhere else, etc. If you want to buy here, be sure to make an offer on any property that interests you.
0 votes Thank Flag Link Tue Sep 28, 2010
Cedar Key is mostly considered a vacation or getaway spot, therefore, many of the homes and condos are secondary or even 3rd homes for the majority of the owners. With the downfall of our economy & people having to make financial cutbacks, secondary homes are usually the fist to go. There are far more homes then there are permenant residents in Cedar Key so this also explains the ubundance of properties on the market.
0 votes Thank Flag Link Tue Apr 27, 2010
Hi,

Cedar Key is a vacation, tourist and short time destination place. If you are going to live there full time then you will need to bring your own job, bring your own retirement income or be willing to commute to a job.

Cedar Key has a small permanent population base and many vacation homes and rental units, mostly condos, that are occupied during the festivals and high vacation season. In hard times the owners of rental units are pressed to sell because of cash flow problems. Today, some recent buyers and speculators are also desirous of selling because they bought at the peak. The value of their property, in real dollars, has come back to the value before the run up of 2005, 2006, 2007. The market got overheated, buyers over paid and now the rubber band has snapped back and gone the other way. Good deals are out there but don't over reach. In the land of the mortgage the cash heavy buyer rules.

We recently purchased a project in Cedar Key. Why? Cash in the bank is losing purchasing power and is not keeping up with inflation. I have retired. My wife is retiring in December. Our son and his young family live and work in Gainesville only 1 hour away. The value of our home in Northern California has gone down but so has the cost to buy in Cedar Key so it is a wash financially. The time, for us, is right.

and most of all, having visited Cedar Key over the last few years, we have come to love the place.

My name is Dean and I am a (semi retired) licensed California Real Estate Broker.

P.S. Great to be from Massachusetts. My wife and I are from Millbury and Worcester. If you are interested I can help you think this through. Broker@SloneRealty.com
0 votes Thank Flag Link Tue Apr 27, 2010
Are you looking for homes/condos in Cedar Key? It's a quaint seaside town and a great getaway place. Great if you enjoy the ocean, fishing, boating, etc. Lots of fun outdoor activities to do in Cedar Key. I am a local realtor & have properties for sale there, & right now some are a STEAL!! Let me know if you are interested..............

Michele Boyer
Smith & Associates, Inc./GMAC
352-207-1838 cell
352-493-4200 office
mbgmac1@gmail.com
0 votes Thank Flag Link Tue Feb 17, 2009
I will be happy to assist you in any way. Dan`s answer was very informative with him being an owner there.
0 votes Thank Flag Link Mon Feb 9, 2009
Hello!
I am a local Realtor. Cedar Key is a special place that I am familar with. I have done some Real Estate related work there as well.
The market there is relative to market conditions everywhere. There are some great deals, and one cannot be afraid to make an offer based on an appraisalT.his usually brings a seller back to earth when they finally realize that their property is not financible thus, no sale..., or just keep making offers until one sticks!!
.
0 votes Thank Flag Link Mon Feb 9, 2009
Many owners foolishly think that they will still get top dollar for their property. Cedar Key is a small incorporated community (~700 people) directly on the Gulf. I have a weekend home in Cedar Key and it is a nice weekend get away spot. By my observation of the market, prices are down about 25% from the high and sales are few and far between, but I am not a realtor nor do I follow the market daily with a realty service. As far as I know there aren’t fundamental issues in Cedar Key that makes property undesirable (newly discovered pollution superfund site, etc.). In fact the town has recently redone the city park, is resurfacing many roads.
0 votes Thank Flag Link Sun Feb 8, 2009
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