No longer an owner!!!!!!!!

[happyrenting]

Oh what a relief it is!!

Long time lurker wanting to add a few comments as I exit the market.

Got lucky and just sold my second home in SoWal. After watching the market sour for a couple of years now, I finally decided it was time to sell. I priced the home right and sold it within 90 days. I bought new construction in 2003 before the boom caused by speculation and sold in 2008 at a very slight profit excluding carrying costs. Given the current trends in the market, I think I would have been underwater within another year and way under water within a couple of years. However, I did not sell because I could not afford to own. Like many people new to the second home market in the early 2000's, I decided owning a second home wasn't all it was cracked up to be. The primary reasons for selling were--

1. Bad and worsening economy that made me think I would be in a loss position soon with no time in sight where the tide would turn.

2. Renting is much, much cheaper than owning. I can rent the best of the best several times a year along 30A or anywhere else in the world for that matter and still come out ahead of owning (especially when the second home is depreciating). I could rent a really nice place for one full week just for the cost of my annual HOA dues. Not to mention insurance, maintenance, taxes, utilities, interest, etc, etc.

3. Tied down by second home. I never felt I could justify going other places while I owned the second home. Now I feel free to travel the world.

4. South Walton is nice, but I realized there are lots and lots of times when being in another vacation spot would be much nicer. For instance, winter months are much too cold (air and especially water temperature) to enjoy the beach. May/June I never could sit on my porch without getting eaten alive by the deer flies. Sept/Oct I never could be on the beach without being eaten by dog flies. June/July/August more times than not, the June grass and jellies kept me out of the water. I will still visit, but will choose my times wisely like late April to mid May and October. I'll make sure the June grass isn't choking out the water and the jellies are in retreat.

5. If I miss the area and my second home, I believe that I will be able to buy much, much cheaper in a couple of years.


Good luck to all those trying to sell their second homes.

 

[Bethdilint]

Good for you!! How did your market it? Did you sell it yourself or through an agent? Realize most important point you made was it was "priced right". In what area is the house?

 

[30A Skunkape]

Oh what a relief it is!!

Long time lurker wanting to add a few comments as I exit the market.

Got lucky and just sold my second home in SoWal. After watching the market sour for a couple of years now, I finally decided it was time to sell. I priced the home right and sold it within 90 days. I bought new construction in 2003 before the boom caused by speculation and sold in 2008 at a very slight profit excluding carrying costs. Given the current trends in the market, I think I would have been underwater within another year and way under water within a couple of years. However, I did not sell because I could not afford to own. Like many people new to the second home market in the early 2000's, I decided owning a second home wasn't all it was cracked up to be. The primary reasons for selling were--

1. Bad and worsening economy that made me think I would be in a loss position soon with no time in sight where the tide would turn.

2. Renting is much, much cheaper than owning. I can rent the best of the best several times a year along 30A or anywhere else in the world for that matter and still come out ahead of owning (especially when the second home is depreciating). I could rent a really nice place for one full week just for the cost of my annual HOA dues. Not to mention insurance, maintenance, taxes, utilities, interest, etc, etc.

3. Tied down by second home. I never felt I could justify going other places while I owned the second home. Now I feel free to travel the world.

4. South Walton is nice, but I realized there are lots and lots of times when being in another vacation spot would be much nicer. For instance, winter months are much too cold (air and especially water temperature) to enjoy the beach. May/June I never could sit on my porch without getting eaten alive by the deer flies. Sept/Oct I never could be on the beach without being eaten by dog flies. June/July/August more times than not, the June grass and jellies kept me out of the water. I will still visit, but will choose my times wisely like late April to mid May and October. I'll make sure the June grass isn't choking out the water and the jellies are in retreat.

5. If I miss the area and my second home, I believe that I will be able to buy much, much cheaper in a couple of years.


Good luck to all those trying to sell their second homes.

As somebody who recently had to make a call-rent or buy-I appreciate your comments.

 

[happyrenting]

Good for you!! How did your market it? Did you sell it yourself or through an agent? Realize most important point you made was it was "priced right". In what area is the house?

I am very leery of internet forums and think posting personal info can get me in trouble. But, I did use a real estate agent. I thought this would be much easier than for sale by owner.

 

[Miss Kitty]

First of all, congratulations! I know this is your story and there are 1,000 of them in the naked city. I am troubled by # 3. Was this something you learned about yourself after the purchase or did you go into the second home market with this knowledge? Partial disclosure...I am a second home owner in SoWal. My husband and I would have NEVER bought a second home if it meant only vacationing in one spot. I realize there are different strokes for different folks, but this would be and was a HUGE consideration for us. Although, I have to admit...going to sowal is the one of the highlights of my life!

Again, congrats and thanks for sharing your story!

 

[Sandcastle]

Congratulations! It sounds like you did the right thing for yourself, and you might be right about the future course of the real estate market (I hope not).

However, I?d be bored to death without my second home at the beach. We can get in our car anytime we want and drive to paradise. We can spend a couple of hours or a couple of months there whenever we wish. Our dog is always welcome and our clothes and tooth brushes are always there. We don?t have to worry about bad weather ruining our vacation ? we can go back the next week without a problem. We even exchange our house with friends in the mountains and spend time in a cooler climate during the summer.

Anyway, this is just a second opinion. I?m sure the people who bought your house are excited and looking forward to happy times there.

 

[Mermaid]

I am very leery of internet forums and think posting personal info can get me in trouble. But, I did use a real estate agent. I thought this would be much easier than for sale by owner.

You did take a chance, happyrenter, posting among a bunch of rabid beach-lovers (the SoWal kind are the worse ) saying that you're happy you sold! But you presented the facts very openly and fairly, and even left the door open with item # 5. So how can anyone not be glad for you?

I will admit that there's much that I agree with. We've found out over the three years we've owned our condo that it's not a money-making proposition. We're fortunate that we're in the position to wait out the bad economy but I will never speak ill of someone who is able to cut their losses, or even better, make a profit. Owning in SoWal is not for everybody. Whenever we sell, I can't say for sure that we will buy again and it's for a very greedy reason. We will never make enough profit to buy the luxury I'd like--yet, if we don't own, we can rent someone else's luxury. Not a bad proposition in my eyes.

It's a pity, though, that you felt tied down by your property. I thought similarly in the first year of ownership--that I couldn't vacation anywhere else when I already owned a vacation (like it was wasteful or something), but I've long since tossed that idea out. The world is too big and wonderful not to explore! Loving other places doesn't mean that you love SoWal less. In fact it's kind of comforting to come home to your own piece of the beach after having been elsewhere. There's nothing like appreciating what you have, and when you've reached that conclusion, you'll be ready to buy once more.

 

[sberry123]

You did take a chance, happyrenter, posting among a bunch of rabid beach-lovers (the SoWal kind are the worse ) saying that you're happy you sold! But you presented the facts very openly and fairly, and even left the door open with item # 5. So how can anyone not be glad for you?

I will admit that there's much that I agree with. We've found out over the three years we've owned our condo that it's not a money-making proposition. We're fortunate that we're in the position to wait out the bad economy but I will never speak ill of someone who is able to cut their losses, or even better, make a profit. Owning in SoWal is not for everybody. Whenever we sell, I can't say for sure that we will buy again and it's for a very greedy reason. We will never make enough profit to buy the luxury I'd like--yet, if we don't own, we can rent someone else's luxury. Not a bad proposition in my eyes.

It's a pity, though, that you felt tied down by your property. I thought similarly in the first year of ownership--that I couldn't vacation anywhere else when I already owned a vacation (like it was wasteful or something), but I've long since tossed that idea out. The world is too big and wonderful not to explore! Loving other places doesn't mean that you love SoWal less. In fact it's kind of comforting to come home to your own piece of the beach after having been elsewhere. There's nothing like appreciating what you have, and when you've reached that conclusion, you'll be ready to buy once more.

Much, much cheaper than prices in 2003? Wasn't the run up in prices during 2004, 2005 and 2006?

"5. If I miss the area and my second home, I believe that I will be able to buy much, much cheaper in a couple of years. "

 

[Mermaid]

Much, much cheaper than prices in 2003? Wasn't the run up in prices during 2004, 2005 and 2006?

"5. If I miss the area and my second home, I believe that I will be able to buy much, much cheaper in a couple of years. "

I think happyrenting meant much, much cheaper than the extravagant speculation prices of 2004 and 2005, not the 2003 price at which he purchased.

 

[Paige]

4. South Walton is nice, but I realized there are lots and lots of times when being in another vacation spot would be much nicer. For instance, winter months are much too cold (air and especially water temperature) to enjoy the beach. May/June I never could sit on my porch without getting eaten alive by the deer flies. Sept/Oct I never could be on the beach without being eaten by dog flies. June/July/August more times than not, the June grass and jellies kept me out of the water. I will still visit, but will choose my times wisely like late April to mid May and October. I'll make sure the June grass isn't choking out the water and the jellies are in retreat.

It sounds like that you really didn't like SoWal all that much.