PCB Update

[sberry123]

Too Far,
Why would you possibly think sowal is immune from what's going on in other coastal areas? There will always be a market for ultra high end (Rosemary, Seaside, Alys, Watercolor, etc) but the rest is fair game.

I agree with Ohio Girl, Yup, problems in Gulf Shores, AL! The owners are in limbo now. They signed over their property to the developer after Ivan ruined the condo, the developer cannot built the new condo because of the market and is now filing bankruptcy!

http://www.al.com/business/index.ssf/2008/02/development_firm_with_gulf_sho.html

 

[jamnolfin]

Just curious, are you renting out your units during spring break?[/quote]

We have snowbirds til March 15 and then a weekly coming in right after that. We dont rent to college spring breakers and their break is usually over by the end of March.

 

[flyguy]

Since you've been crunching the condo numbers for PCB....

So..all inclusive (PITI + condo fees + mi$c costs) what do you reckon this guy is paying out per month to hold on to these 15 condos?

His net worth has gotta be circling the bowl daily.
.

Not knowing what all condos he has, at what price he paid, and their rental status I don't know the answer. It has to be several hundred thousand a year.

As a side note, no PCB condos are immune. Celadon just had a foreclosure and several short sales hit the MLS. But it is a nice building and one I would consider buying into.

If I had to pick the buildings that are holding up better than others in PCB. It would be the older but nicer condos. Mainly because most owners bought years ago and are still above water and don't have to sell in this market.


JMHO,
Flyguy

 

[Kurt]

I have 2 units at Calypso in PCB right across from Pier park. They've been renting good, already 4 weekly and 4-5 weekend (3-4day) rentals already for the season and its only Feb 1st. Its been renting since middle of Nov to snowbirds. When pier Park is fully going and the pier gets built, airport is up and running, market turns around, (2-3 years). Put it this way, while you are looking at your big stretch of beach or a parking lot, I will be looking at a big beach next to a new pier across the street from Margaritaville thats going nowhere but up. I was born and raised at Inlet Beach and this is a fact from a local. You have gulf front or you dont and it doesnt matter how much its worth, especially while on vacation. Think about it, no local gives a damn about Rosemary beach or Watercolor. Actually Seaside is the only non waterfront with appeal, gotta love Seaside, everybody loves Seaside.

Please explain the parts in bold.

 

[Pirate]

Please explain the parts in bold.

Maybe it's a speech impediment that carries through to the typing?

 

[jamnolfin]

Ok

Put it this way, while you are looking at your big stretch of beach or a parking lot.

You are either on a big stretch of beach with nothing to look at but a big stretch of beach which gets old after awhile. Or you are inland looking at a road and neighbors that reminds you of being at home. The big stretch of beach wins here. Throw in a nice brand new pier that people cant build next to and Margaritavillle across the street gives calypso an advantage. I love 30-A, own a house there but it gets old like everything else after awhile.

. I was born and raised at Inlet Beach and this is a fact from a local. You have gulf front or you dont and it doesnt matter how much its worth

It doesnt matter how much its worth while on vacation. You wake up on the beach or in a neighborhood that reminds you of home. Sure watercolor is a great place to live but I dont understand what is so great about vacationing there, its a freaking neighborhood.

no local gives a damn about Rosemary beach or Watercolor

Locals dont give a damn about it, just ask one. Not a transplant but somebody thats lived here there whole life, its just another sub-division.

everybody loves Seaside.

Everybody does, even locals, its the greatest place on earth.`