Pat said:
It may take some more time, but eventually the $$$ will follow the big returns and even if 30A goes back to nice annual increases of 8-12%, this will drive the investor and flippers somewhere else.
I don't agree with this. As folks have said, the market is a little soft right now but real estate goes in cycles. It's my belief the cycles in SoWal will be shorter than most locations because of the proximity to the Gulf. People want to be by water and SoWal has lots of water. IMHO, there were external factors that led the the market slowdown in SoWal, namely: Iraq War (hopefully will be winding down), Dip in the econmy (due to oil prices, should stablize soon), Tropical storms coming 2 months early (hope it ends early) and Bad press such as shark attacks (gotta hate that) to name a few. As these things get corrected or fall off the radar, the race will be back on. There is no shortage of people that can afford the higher market. I think even with the devastation that Katrina caused. Because of Katrina even more people will have their arrows pointed towards SoWal and the Gulf. If you own property here, hold on to it. If you don't, buy some.
As stated earlier, the "big boys" are coming too. I know of 5 different residential developments that are in the works, all north od 98 but close by and all over 1,200 acres in size. One, west of us, is 2,700 acres and is projected to contain 10,000 lots, 3 18-hole golf courses, 12 private lakes, 30 acres of community area and 30 acres of commercial area. Just to purchase the dirt was over 30,000,000. Too much money for them not to promote the area. "If you build it, they will come." (I love that movie.) SoWal is the diamond amonst the rubies.
SoWal may have been due a market correction but prices will not drop significantly and then they will start to rise again in the very near future.
Nostrodamus speaks.....