SoWal Condo Purchase - End of '07?

[Allifunn]

I rarely venture out of the lounge...but this was worth the stray

 

[Bobby J]

After vacationing in the Destin/SoWal area for the past 12 years, my wife and I are finally planning on purchasing a condo. At the moment, our target date is to purchase by the end of 2007.

I have already seen some of the properties I've had my eye on decrease in price over the last year. My current thinking is that prices will continue to decline through next year.

What is the general thinking of the market over the next year? How far down can it realistically go?

I know there are quite a few SoWal.com members that are "in the business". I'm really interested to get your view (and advise) on the subject.


In alot of these threads you will see people generalize the entire market. Things are still selling here. Do not let people scare you into thinking it is completely dead. It is nothing like it was but in certain areas of the market product is moving. I think you have to use basic common real estate sense. Do the numbers work? Do you plan on renting the property? You can easily determine if it is a good investment by looking at the numbers. This market is off but I am beginning to sense some positive movement. Of course an agent (I am one) will give you advice to buy now because in some areas we see it is a good time to buy. In some areas I would say run! Keep in mind many of us are in touch with the "buyers". We get are info from the streets not Newsweek or Time Magazine. Good luck to you.

 

[goofer]

BOBBY


I am curious. If you feel you can answer this question, what are the areas you would run from ??

 

[Bobby J]

An area that has too much product competing side by side. An area that a old timer could radically low ball you. An area that makes no sense to the market. I do not want to name a specific spot because that would be what I am always preaching about. I take a real good look at the product and then analyze the sales, the actives, the history of the neighborhood, etc. You can get a good sense of a good buy or not even in this market. Once we disect the property, the answer becomes very clear...

 

[SHELLY]

An area that has too much product competing side by side. An area that a old timer could radically low ball you. An area that makes no sense to the market. I do not want to name a specific spot because that would be what I am always preaching about. ..

Let me guess.....:roll: ....Florida??

 

[BlueMtnBeachVagrant]

Let me guess.....:roll: ....Florida??

That's perfect!!

BTW I kept staring at your For Sale Signs then I just finally noticed the "Florida State Flower". Is this original material? If so, thought of being a comedy writer?

 

[nmosley]

I am telling you Shelly, BMBV is right! You could very easily work in comedy. I have said it before but it bears repeating...you have the gift of just seeing something funny and finding a perfect entry point to use it. Not to say that you aren't to be taken seriously for your data at times. You could have worked on Seinfeld during it's heyday. It is that kind of wit that I am talking about with you. Do you (and I am not kidding here) think that the market will be turned around by mid-2008? I am not speaking about the Halcion days of a few years ago, I mean just steady, healthy transactions with people buying who really want to be there? Do tell. Also, do you know where the best neighborhoods (safe and beautiful places to raise kids) to live in Birmingham would be if you were having to move there? If not, do you know anyone who knows? Have an amazingly blessed and beautiful day!

 

[dsilvar]

Do you (and I am not kidding here) think that the market will be turned around by mid-2008?

Go on Shel...get out your crystal ball...inquiring minds want to know!
p.s Over indulging.... Its the American way. Just got back from Kenya..amazing what a family survives on there..and they seem happy as clams..no granite counter tops.

 

[Bobby J]

Let me guess.....:roll: ....Florida??

You may have something here. Do not buy in Florida. Run!!!! The weather is horrible! The people are mean! The views are pitiful!!!! Get out while you still can. The emerald green water is just odd looking!!! Run!!!!

 

[Franny]

You may have something here. Do not buy in Florida. Run!!!! The weather is horrible! The people are mean! The views are pitiful!!!! Get out while you still can. The emerald green water is just odd looking!!! Run!!!!