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SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
Do you know when and for what price the last sale went for in that subdivision?

.
 

Matt J

SWGB
May 9, 2007
24,643
9,496
The other option is your Realtor. I would go with a Realtor that is established in this area and has a good base of clients. The longer a Realtor has been here the more clients they have and therefore could have someone in the old Rolodex that is looking for that lot. I'm not saying a new Realtor isn't competent or going to try, but they generally don't have the relationships with clients that last years.

Guess I'll stop beating around the bush and just tell you to go talk to Bobby Johnson at Beach Properties when your current contract expires. Also, Francesca Gage at the Beach Group.

Good luck and I hope you find a way out.
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
I have no idea where Laural Hill is located. If it is anything like the rest of the real estate markets, you are looking at a 40-60% drop in price from the time you purchased. If you do decide to hold it, be prepared to hold it until current prices increase 100+ % in order to get back to your break even point, not including closing and carrying costs.
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
We have shopped around. The interior lots in Heritage Plantation are priced from $120k to $140k so we priced ours at the very bottom of that range hoping for results. So far, we havn't had any interest at all. We're willing to accept the loss at this point, we just don't want to lose any more than we have to. If we could, we would be better off building on the property ourselves and moving there, but we are a military family and are stationed in Ohio. We bought it as an investment, but boy, did that backfire!

The only reason to look at the actively listed properties in this market, to base your price, is to learn what price doesn't sell. You need to be looking at the closed sales prices, if there are any. If there are not any comps, which is common, you could look at avg price declines in the market of sold properties, to see where you are likely to get a nibble.
 

beachmouse

Beach Fanatic
Dec 5, 2004
3,504
741
Bluewater Bay, FL
Laurel Hill is like 15-20 miles north of Crestview. Even with the market as it is, I'm not sure how many SoWal realtors would want a listing so far from their normal territory.
 

ieatwings

Beach Comber
Feb 18, 2008
12
0
I have no idea where Laural Hill is located. If it is anything like the rest of the real estate markets, you are looking at a 40-60% drop in price from the time you purchased. If you do decide to hold it, be prepared to hold it until current prices increase 100+ % in order to get back to your break even point, not including closing and carrying costs.


Laurel Hill is just north of Crestview off of Hwy 85. Unfortunately, it seems that much of the Florida market has been hit especially hard, including Laurel Hill.
 

Matt J

SWGB
May 9, 2007
24,643
9,496
Oh, I thought this was near Freeport. Whoops. If it's financially possible for you building and then renting might be your best option. My understanding is that Crestview is very popular with military families.
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
The last sale was in May of 08 for $150,000.

That seems rather high, compared to yours, which isn't getting activity. Was it an arm's length transaction? Were there "rebates" given back to the buyer? How many other lots have sold in the last 12 months? How much did that seller pay for that lot which sold at $150,000? Is that lot similar to yours, or does it have special qualities?
 

ieatwings

Beach Comber
Feb 18, 2008
12
0
That seems rather high, compared to yours, which isn't getting activity. Was it an arm's length transaction? Were there "rebates" given back to the buyer? How many other lots have sold in the last 12 months? How much did that seller pay for that lot which sold at $150,000? Is that lot similar to yours, or does it have special qualities?

There were a total of 3 lots that sold in 2008, 2 for $150k and 1 for $135k. Not sure of the details of those sales. My lot is across the street from the 9th fairway. Possibly the $150k lots were directly on the golf course?
 
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