Area Foreclosures

Beach Fanatic

Jun 25, '08 · 7:04 PM75,592

I figured that some of you would like to see some of the area foreclosures. These are bank owned properties.

http://www.joshmcleanhomes.com/buyer_mistakes.asp

Replies

342

Banned

Nov 7, '08 · 5:38 PM#127

..don't know if it is "better" but it is unbelieveable as to how much these folks paid (or should I say, how much these banks lent) for these places :shock:

I can't believe that those towers and towers of condos and chunks of dirt bought during the bubble that are now "for sale" (not short sale or foreclosure) are ever going to clear the market.

.

Agree.

Banned

Nov 7, '08 · 5:44 PM#128

Shel, There have been "relatively" few liens almost none on banks by associations. Maybe some property managers can report just how bad it is getting. Lots of investulators paid cash and are listing upside down. Many have sold and the individuals have eaten the loss without "to much" stress to the hoa's. The majority of shorts reo's and foreclosures in the condo towers go quickly once the sales prices are near pre construction prices. Panama City is in the low to mid 200's per foot. One banked owned uber $$$ condo in Seagrove has had a few sales of over a million recently and the redfish group has only had to deal off a few units in the low 200's per foot. As far as dirt goes prices are actually great in a bunch of areas and still not selling. I keep waiting for more shoes to drop. In the past it has always been easy to see the end of the tunel because it was announced with a mother of all absolute auctions. It appears this time the financial institutions are on cruise control. Meanwhile you are probably right about how long it would take to sell existing inventory. long long long...time

IMO there's a play coming where people will sell at a loss right now to re-up right now. This is a total lock out of offers to those who hold out for price.

Beach FanaticAuthor

Nov 18, '08 · 12:13 PM#129

Beach FanaticAuthor

Nov 25, '08 · 12:17 PM#130

Destin - Panama City Foreclosures List is now updated as of 11/25.

http://www.joshmcleanhomes.com/buyer_mistakes.asp

Beach FanaticAuthor

Nov 25, '08 · 8:34 PM#131

Just wanted to let everyone know that I have changed my website so that you can see the foreclosures updated on a daily basis. It is broken down by area. You can see them at www.JoshMcleanHomes.com

Banned

Nov 26, '08 · 6:16 AM#132

Just wanted to let everyone know that I have changed my website so that you can see the foreclosures updated on a daily basis. It is broken down by area. You can see them at www.JoshMcleanHomes.com

Your site shows just 3 forecosure homes on 30A. Are these properties that have sold at public auction and are re-listed by the new owner?

Are these the only foreclosures?

Beach FanaticAuthor

Nov 26, '08 · 9:38 AM#133

Those are the only bank owned foreclosures listed through the MLS. There may be more that are packaged and sold to investor groups in bulk? Plenty that the bank still hasn't taken back yet. I have Santa Rosa Beach and 30A in two different categories. I probably should have put "the rest of 30A". If you look in Santa Rosa Beach you will see more.

Beach Fanatic

Nov 30, '08 · 11:32 AM#134

Josh,

Based on what I am seeing in the pending and closing data recently, it appears that November and December 2008 could be by far the worst two months of sales activity in recent memory. Does that correspond with what you are seeing in the market?

Beach FanaticAuthor

Nov 30, '08 · 12:26 PM#135

Josh,

Based on what I am seeing in the pending and closing data recently, it appears that November and December 2008 could be by far the worst two months of sales activity in recent memory. Does that correspond with what you are seeing in the market?

It doesn't look like it. Novemeber sales on single family homes between Destin and Inlet Beach totalled 42. That's higher than November of 2006 (34) and 2007 (39). It was the lowest sales total of the year, but that's pretty normal at the end of the year. Average price sold is about average for the year. Inventory was still down a little.

December looks to be about the same right now, but I'll let you know tomorrow when the final stats are out.

SoWal Insider

Nov 30, '08 · 12:56 PM#136

Josh,

Based on what I am seeing in the pending and closing data recently, it appears that November and December 2008 could be by far the worst two months of sales activity in recent memory. Does that correspond with what you are seeing in the market?

I was looking as this myself, since historically, November is a pretty good month for SoWal. 1999 and 2000 sales hit their highest secondary peak in November. This year however we are looking about even compared to the last two years. In September things were looking up but now sales are back down - no doubt due to the credit crisis.

Beach Fanatic

Nov 30, '08 · 2:07 PM#137

It doesn't look like it. Novemeber sales on single family homes between Destin and Inlet Beach totalled 42. That's higher than November of 2006 (34) and 2007 (39). It was the lowest sales total of the year, but that's pretty normal at the end of the year. Average price sold is about average for the year. Inventory was still down a little.

December looks to be about the same right now, but I'll let you know tomorrow when the final stats are out.

Thanks for the info. Much better than I thought based on the data I have been seeing.

Beach FanaticAuthor

Nov 30, '08 · 2:34 PM#138

Thanks for the info. Much better than I thought based on the data I have been seeing.

I'll post the stats tomorrow at some point for you to see.
Not sure why I thought it was the end of December already. I'll let you know how it looks towards the end of the month.

Banned

Dec 1, '08 · 7:53 PM#139

Josh,

Based on what I am seeing in the pending and closing data recently, it appears that November and December 2008 could be by far the worst two months of sales activity in recent memory. Does that correspond with what you are seeing in the market?

Josh and Fisher,

I'm not a Realtor. Is there a site for the public that lists pending, etc. in real time?

JC

Beach Lover

Dec 2, '08 · 1:46 PM#140

Josh and Fisher,

I'm not a Realtor. Is there a site for the public that lists pending, etc. in real time?

JC

One click to the current Destin pendings as well as sales in the previous month on my site. Plus daily reductions vs increases and brand new listings.

Banned

Dec 2, '08 · 7:03 PM#141

One click to the current Destin pendings as well as sales in the previous month on my site. Plus daily reductions vs increases and brand new listings.

Sorry to admit that I can't cover an area that broad. I am from Lake Powell to Butler Elementary. Any other hints?

Beach FanaticAuthor

Dec 3, '08 · 9:59 AM#142

I'll be adding that area to my site within the next couple of days.

Banned

Dec 3, '08 · 11:58 AM#143

I'll be adding that area to my site within the next couple of days.

Will you update us when it's online?

Beach FanaticAuthor

Dec 3, '08 · 12:49 PM#144

I will

Beach Fanatic

Dec 12, '08 · 7:17 PM#145

It doesn't look like it. Novemeber sales on single family homes between Destin and Inlet Beach totalled 42. That's higher than November of 2006 (34) and 2007 (39). It was the lowest sales total of the year, but that's pretty normal at the end of the year. Average price sold is about average for the year. Inventory was still down a little.

December looks to be about the same right now, but I'll let you know tomorrow when the final stats are out.

Real Trend Report for Walton County in November shows a continued slide in volume and prices--

SFH sales volume down a whopping 31% and avg price down 20%, lowest monthly volume level in over 5 years

Condo volume down 18% and avg price way, way down by 48%

Lot sales volume down 24% and avg price up slightly by 5%

Banned

Dec 12, '08 · 7:25 PM#146

Real Trend Report for Walton County in November shows a continued slide in volume and prices--

SFH sales volume down a whopping 31% and avg price down 20%, lowest monthly volume level in over 5 years

Condo volume down 18% and avg price way, way down by 48%

Lot sales volume down 24% and avg price up slightly by 5%

I got a kick out of the new home sales figure. You must know I was honored that my spec home sale represented 13% of all the dollars speant on Walton County residential last month. It was both humbling and extremely gratifying considering all things.

Beach Fanatic

Dec 12, '08 · 7:35 PM#147

I got a kick out of the new home sales figure. You must know I was honored that my spec home sale represented 13% of all the dollars speant on Walton County residential last month. It was both humbling and extremely gratifying considering all things.

Congrats--presents for everyone under the tree this year!!!

Beach FanaticAuthor

Jan 7, '09 · 1:58 PM#148

Beach Fanatic

Jan 7, '09 · 2:44 PM#149

Josh, thank you for continuing to post this information.

Beach FanaticAuthor

Jan 7, '09 · 3:15 PM#150

You're welcome. You can find the updated information on the home page of my website at anytime.

Beach Fanatic

Jan 7, '09 · 3:34 PM#151

Real Trend Report for Walton County in November shows a continued slide in volume and prices--

SFH sales volume down a whopping 31% and avg price down 20%, lowest monthly volume level in over 5 years

Condo volume down 18% and avg price way, way down by 48%

Lot sales volume down 24% and avg price up slightly by 5%

Interesting numbers, but until Walton County tax assessors office starts to move property taxes downward at a much faster rate, buyers are going to be less common and prices are going to continue to fall. Walton County continues to "rape" out of state property owners with high property taxes. There use to be a time when you could own a beach house, rent it out, pay the mortgage and actually make a profit....not any more. Property taxes sure went up a lot faster than they have been coming down, and that my friend has "killed the goose that laid the golden egg". Until property taxes start going down to sensible numbers, I can't in good conscience even recommend to any of my friends to invest in real estate down there.

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