Time to Buy South Walton

[robertsondavies]

So I guess the 2nd tier home sale on Friday in Rosemary Beach for $765/sf was way off the map, based on what you guys are saying is too much to pay for a property. What price/sf do you think it should have sold for?

thanks for pointing that out SJ. this reminds me that the wealthy are back. i was way off the map, the prices I was talking about are steal prices, and in the places like rosemary, are as far away from beach as possible, and REO's and discount to REO offer px. Those will be gone in the next few weeks.
SJ, the 2nd tier home was probably a good deal for the buyer. I invite anyone to look at homes elsewhere around the country and decide where the relative value is. I just looked at a bunch of listings of crappy homes in Park City Utah, and a run down shack is a couple million dollars there, and that's walking a quarter mile to the lifts or main st. ... that's not necessarily unreal, whats unreal is South Walton px.ing... but then again, South Walton was actually one of the first little pockets of real estate in America to take a hit in 2005 due to the insurance re-ratings following two storms in mid 04 and then again in mid 05.

Rosemary Beach is going to shock people how it bounces back. In 10 years, people are going to think Alys was under priced.

 

[Smiling JOe]

melscuba, that rosemary sale closed on Friday, and that was the closing price per sq foot. It was a cash buyer. Rosemary Beach has been finding its feet in 2010 and off to a great start in 2011. The last 14 home sales in Rosemary have sold as low as $252/sf up to $1,026/sf (over $3 million for second tier home & a cash sale). I make no judgments on people's justification for spending money on luxury items. For some, money comes from hard work and for others, money rolls in easily.

 

[4beachn]

So Walton a wonderful place to visit but a better place to call home. It's a great time to buy in a beautiful gated community with amazing amenities. Check out the ICF energy efficient home at 133 Cypress Passage phase II at "Cypress Dunes". This home is listed for less than $200 per sq ft. Follow the building of this home on FB at "Cedar Tree Homes LLC".

Went by and took a look very nice.

 

[beachmouse]

I guess I'm waiting for spec homes to start to get snapped up before I'm really bullish about the market again. Even with all the conservation areas, there are still a whole lot of vacant lots out there in active (Watersound north) semi-active (Prominence) and REO-owned (Naturewalk, Chateau de Rebar) developments.

I'm inclinded to almost define a return to 'good times' as seeing more than one home at Naturewalk reach certificate of occupancy stage.

 

[robertsondavies]

I guess I'm waiting for spec homes to start to get snapped up before I'm really bullish about the market again. Even with all the conservation areas, there are still a whole lot of vacant lots out there in active (Watersound north) semi-active (Prominence) and REO-owned (Naturewalk, Chateau de Rebar) developments.

I'm inclinded to almost define a return to 'good times' as seeing more than one home at Naturewalk reach certificate of occupancy stage.

sounds like you're possibly defining good times, as good times for builders. spec homes are built in the 7th inning of bullish cycles, when builders/bankers plunk down cash in advance, just knowing they'll find a buyer. Good luck finding the 7th inning first. In any event, good luck to you.

 

[robertsondavies]

Sounds like the mirror image of what people told me in 2005, about why Real Estate in South Walton, even it it were to go down, could never take any real appreciable or quick dive in value, due to X Y and Z factors, we're all familiar with.
I simply don't think the REO inventory on 30A South Walton is nearly high enough(unlike other areas in Florida or even neighboring areas on the Emerald Coast) to suppress a rapid price bump,after a few weeks of intense buying interest that will quickly devour what remains. One of the bull**** lines that people threw out there in 2004 to assure folks that prices could not drop, was that South Walton's buyers were "Cash buyers", the wealthy folks from the list of feeder cities you are all familiar with that come to South Walton. That turned out to be a total exaggeration, much of the "Cash" was coming from Financiers (aka Securitization Trusts), and so it was a total exaggeration.. but when you peel back the onion now, you find that South Walton buyers, are the rich folks from those cities, and while they hit the panic button in 2008 like everyone else, particularly when their stock investments dropped 60%, now that those investments have come ROARING back, they're acting more like themselves again. wait and see.

No one really wants to retire in Atlanta

Again, no one really wants to retire in Atlanta. BUY