So, you don't think SoWal is overbuilt? Have you seen the amount of inventory sitting on the market?
It will take years and years before the real estate inventory situation rights itself.
Sure its a beautiful place, but so are lots and lots and lots and lots, etc of other places with lots and lots and lots and lots, etc of second home inventory sitting on the market.
Ok. When Shelly spoke of "overbuilding," I was thinking overdeveloped. As in, concrete jungle, e.g. Destin or PCB. My mistake.
So overbuilt...hmm. Sorry I don't have enough data to make a final judgment on that one. But I don't think that high inventory necessarily means the area is overbuilt. Overbuilt means that there are NOT ENOUGH buyers for all the properties available right now. To determine this, I think you should be looking at VACANCY rates not inventory rates.
Maybe the problem with high inventory is that many of the listing prices are unrealistically high because some owners bought at the peak and don't want to sell at today's market price. For example, there are some units in my condominium listing for nearly $3 million. These people are not serious about selling. They are just making it available if someone were to come along (maybe a new oil baron). So this kind of thing distorts the inventory numbers. Most of these listed condos/homes are probably NOT VACANT. So beware statistics.
Might take a 2 years for the SoWal real estate market to get back on track to the 20 year norms. In my earlier posts, I acknowledge this. But this is not a problem if you hold the property for 10 years or more and you bought close to the bottom.
Finally, I disagree that there are "lots and lots and lots and lots" of other places like SoWal. This is my opinion. You are welcome to your own. I think most on this BB would agree with me that SoWal is sorta special.