Thread: Calling The Bottom
01-30-2008, 08:59 AM #1
Calling The Bottom
A couple days ago I happened to be reading an article in the Atlanta Journal regarding the market in Panama City. There was a quote from Janet Roan, a local (PC, not Atl) real estate agent - "Now is the time to buy. It's a buyer's market." But she says, "If you are looking to buy something to flip it, don't even try it right now."
The catch? That article was from April 16, 2006.
There was another guy who had put contracts on 3 units in Panama City towers, pre-construction, each in the low 200k range. The article says the prices had tripled and then fell back but were still above his contract price. He said at the time he still expected to be able to sell at a comfortable profit although they were not yet completed. He was worried at the time that they may be overdeveloping the Panama City Beach area.
I'd like to see the AJC or some other organization do some follow up stories and talk to some of the same people interviewed previously. What does that agent think now? Did that guy close on his 3 properties and sell them or did he walk from his deposits? Is he stuck in 3 condos, eating a monthly mortgage while taking in some little bit of rent?
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