A couple days ago I happened to be reading an article in the Atlanta Journal regarding the market in Panama City. There was a quote from Janet Roan, a local (PC, not Atl) real estate agent - "Now is the time to buy. It's a buyer's market." But she says, "If you are looking to buy something to flip it, don't even try it right now."
The catch? That article was from April 16, 2006.
There was another guy who had put contracts on 3 units in Panama City towers, pre-construction, each in the low 200k range. The article says the prices had tripled and then fell back but were still above his contract price. He said at the time he still expected to be able to sell at a comfortable profit although they were not yet completed. He was worried at the time that they may be overdeveloping the Panama City Beach area.
I'd like to see the AJC or some other organization do some follow up stories and talk to some of the same people interviewed previously. What does that agent think now? Did that guy close on his 3 properties and sell them or did he walk from his deposits? Is he stuck in 3 condos, eating a monthly mortgage while taking in some little bit of rent?
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Beach Fanatic
Then again, if what he says is true (i.e., in '04 to '05 we ALL knew prices would drop) I think the Realtors have some serious credibility issues to iron out.Realtors have credibility issues? No more than generalizing attorneys, or Catholic priests or posters named Shelly?
{Personally, I this this guy is full of crap...just another feckless Rah-Rah RE fop} :roll:
What I find really pathetic is the FAR's desperate attempts to restart the RE frenzy again--good luck with that.
http://www.nwfdailynews.com/news/home_8857___article.html/percent_market.html
And what do you expect from FAR? Gloom-doom? Why not slap the spastic kid on the block around and claim the lightweight title? About as productive and amusing.
Why read them at all (FAR)? Their data is like closed sourced software, credible not. Luke and Laura broke up too.
Beach Fanatic
YoungFT, I think its important to note that page 20's graphs are addressing subprime and ALT-A loans. Realestate is local, and I don't see this projecting being accurate for our market.Local, in cases, neighborhood strategic. We certainly do not live in any typical housing market.
Beach Fanatic
Clearly, this is an overall view of the market and all real estate markets are "local", but given that this is an internal document of the largest home financing company in America, you have to give this some weight.I don't see why.
This data follows no herding mentality that can be focused locally. Want to know what is happening in your neighborhood, look at your corral. Homes priced 20% or more over the few that have sold? Follow the herd. Absorption rates reflect what? Nothing unless the properties are properly priced. Properly priced? Well kept? Look at those, look nowhere else.
When the herd runs wild, as they did a few years back, (e)we(s) get lost in finding their way back to the pendulum ever swinging, to the to and now the fro.
Beach Fanatic
I don't see why.
This data follows no herding mentality that can be focused locally. Want to know what is happening in your neighborhood, look at your corral. Homes priced 20% or more over the few that have sold? Follow the herd. Absorption rates reflect what? Nothing unless the properties are properly priced. Properly priced? Well kept? Look at those, look nowhere else.
When the herd runs wild, as they did a few years back, (e)we(s) get lost in finding their way back to the pendulum ever swinging, to the to and now the fro.
Dear Sheep,
Ewe up late, hard to understand...
Beach Lover
BofA Internal Document
So you don't believe that homes in SoWal were purchased using sub-prime or Alt-A products?
I agree, at the average list price of a home in SoWal, you may not have seen many sub-prime borrowers.
But Alt-A? If anything, SoWal is overrepresented in Alt-A financing. These are the non agency products such as jumbo, stated income, no income loans, low doc loans that are OVER represented in coastal areas like SoWal.
You can assume it's not relevant to SoWal, but I would not agree.
YoungFT, I think its important to note that page 20's graphs are addressing subprime and ALT-A loans. Realestate is local, and I don't see this projecting being accurate for our market.The graphs represent the underlying values of homes that were underwritten by Alt-A and subprime loans.
So you don't believe that homes in SoWal were purchased using sub-prime or Alt-A products?
I agree, at the average list price of a home in SoWal, you may not have seen many sub-prime borrowers.
But Alt-A? If anything, SoWal is overrepresented in Alt-A financing. These are the non agency products such as jumbo, stated income, no income loans, low doc loans that are OVER represented in coastal areas like SoWal.
You can assume it's not relevant to SoWal, but I would not agree.
Meow
Dear Sheep,
Ewe up late, hard to understand...
...some things never change.Beach Fanatic
Dear Sheep,Ewe up late, The Complete Sheep up early.
Ewe up late, hard to understand...
Clearly, this is an overall view of the market and all real estate markets are "local", but given that this is an internal document of the largest home financing company in America, you have to give this some weight.
Weighted data that is not local, very specific to neighborhoods, especially in our neighborhoods, are amusing reads but of little value.
This data follows no herding mentality that can be focused locally.
Simply put, it reflects nothing that drives the momentum of rising sales demand (prices) or falling sales demand (prices).
Want to know what is happening in your neighborhood, look at your corral.
Self explanatory.
Homes priced 20% or more over the few that have sold? Follow the herd. Absorption rates reflect what? Nothing unless the properties are properly priced. Properly priced? Well kept? Look at those, look nowhere else.
The subset of truly accurate data must be filtered by individual properties, their relation one to another as to pricing, quality of residence, etc.
When the herd runs wild, as they did a few years back, (e)we(s) get lost in finding their way back to the pendulum ever swinging, to the to and now the fro.
In the emotions and fever/fervor of the rise and fall of residential real estate, especially in the unique Florida markets, clean minded thinking and reviews get lost.
Summary: read only for enjoyment residential real estate opinions, the only data most homeowners need to value their properties are right there in front of their eyes.
Beach Fanatic
Now I get ewe.
Beach Fanatic
Now I get ewe.Sir, that's a baaaaaaaaaaaad joke.
Admin
There were plenty of buyers waiting for " the bottom" and now frustrated to know that was somewhere between 12 and 24 months ago. We are on a ride up, (rules of supply and demand),and I would encourage any buyer to buy the best quality property that makes you happy, as inventory is historically low.
Lisa's post on another thread this AM reminded me of this and similar threads.
Beach Fanatic
This was a fun and not so fun read!!!
Beach Fanatic
Buy a property you love and need at a fair price and ignore all this nonsense.
Beach Fanatic
Buy a property you love and need at a fair price and ignore all this nonsense.
Or one you want! Good point Zebra.
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