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Bobby J

Beach Fanatic
Apr 18, 2005
4,043
600
Blue Mountain beach
www.lifeonshore.com

Sandcastle

Beach Fanatic
Jan 6, 2006
343
10
81
Tallahassee, Florida
I was surprised to see a canal-front lot on Ricker St. in Daughettes sell for $95,000. That lot sold for $395,000 in 2005. It looks like we are approaching the bottom, unless the seller pays someone to take his/her property.:dunno:
 

Bobby J

Beach Fanatic
Apr 18, 2005
4,043
600
Blue Mountain beach
www.lifeonshore.com
I was surprised to see a canal-front lot on Ricker St. in Daughettes sell for $95,000. That lot sold for $395,000 in 2005. It looks like we are approaching the bottom, unless the seller pays someone to take his/her property.:dunno:

There is a little more to the story on this lot(one day transaction). I just put another canal front lot under contract. Can not disclose price yet but the asking is $169,000 and we are close.
 

Bobby J

Beach Fanatic
Apr 18, 2005
4,043
600
Blue Mountain beach
www.lifeonshore.com
Hang in there, something tells me you will be more slammed in about two or three years:D

Hard to tell. It sure feels good to get things moving again. Garner and I have had 6 closings already this month. We have 2 more left to close the month out. June is filling up and we already are working on July! Wow! If we will be more slammed in 2-3 years I will be ready! I think we may be more stable in 2-3 years which means we will probably be less slammed. Right now, folks are gobbling up the A plus properties!
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
Don't tell anyone in our office this. We are slammed! It kind of reminds me of the bumble bee theory.

What's the average price range of the sales? Are they in the $500,000 - $1.5M price range?


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monty

Beach Comber
Nov 23, 2005
48
0
Don't tell anyone in our office this. We are slammed! It kind of reminds me of the bumble bee theory.

Being busy doesn't mean that the bottom has arrived or that the market in general is good. Sales volume continues to trend down in Walton county and prices continue to slide.

We are a long way from the bottom. Prices along 30A will continue to fall. Prices in the major developments have been falling for a couple of years and that trend will continue. Unfortunately, a lot of people have lost a lot of money in real cash terms and on paper after buying in 2004, 2005 and 2006. Prices off the beach in most of the big dollar developments have been moving down to the 500, 400 and even 300 dollar per square foot levels. The value of the actual brick and mortar has come down some, but it is the value of the land that has cratered. Land values will continue to slide and it will bring house and condo prices down too. Those lots in Watersound, Watercolor, Alys, Rosemary, etc that sold in 2001 for $150k or so and then for $700k or more at the peak will eventually move back down to the 2001 or earlier levels.

Five years plus before any upward movement begins in overall price levels after bottoming out in 2011. Prices won't move up until inventory levels come way, way down, most of the investors get weeded out of the market and the banks unload all of the foreclosures and short sales that will continue to hit the market.
 
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Bobby J

Beach Fanatic
Apr 18, 2005
4,043
600
Blue Mountain beach
www.lifeonshore.com
Being busy doesn't mean that the bottom has arrived or that the market in general is good. Sales volume continues to trend down in Walton county and prices continue to slide.

We are a long way from the bottom. Prices along 30A will continue to fall. Prices in the major developments have been falling for a couple of years and that trend will continue. Unfortunately, a lot of people have lost a lot of money in real cash terms and on paper after buying in 2004, 2005 and 2006. Prices off the beach in most of the big dollar developments have been moving down to the 500, 400 and even 300 dollar per square foot levels. The value of the actual brick and mortar has come down some, but it is the value of the land that has cratered. Land values will continue to slide and it will bring house and condo prices down too. Those lots in Watersound, Watercolor, Alys, Rosemary, etc that sold in 2001 for $150k or so and then for $700k or more at the peak will eventually move back down to the 2001 or earlier levels.

Five years plus before any upward movement begins in overall price levels after bottoming out in 2011. Prices won't move up until inventory levels come way, way down, most of the investors get weeded out of the market and the banks unload all of the foreclosures and short sales that will continue to hit the market.

A am not sure what being busy right now really means at all other then I have many closings and contracts from buyers that are choosing to jump into the market. I think anything other then that would be speculation which got us all into this trouble. I am not going to speculate on an up or a down. I just think this is a really cool place to live and if I learn to concentrate on the positive aspects of the area my sales go up. Go figure.:dunno:
 

30ashopper

SoWal Insider
Apr 30, 2008
6,846
3,471
56
Right here!
Really across the board. Just really good deals. From $80,000 to $640,000 (solds).
Pending and contingents range from $169,000 to $899,000.

That sounds like a pretty fair spread. Most of the sales I've seen are in that area, with buyers offering on average 15% below asking. Some are getting good deals compared to estimated values (there are few comps really), and some are jumping at prices maybe 10% above what they could get if they did their due dilligence and haggled a bit. It also looks like inventory and time are helping to slowly push "reasonably priced" property down. But there's no major depreciation once it's reasonably priced, it seems more like normal market forces at work.

..and then there are those who list at 90K + what they paid in 2005.. and the property just sits. Ho hum.

I wish the month was over and Walton's site was up to date, I'm really interested in seeing some more April and some of the May sales!
 
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