March Sales Data - WalCo

[Scooter]

We own a lot in Grayton with no build-out time and want desperately to build on it now. We're waiting to see what happens with the next hurricane season. We'll make our decision in Nov. 2006. Hopefully, building costs will have stayed the same. I was told $250 per sq. ft. was the going price. I love creamy chicken raman noodles, but couldn't live without crawfish boils and filet mignon. Good luck on whatever you decide.

 

[Bob]

Thank you SJ for the monthly stats. I guess the correct way to describe sales would be to say "unbelievable". Regarding earlier posts as to building costs, everytime I look at concrete prices, they are higher. Sunday's Lowes ad had 8 inch block at 1.80 per. I would not hold on to any hope that raw materials will be any less expensive. Of course if the egghead Fed keeps raising, we just may have ourselves a good ole-fashioned recession. Remember that word from way-back?????????

 

[goin' coastal]

Any interest in a great little seaside style house one mile west of Rosemary--like new never rented, fully furnished, room for a pool??? Clareon Street in White's Gulfview estates.
There are some good buys on houses. If I was not house poor I am afraid I might be tempted to try to buy one of them.

 

[BrettMan]

Just thought I'd check in with an update.

I decided to have a "fire sale" and sell the lot at a reasonable price. I'm out (closing before the end of May) and I think I did the right thing. The buyer got a great deal on a great lot in one of the best communities on 30-A, but I also got over 100% appreciation in 3 years - so no real losers here. I'm doing a 1031 - and you know what? I think we might be very interested in getting back into the SoWal market with our reinvestment. ( Of course - we'll wait our full 6 months).

I've looked in a lot of beach towns and I've considered a lot of other kinds of real estate investments. I really do think 30-A is unique. The difference is that I'll either get into a single family home or a lot with no build out requirements - either way - my monthly investment will be set. The only reason I sold was becase I couldn't build without sacrificing in other places in my life - and that didn't make sense. So now I can keep the same run rate and stay in a market that I really believe in long-term. I think a lot of people feel that way. Prices got ahead of themselves, but in the long term - this place is really special and we want to be a part of it.

 

[sberry123]

Thanks. Actually I was looking for anyones opinion - so I appreciate the post. If we were to build, the intent would be to hold and rent it out for the long term. That would be a struggle, but do-able. The issue would really be that we'd be eating mac and cheese and raman noodles to have a beach house worth two-three times what our residence is worth - and using it probably a couple weeks out of the year. Of course, over time, the payment would get easier to handle (I would do fixed interest only) as personal income goes up as well as rental income over the years. It's that first few years that might suck. But, at the end of the day - a beach house is what we really wany anyway...

I promise you, being house poor gets old quick. What's so great about having a place at the beach when you have no life because you are paying for a place at the beach.

 

[Smiling JOe]

Brettman, there is something to be said for being able to enjoy your beach property and sleeping well at night. Congratulations.

 

[redfisher]

Bravo Brettman, that was quick...I can truly appreciate a definitive decision other than "hurry up, wait and maybe it'll come back"...I'm sure your realtor appreciates you setting a realistic price and moving it...I think this next move will be more rate driven than cost driven and certainly more muted...The others are correct in that costs will take longer to abate, but 200 basis points in cuts in the next 18-24 months could be a nice catalyst...congrats again, Red

Thanks SJ for the #'s...I appreciate it...

 

[Smiling JOe]

Thanks SJ for the #'s...I appreciate it...

I hope to put together April's numbers today.