What's the general feeling on the current state of the real estate market in So. Walton? Seems like pre-construction development opportunities are still being snapped up at a furious pace, but what about the re-sale market? I've been watching the MLS listings for the past year and I'm wondering if the pace of sales of existing units has slowed.
I don't have any hard statistics, but I do see units that have been on the market for quite a few months at the same price. I've even seen a couple listings where the price was dropped, which was a shocker.
I suppose late Fall and Winter MLS viewing doesn't give a complete picture, but I keep wondering -- more units on the market, more development, higher prices, rising interest rates, etc...
Of course that's just from browsing the MLS remotely here. Everytime I visit the area I still get the strong urge to buy everything in sight. I think it's something in the water.
lenzoelenzoeBeach FanaticAtlanta/Seagrove595 postsJoined View profileMessageBeach Fanatic
lenzoeBeach FanaticAtlanta/Seagrove595 postsJoined View profileMessageBeach Fanatic9,272 views
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KurtKurtAdminSoWal2,470 postsJoined View profileMessageAdmin
KurtAdminSoWal2,470 postsJoined View profileMessageAdminIt's not something in the water. It IS the water. :lol:
I expect this summer will be very active.
I expect this summer will be very active.
Just_In_ThymeJust_In_ThymeBeach LoverAtlanta and Seagrove198 postsJoined View profileMessageBeach Lover
Just_In_ThymeBeach LoverAtlanta and Seagrove198 postsJoined View profileMessageBeach LoverIt seems to me around Seagrove the prices continue to rise and they still sell. I keep thinking it will slow, but I haven't seen it yet.
Camp Creek KidCamp Creek KidChristini ZambiniSeacrest Beach1,277 postsJoined View profileMessageChristini Zambini
Camp Creek KidChristini ZambiniSeacrest Beach1,277 postsJoined View profileMessageChristini ZambiniI've been told by a property appraiser that property owners in S. Walton can expect a 6-16% appreciation PER MONTH. That is opposed to last year when it was 6-12%. My home's value has literally doubled in 1 year. Also, the demographics of who is buying has changed. "Regular people" have been priced out of the market--they'll have to start looking in Freeport or PCB. Now most buyers in S. Walton are very wealthy.
This appraiser said the market in Destin is now comparable to Naples, FL and everything is moving East. PCB is booming with redevelopment and Mexico Beach, Appalachicola are next.
This appraiser said the market in Destin is now comparable to Naples, FL and everything is moving East. PCB is booming with redevelopment and Mexico Beach, Appalachicola are next.
RiverOtterRiverOttergot any pics?Chattanooga, Tennessee, United States11,444 postsJoined View profileMessagegot any pics?
RiverOttergot any pics?Chattanooga, Tennessee, United States11,444 postsJoined View profileMessagegot any pics?This appraiser said the market in Destin is now comparable to Naples, FL and everything is moving East. PCB is booming with redevelopment and Mexico Beach, Appalachicola are next.
I rented a house in Port ST Joe several years ago. The house was asesome! The beach stunk! The water was murkey / dirty. Cannonball jelly fish eveywhere. I didn't like it much. Mexico Beach looked nice but that was before the hurricane. SJ said Mexico Beach is kinda loud due to military jets.
Smiling JOeSmiling JOeSoWal Expert31,643 postsJoined View profileMessageSoWal Expert
Smiling JOeSoWal Expert31,643 postsJoined View profileMessageSoWal ExpertI rented a house in Port ST Joe several years ago. The house was asesome! The beach stunk! The water was murkey / dirty. Cannonball jelly fish eveywhere. I didn't like it much. Mexico Beach looked nice but that was before the hurricane. SJ said Mexico Beach is kinda loud due to military jets.
... and it has the same fishy, murky water as Appalachicola and Port St Joe. However, the water has not stopped the buyers. The property in that area may look attractively priced unless you see the beautiful emerald green water here first. As Kurt stated earlier, it "is the water" that sells people on buying here. In Port St Joe, it is the price, not the water.
KurtKurtAdminSoWal2,470 postsJoined View profileMessageAdmin
KurtAdminSoWal2,470 postsJoined View profileMessageAdminI don't have any hard statistics, but I do see units that have been on the market for quite a few months at the same price. I've even seen a couple listings where the price was dropped, which was a shocker.
Some properties that are pushing the price ceiling are going to be on the market for a few months, especially in the winter, and then the market catches up.
Some properties in demand are selling same day.
There is a huge shortage of certain properties that sell before they hit the MLS, like pre-construction, gulf front and near gulf front land, houses, and condos.
I've been told by a property appraiser that property owners in S. Walton can expect a 6-16% appreciation PER MONTH. That is opposed to last year when it was 6-12%. My home's value has literally doubled in 1 year. Also, the demographics of who is buying has changed. "Regular people" have been priced out of the market--they'll have to start looking in Freeport or PCB. Now most buyers in S. Walton are very wealthy.That's interesting, but I've always felt appraiser's are better at telling you what has happened than predicting the future.
This appraiser said the market in Destin is now comparable to Naples, FL and everything is moving East. PCB is booming with redevelopment and Mexico Beach, Appalachicola are next.
Are prices in Destin higher than South Walton? I was thinking it was the other way around. Last time I did comparisions about a year ago, that's the way it seemed to me.
I've heard the comparisons to Naples before -- as in, if you think So Wal is high, just look at Naples, we've got a way to go. But I don't know what the figures on comparable Naples sales are.
Edited
PaulaPaulaBeach FanaticMichigan but someday in SoWal as well3,747 postsJoined View profileMessageBeach Fanatic
PaulaBeach FanaticMichigan but someday in SoWal as well3,747 postsJoined View profileMessageBeach FanaticJust curious... What makes the So. Walton water emerald and the other water murky? Thanks.
Smiling JOeSmiling JOeSoWal Expert31,643 postsJoined View profileMessageSoWal Expert
Smiling JOeSoWal Expert31,643 postsJoined View profileMessageSoWal ExpertThe absence of rivers flowing into the Gulf, make the waters emerald. Look at a map and you will be able to see. Rivers tend to have decaying plant matter which darkens the water, just like Western Lake. When Western Lake flows out into the Gulf, the water around that area becomes saturated with the darker water too.
KurtKurtAdminSoWal2,470 postsJoined View profileMessageAdmin
KurtAdminSoWal2,470 postsJoined View profileMessageAdminThe Gulf of Mexico along the beaches of Destin & SoWal is so clear because no large, sediment-heavy rivers directly influence the waters. The water coming out of the Apalachicola River, the primary source of our Gulf water, is filtered through the estuary of Apalachicola Bay. While passing through this bay and out past the barrier islands in that area, the Gulf water deposits most of the silt and other sediments, that for example, make the Atlantic less translucent. The Gulf water along the beaches of Destin & SoWal appears aqua green because of the purity and hence crystal clarity of the water. The shallowness of the Gulf and the high reflectivity of light off our sugar-white sands also help to create our beautiful translucent water.
The sand on Destin & South Walton's beaches is extremely fine. This is due to the enormous amount of travel the sand went through to reach its destination. The sand along Beaches of Destin & SoWal was once part of the southern Appalachian Mountains. Over millions of years, as the mountains weathered, particles of quartz were washed into riverbeds and transported by the river to the ocean. The flow and ebb of the water over this long distance broke down the particles and buffed the edges making them as fine as sugar when they finally rested along the shore in the area.
The sand on Destin & South Walton's beaches is extremely fine. This is due to the enormous amount of travel the sand went through to reach its destination. The sand along Beaches of Destin & SoWal was once part of the southern Appalachian Mountains. Over millions of years, as the mountains weathered, particles of quartz were washed into riverbeds and transported by the river to the ocean. The flow and ebb of the water over this long distance broke down the particles and buffed the edges making them as fine as sugar when they finally rested along the shore in the area.
Smiling JOeSmiling JOeSoWal Expert31,643 postsJoined View profileMessageSoWal Expert
Smiling JOeSoWal Expert31,643 postsJoined View profileMessageSoWal Expertbravo! well stated!
RiverOtterRiverOttergot any pics?Chattanooga, Tennessee, United States11,444 postsJoined View profileMessagegot any pics?
RiverOttergot any pics?Chattanooga, Tennessee, United States11,444 postsJoined View profileMessagegot any pics?:blink: Wow! Well said :blink:
Cork On the OceanCork On the Oceandirectionally challengedSeacrest Beach2,450 postsJoined View profileMessagedirectionally challenged
Cork On the Oceandirectionally challengedSeacrest Beach2,450 postsJoined View profileMessagedirectionally challengedDoesn't look like things are slowing down.
Areas 17 & 18 DSF: Sold 01/01/04-03/28/04
Total # of Sales 106
Lowest Price Listing $125,000
Highest Price Listing $3,650,000
Average Price $830,055
Ave Price/sq ft $376.20
Avg. Days on Market 171
Areas 17 & 18 DSF: Sold 01/01/05-03/28/05
Total # of Sales 107
Lowest Price Listing $217,000
Highest Price Listing $5,200,000
Average Price $1,048,975
Ave Price/sq ft $506.64
Avg. Days on Market 102
Areas 17 & 18 Condos: Sold 01/01/04-03/28/04
Total # of Sales 78
Lowest Price Listing $119,000
Highest Price Listing $3,000,000
Average Price $696,019
Ave Price/sq ft $446.63
Avg. Days on Market 130
Areas 17 & 18 Condos: Sold 01/01/05-03/28/05
Total # of Sales 82
Lowest Price Listing $213,000
Highest Price Listing $2,950,000
Average Price $913,319
Ave Price/sq ft $622.29
Avg. Days on Market 114
Areas 17 & 18 Res Land: Sold 01/01/04-03/28/04
Total # of Sales 205
Lowest Price Listing $49,900
Highest Price Listing $6,300,00
Average Price $428,600
Avg. Days on Market 160
Areas 17 & 18 Res Land: Sold 01/01/05-03/28/05
Total # of Sales 163
Lowest Price Listing $30,000
Highest Price Listing $18,000,000
Average Price $709,590
Avg. Days on Market 69
Areas 17 & 18 DSF: Sold 01/01/04-03/28/04
Total # of Sales 106
Lowest Price Listing $125,000
Highest Price Listing $3,650,000
Average Price $830,055
Ave Price/sq ft $376.20
Avg. Days on Market 171
Areas 17 & 18 DSF: Sold 01/01/05-03/28/05
Total # of Sales 107
Lowest Price Listing $217,000
Highest Price Listing $5,200,000
Average Price $1,048,975
Ave Price/sq ft $506.64
Avg. Days on Market 102
Areas 17 & 18 Condos: Sold 01/01/04-03/28/04
Total # of Sales 78
Lowest Price Listing $119,000
Highest Price Listing $3,000,000
Average Price $696,019
Ave Price/sq ft $446.63
Avg. Days on Market 130
Areas 17 & 18 Condos: Sold 01/01/05-03/28/05
Total # of Sales 82
Lowest Price Listing $213,000
Highest Price Listing $2,950,000
Average Price $913,319
Ave Price/sq ft $622.29
Avg. Days on Market 114
Areas 17 & 18 Res Land: Sold 01/01/04-03/28/04
Total # of Sales 205
Lowest Price Listing $49,900
Highest Price Listing $6,300,00
Average Price $428,600
Avg. Days on Market 160
Areas 17 & 18 Res Land: Sold 01/01/05-03/28/05
Total # of Sales 163
Lowest Price Listing $30,000
Highest Price Listing $18,000,000
Average Price $709,590
Avg. Days on Market 69
Doesn't look like things are slowing down.Hey, these are good statistics. Much better to have data than the ancecdotal and somebody told me something rumors. Thanks.
Do you have access to the total number of units on the market for the same periods?
Cork On the OceanCork On the Oceandirectionally challengedSeacrest Beach2,450 postsJoined View profileMessagedirectionally challenged
Cork On the Oceandirectionally challengedSeacrest Beach2,450 postsJoined View profileMessagedirectionally challengedGood Question. I think you're wanting to know how many were available versus how many sold. Am I right?
Yes, can run the number of units on the market during that period but that won't give us what we need because active listings will be on the market for 69-171 days so active listings during the same time frame will show up sold or expired at a later date. The sold ones were actually active over the previous 69-171 days.
Also, expired listings won't give us that data because some people could list for 2 weeks and some for 3 months. The ones for 2 weeks will show expired 6 times over the 3 months so we'd get duplications of those numbers. Will need to think on that one. If you're looking for percent sold, don't know. Can run the percentage of asking price that they actually sold for. The ballpark average was that DSF's sold for about 5.2% less than asking price.
Yes, can run the number of units on the market during that period but that won't give us what we need because active listings will be on the market for 69-171 days so active listings during the same time frame will show up sold or expired at a later date. The sold ones were actually active over the previous 69-171 days.
Also, expired listings won't give us that data because some people could list for 2 weeks and some for 3 months. The ones for 2 weeks will show expired 6 times over the 3 months so we'd get duplications of those numbers. Will need to think on that one. If you're looking for percent sold, don't know. Can run the percentage of asking price that they actually sold for. The ballpark average was that DSF's sold for about 5.2% less than asking price.
PaulaPaulaBeach FanaticMichigan but someday in SoWal as well3,747 postsJoined View profileMessageBeach Fanatic
PaulaBeach FanaticMichigan but someday in SoWal as well3,747 postsJoined View profileMessageBeach FanaticA belated thanks for the information about why the water and sand so beautiful in Destin and South Walton. This is all news to me. Thanks!
GraytonBoundGraytonBoundBeach FanaticThe Nooga947 postsJoined View profileMessageBeach Fanatic
GraytonBoundBeach FanaticThe Nooga947 postsJoined View profileMessageBeach FanaticDoesn't look like things are slowing down.
WOW :shock:
Thanks for the info!
CilCilBeach FanaticAmelia Island, FL1,491 postsJoined View profileMessageBeach Fanatic
CilBeach FanaticAmelia Island, FL1,491 postsJoined View profileMessageBeach FanaticIn terms of water clarity, are the barrier islands any better? What about places such as St George Island, Cape San Blas, Dog Island? (I notice St George allows dogs at the Franklin County beaches.)
I know that SoWal and Denver, Colorado could not be more different, but in terms of real estate, I see similarities. When prices began rising about ten years ago, we waited for the bubble to burst. And waited. And waited. Houses in our old, established neighborhood are now going for three, four and five hundred dollars a square foot.
But I think the similarities only go so far...the beach will likely be more popular than the mountains for all the aging Boomers who seek retirement spots.
And the changes we've observed over occured over a longer period of time.
I think we might well be priced out of SoWalton. We never wanted a trophy home, but now I'm not sure if we could even afford a condo.
I know that SoWal and Denver, Colorado could not be more different, but in terms of real estate, I see similarities. When prices began rising about ten years ago, we waited for the bubble to burst. And waited. And waited. Houses in our old, established neighborhood are now going for three, four and five hundred dollars a square foot.
But I think the similarities only go so far...the beach will likely be more popular than the mountains for all the aging Boomers who seek retirement spots.
And the changes we've observed over occured over a longer period of time.
I think we might well be priced out of SoWalton. We never wanted a trophy home, but now I'm not sure if we could even afford a condo.
Good Question. I think you're wanting to know how many were available versus how many sold. Am I right?Yes, that's what I'm wondering -- how many sold vs. available in the same time frame.
Yes, can run the number of units on the market during that period but that won't give us what we need because active listings will be on the market for 69-171 days so active listings during the same time frame will show up sold or expired at a later date. The sold ones were actually active over the previous 69-171 days.
Also, expired listings won't give us that data because some people could list for 2 weeks and some for 3 months. The ones for 2 weeks will show expired 6 times over the 3 months so we'd get duplications of those numbers. Will need to think on that one. If you're looking for percent sold, don't know. Can run the percentage of asking price that they actually sold for. The ballpark average was that DSF's sold for about 5.2% less than asking price.
I realize the number of active listings wouldn't necessarily match up to the sold pool, it still would be interesting to know the numbers active for each type vs. the same period the prior year, and I would think that would be easier to identify than trying to exactly match things up, as you point out. Just curious.
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