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.
Don't sweat it. The train wreck is not over. In fact, all the problems which caused it in the first place are still there and worse, the TBTF are bigger. The market is not going to leave you behind after the hindsight-bottom with a "V" correction. It will be flat for years. I wouldn't let that stop you from buying a family home, but a second? There are better liquid hard assets out there to park your money in which will appreciate much more during these inflated dollar days.
Patience. This problem was built over decades, it won't be solved in months.