Price Drops and Inventory

[30ashopper]

I think that you might be getting a double count if you're tracking this way. I believe the county files will show records for each party. It could actually be more than a double count if there are more than two parties involved.

Hmm, don't think so by just looking at it. I don't see dupes in addresses at all. In fact, I hate to be the harbinger of bad news, but I actually think it's an undercount. Banks are placing multiple properties of individual owners into single filings.

 

[30ashopper]

"A client asked me yesterday about all the inventory and I said there really is not allot on the market that is truly priced to sell."

Man is that ever the truth. People underwater are listing at 2005-2006 levels, in some cases looking for a profit. It's crazy, I guess they don't watch CNN.

 

[JoshMclean]

The areas I'm tracking closely are Watercolor, Watersound Beach, Seacrest Beach, and some parts of Sandestin, and Blue Mountain. Generally I'm looking at everything but these seemed like good areas to really get into and watch. Seacrest Beach was the most notable with what seemed like a flush of new listings in the last couple months. Of course, it's possible the listings were out there all along and I'm just finding them now, not sure.

How are you tracking these areas? Are you actually following these areas or just eyeing what's available every once in a while? Sorry, was just a little confused by the last part.

 

[SHELLY]

240 Properties in Pre-Foreclosure starting at the $1.3M range--who said "upscale" properties were immune from a correction?

http://www.realtytrac.com/MapSearch/MapSearch/MapSearch.aspx?selCounties=FLWL&accnt=9999#search


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[Beachduck]

Somebody call the bottom again so the blood shed will stop.

 

[30ashopper]

How are you tracking these areas? Are you actually following these areas or just eyeing what's available every once in a while? Sorry, was just a little confused by the last part.

A couple areas I'm tracking carerfully in a set of spreadsheets - listings, sales, ppsf, shorts, foreclosures, whatever I can find. Those are areas I'm really zoomed in on. Other areas where I feel prices are never going to get low enough to consider them a good investment area (for me personally) I just watch for deals, like WaterSound / Seaside for example which are fun to look at but I'm not planning on blowing 1 mil on a beach house any time soon. (nor could I afford it)

 

[seagrovegirl]

Wow...went on the site and searched....very depressing.

 

[Joefromseagrove]

I think you will continue to see more inventory coming online that is in the short sale/pre-foreclosure category. I find this way of selling property to be terribly inefficient and just plain bad for the market. Waiting 4-6 weeks to hear back on an offer submitted to the bank is just insane. Ultimately, this lag time will hurt the market as buyers grow frustrated with the process. There is a school of thought out there that believes that as prices drop demand will increase, but it appears that the drop in prices is only putting buyers on the sidelines. I think there may be a time in the future where prices will be MORE than affordable because of the inefficiency the banks are causing in the real estate market today. A particular foreclosure I have been watching has been tied up in court for seven months. The owners of the home probably stopped paying more than a year ago. There have been several times in the history of real estate that property has gone undervalued for a number of years, and it looks like market conditions may force us there again. Just my two cents.

 

[30ashopper]

"There is a school of thought out there that believes that as prices drop demand will increase, but it appears that the drop in prices is only putting buyers on the sidelines."

My personal take is, they're waiting for a bottom, and not just a short bottoming out which triggers a short increase.. we're talking a sustainted base from which to build on, a credible, reasonable valuation of property.

 

[SHELLY]

"There is a school of thought out there that believes that as prices drop demand will increase, but it appears that the drop in prices is only putting buyers on the sidelines."

My personal take is, they're waiting for a bottom, and not just a short bottoming out which triggers a short increase.. we're talking a sustainted base from which to build on, a credible, reasonable valuation of property.

You're right...no need to rush into this market and catch the falling knives. Even if one "misses the bottom"-- as old traders would say: "It is easier to make up lost opportunities than lost capital."