Current Market Conditions

[lenzoe]

Just a personal anecdote. My wife says she's had six calls in the last several weeks from Realtors around South Walton asking if we're interested in selling now. Her guess is the calls are related to the fact that we had a listing in the MLS several years ago to see if there was any interest in a condo of ours. At the time, we got nothing. Now we're getting multiple Realtors begging to sell it for us.

I don't know about values, but I figure that has to be an indicator that supply and demand is switching back to the seller's favor.

 

[lenzoe]

We looked at that route. The prices were unbelievably high (7 figures), then you've got the crowded beaches from the number of people staying in a condo and the high HOA fees. Plus low ceilings.

We decided to build a new house and not be bothered by people tromping around upstairs in a condo. Plus we'll have a fenced-in area and won't have to walk the dog 10% of each waking hour. And we won't have use a community pool with a kajillion people fighting for a lounge chair.

If you're there are often as we are, being beachfront is not as exciting as it once was. Beach-close is important to us however.

Seven figures? Out of curiosity, what beach front 2.5 property did you get that figure for? As a rental. I didn't think there was anything in Seagrove approaching that kind of price.

 

[Beach Runner]

Just a personal anecdote. My wife says she's had six calls in the last several weeks from Realtors around South Walton asking if we're interested in selling now. Her guess is the calls are related to the fact that we had a listing in the MLS several years ago to see if there was any interest in a condo of ours. At the time, we got nothing. Now we're getting multiple Realtors begging to sell it for us.

I don't know about values, but I figure that has to be an indicator that supply and demand is switching back to the seller's favor.

I would have to research all of the emails I've received from realtors for the past year or so. I'm on vacay, so I'm not willing to spend it doing that research now.

 

[DebbieJames]

Check out a blog post I did yesterday with some recent stats. As BobbyJ stated we are inbetween a buyer and sellers market. Times are changing and it's great to see so much new construction!

http://www.debbiejames.com/2012/07/whats-hot-30a-to-destin-fl-real-estate/

[h=2]30A to Destin FL Real Estate sales are up and inventory is down![/h]Year to date sales are up about 10% and inventory is down almost 7%. The 30A to Destin FL real estate market is changing.
Think you want to buy a foreclosure? Be prepared to put an offer in the day it comes on the market! And at or above list price. Recently a Rosemary Beach home, which needed about $300,000 worth of work inside and outside, received 24 offers! OK, so that may not be the “norm” but expect 6+ offers within the first day or two!
If you are still looking for that “steal of a deal”, good luck. The good news…If you want to purchase real estate from 30A to Destin FL, it’s not too late! Still a buyer’s market, and values are still down 50-70% from the peak. We have all indications this is truly the bottom of the market. Don’t wait and don’t think too long…the beach property you have been watching will be gone!
In the past 6 months, here are some 30A real estate stats:

• The Preserve @ Grayton Beach: 3 Single-family homes and 11 vacant lots
  
• Watercolor: 54 Single-family homes and 57 vacant lots
• Watersound: 24 Single-family homes, 37 vacant lots
• Alys Beach: 2 Single-family homes, 8 vacant lots
• Seacrest Beach: 15 Single-family homes, 16 vacant lots
• Rosemary Beach: 21 Single-family homes, 3 vacant lots

All along 30A: A total of 321 lots have sold in the past 6 months, compared to 222 in 2011 (same time frame) vs. 141 in 2010!
Also, along 30A a total of 302 single-family homes have sold (in the past 6 months), vs. 255 in 2011 vs. 208 in 2010.

30A Lots Sold in past 6 months

30A Single Family Homes Sold in 6 months
​

 

[Em]

You can also read my latest market updates on MurrayOn30A.com

 

[homeboy]

I follow the mkt closely and the mkt in some areas has gone totaly insane to the upside. Example watercolor phase 4 behind publix. 1 to 1/2 yr agol those got as low as 420k i believe. 3 or so have sold for over 700k and as high as 800k the last 6 months. thats just crazy 1 mile from the beach. Also as bobby can verify i'm sure theres tons of properties bought 6-12 months ago were people are trying to flip for 30-50%. Also i've seen many properties that were bought at the height of bubble and people have listed them to only lose 20% or so when they were down 50% or more a yr ago.It turned so fast . still some good deals on condo's and land

Good to see the market in recovery mode.

However, Watercolor is overheated again. Some really unrealistic prices being paid. Those folks in Phase IV are going to be in for a shock when they try to resell those homes after the place gets built out. A lot in Phase III just sold for about $1.3 million. That is "bubble" type crazy.

New homes are selling for MUCH HIGHER prices per square foot than fully furnished resales right next door meaning the new home buyers are way underwater the minute they close the transaction.

There is a fair amount of flipping going on and some folks, as in 2003-2005, are making some good returns. However, like in 2003-2005, the frenzy will end and the folks that are last in will end up taking some big losses. Once again, some people are looking at real estate as a liquid, highly tradeable commodity. Hard to believe its happening again so soon.

 

[Kurt]

Good to see the market in recovery mode.

However, Watercolor is overheated again. Some really unrealistic prices being paid. Those folks in Phase IV are going to be in for a shock when they try to resell those homes after the place gets built out. A lot in Phase III just sold for about $1.3 million. That is "bubble" type crazy.

New homes are selling for MUCH HIGHER prices per square foot than fully furnished resales right next door meaning the new home buyers are way underwater the minute they close the transaction.

There is a fair amount of flipping going on and some folks, as in 2003-2005, are making some good returns. However, like in 2003-2005, the frenzy will end and the folks that are last in will end up taking some big losses. Once again, some people are looking at real estate as a liquid, highly tradeable commodity. Hard to believe its happening again so soon.

How do you determine flipping is going on?

 

[Em]

Homeboy, that WaterColor lot which sold for $1.3 million may be as close to Western Lake as on can buy in WaterColor, with incredible sunset views and very private feeling as there is not much foot traffic back there. That property sold for more than list price if I correctly recall. There may be four comparable lots to that one in WaterColor and two of them have homes nearing completion of construction. They truly are not making more properties like that one.

I think that a WaterColor comes closer to completion (built out), prices will increase as people see value in completed developments/communities.

 

[chanster]

murray homeboy is correct theres a ton of people trying to flip. i get the hot sheet daily and i'm speechless whats going on. for instance a lot on the beach at paradise cove went on the mkt asking $2 Million. The lot next to it which is same size sold for $1 million o believe lat yr.also track the lots that have sold this yr in watercolor. many are flips that were bought in the last 2 yrs and the peop;e are making 100k min. A home just went for sale in seaside on the beach for a world record over $1800 a square foot. only one home ever in the history of seaside sold for $1800 a square foot.Whats even more amazing i've seen several listings in watercolor were the people bought during the bubble and they're trying to get most of there oney back.

 

[Beach Runner]

If you have the cash/credit, now is the time to buy for a flip in Rosemary. I can't believe the deals that a realtor has been sending me.

Also people are lined up for the lot/house packages in Watersound Beach West. A really good investment.