This year should be a good one

Thanks, it is good to hear some optimism. I read with interest the real estate report giving year to year results for Walton County. I must admit, I do not see the upturn--this year or next--that you mentioned. I truly hope you are right! The housing inventory and sales level suggest some additional time to clean out the pipeline. This process could well exceed two ears and that is if their are no hurricanes to further down turn the real estate market.

I am far from an expert, just a concerned property owner on beautiful 30A.

This year will be a good year. If not great. :clap_1:

This year will be a good year. If not great. :clap_1:

Gee, I wish I could predict the market. I would be a millionaire !

Gee, I wish I could predict the market. I would be a millionaire !

You already have! :clap_1:

We've had a property on the market for almost 6 months at a very realistic price. Last week we had a low-ball offer that we passed on (but were tempted) just got an offer this weekend that we are happy with. There is another property in the neighborhood, at a comparable price, that also received multiple offers this weekend--some low-ball and some realistic.

Buyers are finally starting to make their move, but I think the bottom feeders waited too long because real offers are coming in at the same time that the ridiculously low offers are coming in.

Congratulations CCK! (Interesting first hand info too.;-))

Yay CCK!!! This will be a good year as soon as I can get back down there.

this market be heading down much further.. i wish it weren't so... the realtor with those kinds words about 2006 being "behind us" is nice to listen to if you own... unfortunately, the adjustment referred to has not truly yet taken place... unless you call the first 10% down after 500% up in 7 yrs. an adjustment.

2007 and 2008 will be the adjustment years - without hurricanes, and with legislative help, South Walton real estate will be worth 35% less for lots, and exactly same for homes in 2008 than people are 'transacting at' now.. In other words, we're headed back to late 2003 levels, not 2002. If we have a hurricane, we head back to 2002 levels.

If you own a home that you think is now worth 800k, and can afford to sell in 2 years at 490k (or 390 if we have a hurricane, and ins. adjustment again)... then do NOT worry... because in 10 or 15 years, history tells us that you'll probably be fine

on the other hand, if you can't or just don't feel like gambling on that, its ok to take a loss, and sell now at early 2004 prices....

it may be worth your mental health

We've had a property on the market for almost 6 months at a very realistic price. Last week we had a low-ball offer that we passed on (but were tempted) just got an offer this weekend that we are happy with. There is another property in the neighborhood, at a comparable price, that also received multiple offers this weekend--some low-ball and some realistic.

Buyers are finally starting to make their move, but I think the bottom feeders waited too long because real offers are coming in at the same time that the ridiculously low offers are coming in.

This sums up my feeling on that last post. We got an offer on a piece that has been on the market forever. Investor purchase. The same piece at auction a year ago could not get $1,000,000. Todays offer was well over $1,000,000 and looks like we may move to contract. It seems the media and some doom sayers on this board may be a bit off. I am busier then I have ever been. The deals are allot harder to put together but something is going on... The market will still have corrections but to say the we head back to 2003 levels is too general in IMHO. Looks good on paper but not the paper my contracts are coming in on.

I just found out that around the corner from me, on the corner of 77 and 20, they are putting in a SuperWalMart.

Question: Does this Increase or Decrease my property value?:funn: :funn:

I just found out that around the corner from me, on the corner of 77 and 20, they are putting in a SuperWalMart.

Question: Does this Increase or Decrease my property value?:funn: :funn:

Around the corner from you is how far?

I have heard this some time now but can't prove it. Is this where they are removing trees about 1 mile south of 77 and 20? Do you have any way to substantiate this claim? I am sure it will happen with the growth explosion in this area.

I have heard this some time now but can't prove it. Is this where they are removing trees about 1 mile south of 77 and 20? Do you have any way to substantiate this claim? I am sure it will happen with the growth explosion in this area.

Wouldn't a Super WalMart require approval by the county commission? Can't remove trees until they do that, right?

This sums up my feeling on that last post. We got an offer on a piece that has been on the market forever. Investor purchase. The same piece at auction a year ago could not get $1,000,000. Todays offer was well over $1,000,000 and looks like we may move to contract. It seems the media and some doom sayers on this board may be a bit off. I am busier then I have ever been. The deals are allot harder to put together but something is going on... The market will still have corrections but to say the we head back to 2003 levels is too general in IMHO. Looks good on paper but not the paper my contracts are coming in on.

That is good news Bobby!! We have our house under contract at about a mid 2004 price. The house next door sold in late 2005 for almost twice as much as we're selling for now. It is hard to keep from thinking, "If only we had sold 2 years ago . . . ") But as I said before, we are happy because we've been realistic. We've also owned the home for 4 1/2 years so the only money we're losing is on paper. We'll do just fine. My GREAT realtor (go Supermom) has really worked hard to get the buyers in, but the price was realistic. Of course in 6 months we may be thinking "If only we had waited to sell."

this market be heading down much further.. i wish it weren't so... the realtor with those kinds words about 2006 being "behind us" is nice to listen to if you own... unfortunately, the adjustment referred to has not truly yet taken place... unless you call the first 10% down after 500% up in 7 yrs. an adjustment.

2007 and 2008 will be the adjustment years - without hurricanes, and with legislative help, South Walton real estate will be worth 35% less for lots, and exactly same for homes in 2008 than people are 'transacting at' now.. In other words, we're headed back to late 2003 levels, not 2002. If we have a hurricane, we head back to 2002 levels.

If you own a home that you think is now worth 800k, and can afford to sell in 2 years at 490k (or 390 if we have a hurricane, and ins. adjustment again)... then do NOT worry... because in 10 or 15 years, history tells us that you'll probably be fine

on the other hand, if you can't or just don't feel like gambling on that, its ok to take a loss, and sell now at early 2004 prices....

it may be worth your mental health

My opinion is that your predictions and some of your numbers are off. 500% runup in 7 years is not correct (not even in 8-9 years in our case), at least of the properties I know about - oceanside of 30A in the Seacrest area. 300%+ is more like it and that was pretty much peak asking prices that I saw. It may be true in some cases.

I refinanced mid 2003 and have that appraisal. IMO, buyers would snap up anything in our area at those levels, probably before it got there. 2002 pricing is not even in a reasonable discussion, again IMO, as I believe the floor would be set a long time before we got there.

I just found out that around the corner from me, on the corner of 77 and 20, they are putting in a SuperWalMart.

Question: Does this Increase or Decrease my property value?:funn: :funn:

Depends on what kind of peanut butter they sell.

That is good news Bobby!! We have our house under contract at about a mid 2004 price. The house next door sold in late 2005 for almost twice as much as we're selling for now. It is hard to keep from thinking, "If only we had sold 2 years ago . . . ") But as I said before, we are happy because we've been realistic. We've also owned the home for 4 1/2 years so the only money we're losing is on paper. We'll do just fine. My GREAT realtor (go Supermom) has really worked hard to get the buyers in, but the price was realistic. Of course in 6 months we may be thinking "If only we had waited to sell."

Congrats, you are very fortunate to get out at a nice profit. I don't think you will regret the sale six months or even 2 years from now from a financial perspective. Although you might wish you still owned from a qualitative perspective. However, renting isn't a bad option if you got out of the market whole.

Congrats, you are very fortunate to get out at a nice profit. I don't think you will regret the sale six months or even 2 years from now from a financial perspective. Although you might wish you still owned from a qualitative perspective. However, renting isn't a bad option if you got out of the market whole.

We're still here full time .

My opinion is that your predictions and some of your numbers are off. 500% runup in 7 years is not correct (not even in 8-9 years in our case), at least of the properties I know about - oceanside of 30A in the Seacrest area. 300%+ is more like it and that was pretty much peak asking prices that I saw. It may be true in some cases.

I refinanced mid 2003 and have that appraisal. IMO, buyers would snap up anything in our area at those levels, probably before it got there. 2002 pricing is not even in a reasonable discussion, again IMO, as I believe the floor would be set a long time before we got there.

Sales are already occurring at or very close to late 2003 levels. This is a fact in Watercolor, Watersound and Rosemary. Prices in The Preserve are getting very close to where the original offerings were in early 2004. And, prices continue to fall with more and more sellers getting anxious and motivated to sell at ever lower prices. If trends continue, and they probably will with so much inventory in the market, we could easily see prices back to 2002 levels.

Sales are already occurring at or very close to late 2003 levels. This is a fact in Watercolor, Watersound and Rosemary. Prices in The Preserve are getting very close to where the original offerings were in early 2004. And, prices continue to fall with more and more sellers getting anxious and motivated to sell at ever lower prices. If trends continue, and they probably will with so much inventory in the market, we could easily see prices back to 2002 levels.

Maybe for lots, but never for homes.

Sales are already occurring at or very close to late 2003 levels. This is a fact in Watercolor, Watersound and Rosemary. Prices in The Preserve are getting very close to where the original offerings were in early 2004. And, prices continue to fall with more and more sellers getting anxious and motivated to sell at ever lower prices. If trends continue, and they probably will with so much inventory in the market, we could easily see prices back to 2002 levels.

Specific areas are going to be in trouble but random lots that are not competing against 500 other lots will be OK.

Specific areas are going to be in trouble but random lots that are not competing against 500 other lots will be OK.

Based on your comment above, do you know anything about or have any opinion on how Cypress Dunes is doing or will do?

That is good news Bobby!! We have our house under contract at about a mid 2004 price. The house next door sold in late 2005 for almost twice as much as we're selling for now. It is hard to keep from thinking, "If only we had sold 2 years ago . . . ") But as I said before, we are happy because we've been realistic. We've also owned the home for 4 1/2 years so the only money we're losing is on paper. We'll do just fine. My GREAT realtor (go Supermom) has really worked hard to get the buyers in, but the price was realistic. Of course in 6 months we may be thinking "If only we had waited to sell."

Congrats CCK! And congrats Supermom. Your place is great and the people who bought it will feel extra lucky in a few years after they've had time to enjoy it and the market turns around. It's good that you, Supermom and the buyers all feel good about it. I'm looking forward to meeting the new neighbors. And I'm happy you're still here full-time!

Sales are already occurring at or very close to late 2003 levels. This is a fact in Watercolor, Watersound and Rosemary. Prices in The Preserve are getting very close to where the original offerings were in early 2004. And, prices continue to fall with more and more sellers getting anxious and motivated to sell at ever lower prices. If trends continue, and they probably will with so much inventory in the market, we could easily see prices back to 2002 levels.

I'm sure there are some desperate sellers and some areas have tanked more than others.

I can only tell you what I have observed firsthand and here it is: July 2003 High Pointe, appraisal in the high 300's. Nothing for sale in there currently under 640k. I did receive a flyer in the mail a few months ago that one unit in there was going to auction but I don't know the results of that.

My opinion, while I won't say NEVER (nuclear war, cat 5 direct hit) is that you won't see a '3' in there again (or a 4). Time will tell.

Maybe for lots, but never for homes.

Several homes in Watercolor and Rosemary have already sold for the same price per square foot as numerous sales that occurred near those homes in 2003.

Prices in Watercolor and Rosemary in 2002 were generally running in the $300 to $400 per square foot range excluding properties on the water. It won't take much more slippage before prices hit those levels on a consistent basis.