Expressing Frustration

[melscuba]

O.K., I can't help myself here. As some of you may know by now, I am an avid follower of the real estate market along 30-A... in particular Watercolor. I do this in hopes of one day buying... and let's face it, I just have a love for it. I am completely irked at the random.... "let's raise the price 50 thousand now that it's spring and we sense market growth." I've seen lots purchased for under two and put back on the market for over three. I've seen homes purchased for in the sixes, painted and staged, and put back on the market for in the nine's. I just got notified of "price changes" in phase four WC... both increases of around $50,000. It feels like just plain greed. What on earth is driving these decisions?? I read article after article about how appraisals are coming in for below contracts and now the buyers and sellers are losing deals, or re-negotiating at the lower prices. All the while builders, flippers etc.. are raising the prices. I say this because my heart really does belong to 30-A and I feel that myself and others are being cheated out of our chance to make a good, sound decision. I've said it before, I'm not looking for a smokin' deal, just one that makes sense. Knowing I'm paying $50,000 more this week than I would have last week for the exact same house, doesn't make a lot of sense to me. Growth in the market place is one thing, gouging is another.

 

[scooterbug44]

Doesn't make sense to me either - especially since any savvy buyer checks the history and can see you jacked up the price.

 

[GoodWitch58]

just forgot about those and focus on exactly what you want...there will always be the kind of situations you write about and it will be frustrating...but, the perfect situation for you is out there...just focus on what you want.

You'll get the property faster and it's a lot less stressful.

good luck.

Oh, and a good Realtor helps.

 

[Matt J]

Doesn't make sense to me either - especially since any savvy buyer checks the history and can see you jacked up the price.

Except for the ones that are just having the time of their lives and sign before they research. They'll then register as watercolorgate and start a thread on here asking for other stories of people who were "duped".

 

[savanah32550]

O.K., I can't help myself here. As some of you may know by now, I am an avid follower of the real estate market along 30-A... in particular Watercolor. I do this in hopes of one day buying... and let's face it, I just have a love for it. I am completely irked at the random.... "let's raise the price 50 thousand now that it's spring and we sense market growth." I've seen lots purchased for under two and put back on the market for over three. I've seen homes purchased for in the sixes, painted and staged, and put back on the market for in the nine's. I just got notified of "price changes" in phase four WC... both increases of around $50,000. It feels like just plain greed. What on earth is driving these decisions?? I read article after article about how appraisals are coming in for below contracts and now the buyers and sellers are losing deals, or re-negotiating at the lower prices. All the while builders, flippers etc.. are raising the prices. I say this because my heart really does belong to 30-A and I feel that myself and others are being cheated out of our chance to make a good, sound decision. I've said it before, I'm not looking for a smokin' deal, just one that makes sense. Knowing I'm paying $50,000 more this week than I would have last week for the exact same house, doesn't make a lot of sense to me. Growth in the market place is one thing, gouging is another.

REALLY?! From someone who lives here now, that suffered through the worst real estate crisis in centuries...I am welcoming the increase in prices. I'm happy if people are able to flip properties and make a profit, this will only help drive up the entire area's appraised values. The price is based on what the market will bear. I really hope this is a starting sign of a full recovery.

"What is driving the price increase?" supply vs. demand...

The "distressed inventory" has been gobbled up. The economy is getting better, the unemployment rate is dropping and not a drop of oil (so far) I have lived here for over 30 years- I love this place...THANK GOD it is getting better for ones that lived through this depressing economic time.

Now speaking as a realtor/appraiser, daughter of a realtor, friend of many local realtors, builders, and developers...

You should have bought last week, last month or last year. What are you waiting for, its not getting any cheaper, call you real estate agent today and make an offer!!!

 

[rationale]

melscuba

Well at least you have one one up compared to the average beachgoer that is taken back and fixated by the area's allure while remaining oblivious to this area's frenetic assignment of price. 30a is more a commodity compared to the static nature of most of the country's real estate. I've seen the prices change on properties literally day to day with no explanantion. If the market buys, I guess this confirms the "true" value.
What I worry about, besides Berkowitz's master plan, is that the train is starting all over again and that history will repeat itself. As a homeowner in this area I have seen the giddy days when if you questioned how they arrived at those outrageous values they would think you were out of your mind and blew you off. Now I have seen an alarming number of properties that have been already back on the market after I reckon, was maybe a year long flip. The damage that the "investment/speculator approach" towards real estate created dark, untenable outcomes in not only in my neighborhood, but all over 30a and the country. Remember, not even two years ago the stock market was on the brink of collapse. I hate for people to forget what was created in the name of a quick profit. I am wondering if the banks, especially the national names, are going to coalesce their appraisals to agree. If you respect this area you are concerned about long term sustainability and sensible appreciation,(consult R. Schiller possibly?) not quick profit.

 

[thecaseyfamily]

REALLY?! From someone who lives here now, that suffered through the worst real estate crisis in centuries...I am welcoming the increase in prices. I'm happy if people are able to flip properties and make a profit, this will only help drive up the entire area's appraised values. The price is based on what the market will bear. I really hope this is a starting sign of a full recovery.

"What is driving the price increase?" supply vs. demand...

The "distressed inventory" has been gobbled up. The economy is getting better, the unemployment rate is dropping and not a drop of oil (so far) I have lived here for over 30 years- I love this place...THANK GOD it is getting better for ones that lived through this depressing economic time.

Now speaking as a realtor/appraiser, daughter of a realtor, friend of many local realtors, builders, and developers...

You should have bought last week, last month or last year. What are you waiting for, its not getting any cheaper, call you real estate agent today and make an offer!!!

Unfortunately, not only did you miss the bigger picture ... but you are also completely out of touch with reality

 

[seagrovegirl]

Unfortunately, not only did you miss the bigger picture ... but you are also completely out of touch with reality

Whoa....seriously??? If you have been waiting for a steal, I think you missed it. Supply and demand ARE the market, if there is no demand for a certain price, then don't sweat it. It there is demand, then...there you have it.

You have been studying the real estate market, so you should be aware that the curve appears to be climbing upward. As another poster said, contact your realtor and get off your check book.

That said, I truly hope you find a good deal, something you will be happy with. But don't wait too long to get your feet wet.

 

[seagrovegirl]

Whoa....seriously??? If you have been waiting for a steal, I think you missed it. Supply and demand ARE the market, if there is no demand for a certain price, then don't sweat it. It there is demand, then...there you have it.

You have been studying the real estate market, so you should be aware that the curve appears to be climbing upward. As another poster said, contact your realtor and get off your check book.

That said, I truly hope you find a good deal, something you will be happy with. But don't wait too long to get your feet wet.

I mispoke, thinking you were the original poster, so I don't know if you have been studying the market. Maybe you should if yu are not.

 

[melscuba]

Just to clarify.... I would buy a permanent residence on 30-A if I could. Our home here in Atlanta still sits stagnant on value and likely to drop more. We did not make a foolish decision this go around here in Atlanta... and shook our heads at the ever increasing prices. At the time I remember feeling we were getting left behind while the world surged ahead financially. We now realize it was vapor money people were using. And in truth, I can be a bit superstitious, so suffice to say, I won't mention anything else. However, I think my point may be getting misunderstood. Irrationally driving prices for sheer profit, doesn't make good sense to me in the long run, not as a buyer. As a seller, I guess I would just shake my head and run. While I realize those who owned during the boom, and didn't sell, have suffered terribly, 30-A is not isolated in that event. I think a surge is frightening and signals further instability. A normal, expected growth in a healthy, recovering market, on those price homes would be about $14,000, not $50,000.... IMHO.

In fact, I have a great realtor on 30-A. But that doesn't mean I don't do my own research and make decisions on my own. I wish nothing but the best for Sowal, and hope to call it home one day, as it sure feels like it in my heart. But, I didn't like what I saw, and felt it unjust. Greed doesn't do anybody any good... and when I start to feel like something I love may again be out of reach for me because of it.... well, I guess I'm gonna just stomp my feet and cross my arms.

Like I said before, I'm not looking for a smokin' deal... just one that feels sensible. A $50,000 change in price doesn't feel sensible as a buyer. And before this mess started, I would have asked what was wrong with the house if I saw a $50,000 drop. Now I know what's wrong.... financial crisis. Let me re-iterate.... I'm not a vulture waiting for road kill here. But I don't plan on being the road kill either.