RiverOtter
got any pics?
SHELLY said:
Nope, Florida had 4 hurricanes last year and if anything the market got stronger.
Bubble bursting???
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Nope, Florida had 4 hurricanes last year and if anything the market got stronger.
Dee plane boss, dee plane---Some folks are living on fantasy island in terms of their continued bullishness in face of all the current bearish indicators (see my post under property flippers thread).
Bash away. Sorry that I have offended so many folks. I am only stating my opinion--I assume we are all entitled to them. Not challenging anyones manhood or womanhood.
SoWalSally--I do own a home and actually bought several years ago. So, I should be safe if the market falls. Fortunately, my personally solvency does not depend on the value of this home going up or going down. We love our home and will continue to visit the area often. That said, if someone is willing to offer me a crazy price for my house, I will sell and go back to renting until another opportunity presents itself.
Cheers.
Bash away. Sorry that I have offended so many folks. I am only stating my opinion--I assume we are all entitled to them. Not challenging anyones manhood or womanhood.
SoWalSally--I do own a home and actually bought several years ago. So, I should be safe if the market falls. Fortunately, my personally solvency does not depend on the value of this home going up or going down. We love our home and will continue to visit the area often. That said, if someone is willing to offer me a crazy price for my house, I will sell and go back to renting until another opportunity presents itself.
Cheers.
I am not offended, skier, and you have not offended my manhood. I think you would be real surprised how much I know about real estate finance. We actually agree on much. Calling people "crazy" and suggesting that they live in fantasy worlds simply because they want to live in SoWal is a bit odd, particularly for someone whose admittedly overpriced house is in the market to offload on the delusional crazy people. 
Now, if people think their property is going to double in a year or two or even three, that's ridiculous. I am glad that things are finally settling down, to get the speculators out of the market, and perhaps the real estate agent market will clean up its act up too. That was one of the things that I found real off-putting when buying here. I would trade 100s of thou in equity simply to have that occur, quite frankly.
The real interesting thing on 30A in the next few years is going to be the build out at Watercolor and at Watersound. I have always seen that as a real hurdle.
The beach in Seacrest/Camp Creek/Watersound was amazing yesterday. Bright green warm water, but crystal clear. Lots of shells, and periodically you would pass little groups of people lazing in their private little beach worlds. Worth every penny I ever earned, in my view, just to be able to be there yesterday.
Now, if people think their property is going to double in a year or two or even three, that's ridiculous. I am glad that things are finally settling down, to get the speculators out of the market, and perhaps the real estate agent market will clean up its act up too. That was one of the things that I found real off-putting when buying here. I would trade 100s of thou in equity simply to have that occur, quite frankly.
The real interesting thing on 30A in the next few years is going to be the build out at Watercolor and at Watersound. I have always seen that as a real hurdle.
The beach in Seacrest/Camp Creek/Watersound was amazing yesterday. Bright green warm water, but crystal clear. Lots of shells, and periodically you would pass little groups of people lazing in their private little beach worlds. Worth every penny I ever earned, in my view, just to be able to be there yesterday.
Many of us looked long and hard before deciding to buy property here. Most of us were excited to own here before the prices spiked. And I bet we'll really be happy if we're here for the long run.
Real estate prices tend to be very sticky. Once people have it in their heads that their property has a certain value, they tend to resist any downward shift in their thinking.
I believe that is especially true for South Walton. Once this area gets in your DNA it is hard to imagine being anywhere else, and it's obvious many people feel the same way, and are willing to pay a premium to be here.
Real estate prices tend to be very sticky. Once people have it in their heads that their property has a certain value, they tend to resist any downward shift in their thinking.
I believe that is especially true for South Walton. Once this area gets in your DNA it is hard to imagine being anywhere else, and it's obvious many people feel the same way, and are willing to pay a premium to be here.
As with the stock market of the 90's, when all the news media is talking about the Realestate craze and quick ways to make a fast buck, the party is over. The curent prices at Watercolor and other coastal locations reflects this craze.
Originally St. Joe had reasonable prices on lots, 200K or better. People started buying. Then the "flippers" (day traders) decided to make a living out of this. So when St. Joe recognized that there was money on the table, why not get their hands in the pie and ask 4 times their original plan (similar to IPO's in the 90's)? Well what about the builder? Surely this hipe is big enough that he can carve out a life times worth of earnings in a few short years.
With all these mark ups we need to have a higher selling prices.The end result is the last one holding the pie will get burnt. And in my opinion the overall community will suffer. A run up with a pending crash will slow down overall development and progress. If WaterColor sales slow to a crawl because of high prices, there will be a lot of inventory on the market. With large amounts of inventory, building will slow. If building slows there will be fewer residents to buy the goods to keep the shops and stores thriving. If the area isn't thriving who will want to pay $4K a week to rent a place a mile from the beach? Which the owner needs becasue he paid $1.5M to be a mile from the beach.
I don't believe there to be gloom and doom for the overall realesate market. The increase in average housing although high, is at a much smaller percentage than the rise in coastal property such as Watercolor. Also there are a lot more people buying houses to live in, than to vacation in.
And for those that use the long term approach as a safe haven for irrational purchasing behavior. How did you handle your broker when he recommended stocks such as Lucent at $60 a share, now under $3. Long term view is all relavant to when you got in. If you bought a $250K lot and put a 2500 square foot house on it and your at $1M in cost, congratulations, you are goingto sleep well. If your blinded by pure hype and you got a 800K lot a 1/2 mile from the beach and put a 2100 sq ft house at 1.5M. I'm sorry, I lost money in the stock market as well.
St. Joe please do us a favor. Real the builders in and have them charge a respectable building price. And let's scratch your 4 times mark up. Go to your original plan with a modest increase by phase. And don't let any flippers in the game. How about a contractual clause staing that if you buy a lot, you must build and own for at least 24 months.
I believe in the end you will have a community unlike any other and the forsight to protect Watercolor from price and quality erosion.
Originally St. Joe had reasonable prices on lots, 200K or better. People started buying. Then the "flippers" (day traders) decided to make a living out of this. So when St. Joe recognized that there was money on the table, why not get their hands in the pie and ask 4 times their original plan (similar to IPO's in the 90's)? Well what about the builder? Surely this hipe is big enough that he can carve out a life times worth of earnings in a few short years.
With all these mark ups we need to have a higher selling prices.The end result is the last one holding the pie will get burnt. And in my opinion the overall community will suffer. A run up with a pending crash will slow down overall development and progress. If WaterColor sales slow to a crawl because of high prices, there will be a lot of inventory on the market. With large amounts of inventory, building will slow. If building slows there will be fewer residents to buy the goods to keep the shops and stores thriving. If the area isn't thriving who will want to pay $4K a week to rent a place a mile from the beach? Which the owner needs becasue he paid $1.5M to be a mile from the beach.
I don't believe there to be gloom and doom for the overall realesate market. The increase in average housing although high, is at a much smaller percentage than the rise in coastal property such as Watercolor. Also there are a lot more people buying houses to live in, than to vacation in.
And for those that use the long term approach as a safe haven for irrational purchasing behavior. How did you handle your broker when he recommended stocks such as Lucent at $60 a share, now under $3. Long term view is all relavant to when you got in. If you bought a $250K lot and put a 2500 square foot house on it and your at $1M in cost, congratulations, you are goingto sleep well. If your blinded by pure hype and you got a 800K lot a 1/2 mile from the beach and put a 2100 sq ft house at 1.5M. I'm sorry, I lost money in the stock market as well.
St. Joe please do us a favor. Real the builders in and have them charge a respectable building price. And let's scratch your 4 times mark up. Go to your original plan with a modest increase by phase. And don't let any flippers in the game. How about a contractual clause staing that if you buy a lot, you must build and own for at least 24 months.
I believe in the end you will have a community unlike any other and the forsight to protect Watercolor from price and quality erosion.
St. Joe will sell for what the market will bear. If a buyer is paying cash, so be it. If financed, appraislas are required, which reflect comparable sales. Do you think taht someone paying $1.5 million for a house a mile from the beach is counting on rentals to pay their mortgage?
Classic and timeless beach homes, while prices may seem outrageous to many of us, are much more than numbers on the sheet for those that will end up owning them for many years. And many of them will end up being owned by people who will value them for generations, with wonderful memories that are difficult to put a dollar value on.
There are a lot of folks here that are out of my league, and many more I've yet to see.
Such has been the case with Ono Island, Star Island, Marco Island, Sea Island, Malibu, Hilton Head, The Hamptons, Seaside, Rosemary Beach, and is soon to be the case at WaterColor, WaterSound, Alys Beach, etc . . .
They come, they stay, they buy. They care little whether a couple of folks have flipped their beach home. They care little what the developer or builder made. They want their beach home.
If you are simplifying the real estate market here all the way to the point of comparing it to the stock market, then you just don't get it.
What is your real issue? You lost money in stocks and now you want to watch others suffer?
Classic and timeless beach homes, while prices may seem outrageous to many of us, are much more than numbers on the sheet for those that will end up owning them for many years. And many of them will end up being owned by people who will value them for generations, with wonderful memories that are difficult to put a dollar value on.
There are a lot of folks here that are out of my league, and many more I've yet to see.
Such has been the case with Ono Island, Star Island, Marco Island, Sea Island, Malibu, Hilton Head, The Hamptons, Seaside, Rosemary Beach, and is soon to be the case at WaterColor, WaterSound, Alys Beach, etc . . .
They come, they stay, they buy. They care little whether a couple of folks have flipped their beach home. They care little what the developer or builder made. They want their beach home.
If you are simplifying the real estate market here all the way to the point of comparing it to the stock market, then you just don't get it.
What is your real issue? You lost money in stocks and now you want to watch others suffer?
Very well put.
When successful experts talk about the stock market, they talk about the fundementals.
The fundementals of SoWal are extraordinary. We are blessed with a location between a beautiful bay and a beautiful beach. That will not change until the next Ice Age, or until global warming takes the beach to Freeport.
When successful experts talk about the stock market, they talk about the fundementals.
The fundementals of SoWal are extraordinary. We are blessed with a location between a beautiful bay and a beautiful beach. That will not change until the next Ice Age, or until global warming takes the beach to Freeport.
We all know that anyone selling anything, will sell what the market will bear. My opinions are based on the unrealistic value of remote beach property. Not the poreperty in the first few rows, but the high prices further away. It just becomes unrealistic.
This isn't to remove the family value of having a wondferful vacation getaway, where memories are made. It's the realistic opinion of a market that has gotten to fat to quick, Which has many comparisons to the stock market or any investment vehicle that has had a run up. My view is simple, what goes up, will come down. It's only a matter of how far and quick.
I believe a lot of good people try to build their dreams in places like Watercolor. However at these prices dreams may become nightmares.I feel you will find whether someone has more money or not, they care about the value of what their hard earned money was spent on. And if you are someone who keeps the property, lower values have their advantage. A tax bill alone can go from a projection of 10K when purchasing a property to 20K at closing.
So finding this informative board, I thought I'd throw in an opinion.
As for my "issue", I feel blessed. I jumped out of the market before the crash and bought realestate. I am now holding my realestate and now buying stocks again. I'm not a flipper or day trader, just someone who reads the paper. And when I see what everyone is doing, I assume it's to risky for me. Sort of flying under the radar.
This isn't to remove the family value of having a wondferful vacation getaway, where memories are made. It's the realistic opinion of a market that has gotten to fat to quick, Which has many comparisons to the stock market or any investment vehicle that has had a run up. My view is simple, what goes up, will come down. It's only a matter of how far and quick.
I believe a lot of good people try to build their dreams in places like Watercolor. However at these prices dreams may become nightmares.I feel you will find whether someone has more money or not, they care about the value of what their hard earned money was spent on. And if you are someone who keeps the property, lower values have their advantage. A tax bill alone can go from a projection of 10K when purchasing a property to 20K at closing.
So finding this informative board, I thought I'd throw in an opinion.
As for my "issue", I feel blessed. I jumped out of the market before the crash and bought realestate. I am now holding my realestate and now buying stocks again. I'm not a flipper or day trader, just someone who reads the paper. And when I see what everyone is doing, I assume it's to risky for me. Sort of flying under the radar.
Skier, Remember please that I said long term is up. Long term,long term longtermlongtermlongterm...as said by DeCaprio in "The Aviator". Sure, there may be a correction, as in California,but last I checked, you can't purchase resort property anywhere at 70's,80's,90's prices. And stop comparing SoWal w/ tech stocks and the Japanese. As I told Buckhead Rick, that's like apples and oranges/sushi.kurt said:
Long term investing is very relaxing.