It seems no let up in price drops

That home in Cypress Dunes is a good buy, it is the only home in Cypress Dunes with a pool and is actually smaller than it sounds since the 2300 sq/ft includes the porches.

That home in Cypress Dunes is a good buy, it is the only home in Cypress Dunes with a pool and is actually smaller than it sounds since the 2300 sq/ft includes the porches.

A 'good buy' in this market is relative to the short term. Prices are still falling, and will continue to fall for quite some time to come.

Why would you expect the prices to go up? This isn't a radar blip, it's a global recession whose effects are still growing and recovery will be slow.

That home in Cypress Dunes is a good buy, it is the only home in Cypress Dunes with a pool and is actually smaller than it sounds since the 2300 sq/ft includes the porches.

Where are you guys getting this information?
The only house in Cypress Dunes which is close to that price is priced slightly different at $362,500. It is a REO. The listing went under contract yesterday, and is listed as 2,380sf, but on county records, it is listed as 2112sf htd/cld, with a total of 2742 sf.

I'm not seeing a drop from the REO (bank owned) pricing of the properties which are selling. However, I do agree that individual sellers will have to drop prices to compete with the bank owned properties, if they want to sell.

Where are you guys getting this information?
The only house in Cypress Dunes which is close to that price is priced slightly different at $362,500. It is a REO. The listing went under contract yesterday, and is listed as 2,380sf, but on county records, it is listed as 2112sf htd/cld, with a total of 2742 sf.

I've been through the house and seen the blueprints.

I'm not seeing a drop from the REO (bank owned) pricing of the properties which are selling. However, I do agree that individual sellers will have to drop prices to compete with the bank owned properties, if they want to sell.

The number of REO's on the market is still climbing, just wait till the banks start competing with other banks for sales.

The number of REO's on the market is still climbing, just wait till the banks start competing with other banks for sales.

Something tells me Countrywide has been given the greenlight to liquidate below market value.

How about the 2/2 condo in Watercolor listed within a hairs breadth of the original sales price in 2001? Or, how about the lot in Watersound Beach for $199k (similar lot nearby once resold for $800k)? Or the lot in Cypress Cove in Watercolor for $180k? Not many on this board ever believed prices would be falling back to 2001. But, here we are.

I agree with 30Ashopper, prices still have a ways to go. Even 2001 prices didn't make sense in the real world. All those home and condo prices were high based on the price of the raw land below the buildings. In 2001, there were 4000 sq ft pieces of sand in Watercolor, Rosemary, Retreat, etc (not even a view of the ocean) going for over $200k. I believe the prices of the raw land will fall well below the 2001 price levels. As that happens, the price of the homes and condos sitting on that land will fall too as it costs less and less to replace these homes.

The only thing that could change the trend is a major shift in supply and demand, but supply is way, way too high with more and more inventory coming (or ready to come) on the market. Also, too many foreclosures and short sales with more on the way. The market is still way too out of whack for prices to stabilize.

The only thing that could change the trend is a major shift in supply and demand, but supply is way, way too high with more and more inventory coming (or ready to come) on the market. Also, too many foreclosures and short sales with more on the way. The market is still way too out of whack for prices to stabilize.

Yeah, but....what about the bazillion baby boomers and the 1,000 people per week they said were coming to Florida??

.

what about the bazillion baby boomers and the 1,000 people per week they said were coming to Florida??

:scratch:Um, they changed their plans?

How about the 2/2 condo in Watercolor listed within a hairs breadth of the original sales price in 2001? Or, how about the lot in Watersound Beach for $199k (similar lot nearby once resold for $800k)? Or the lot in Cypress Cove in Watercolor for $180k? Not many on this board ever believed prices would be falling back to 2001. But, here we are.

I agree with 30Ashopper, prices still have a ways to go. Even 2001 prices didn't make sense in the real world. All those home and condo prices were high based on the price of the raw land below the buildings. In 2001, there were 4000 sq ft pieces of sand in Watercolor, Rosemary, Retreat, etc (not even a view of the ocean) going for over $200k. I believe the prices of the raw land will fall well below the 2001 price levels. As that happens, the price of the homes and condos sitting on that land will fall too as it costs less and less to replace these homes.

The only thing that could change the trend is a major shift in supply and demand, but supply is way, way too high with more and more inventory coming (or ready to come) on the market. Also, too many foreclosures and short sales with more on the way. The market is still way too out of whack for prices to stabilize.

So it sounds like even though I'm seeing lots list for less than half of the crazy selling prices in 2003/04, and close to the original selling price, I should be patient because prices will likely fall even further? I like what I'm hearing... I'm just trying to decide when to pull the trigger... as many of us fence sitters are doing.

So it sounds like even though I'm seeing lots list for less than half of the crazy selling prices in 2003/04, and close to the original selling price, I should be patient because prices will likely fall even further? I like what I'm hearing... I'm just trying to decide when to pull the trigger... as many of us fence sitters are doing.

Are you in a rush?

Better to catch it once things flatten or at the beginning of the upswing versus on the downswing. Prices definitely haven't stabilized yet.

Unless of course, you just have to have a piece of property right now. If so, start making some lowball offers.

Are you in a rush?

Better to catch it once things flatten or at the beginning of the upswing versus on the downswing. Prices definitely haven't stabilized yet.

Unless of course, you just have to have a piece of property right now. If so, start making some lowball offers.

Melscuba, Fisher has hit it on the head. If you have to have a piece today start lowballing. 30A has never operated historically in the "real world" that Fisher alludes to. The market we are in today and market yet to come IMO is changing that Mantra from a financial perspective. Your on your own with "Matters of the heart"

Melscuba, Fisher has hit it on the head. If you have to have a piece today start lowballing. 30A has never operated historically in the "real world" that Fisher alludes to. The market we are in today and market yet to come IMO is changing that Mantra from a financial perspective. Your on your own with "Matters of the heart"

Actually, we're not in a rush at all. We've been waiting and watching for 3-4 years now. I am passionate about the area and I think that spills out... even on paper. I'm in for the long haul so I can wait. I like hearing everyone's opinions and am glad to have found a place to start asking questions. I'll just stay in touch on the boards and listen. I know this is up for some big time debate, but when do you guys see the area stabilizing?

In the mean time, we will continue to get things lined up and wait.

Actually, we're not in a rush at all. We've been waiting and watching for 3-4 years now. I am passionate about the area and I think that spills out... even on paper. I'm in for the long haul so I can wait. I like hearing everyone's opinions and am glad to have found a place to start asking questions. I'll just stay in touch on the boards and listen. I know this is up for some big time debate, but when do you guys see the area stabilizing?

In the mean time, we will continue to get things lined up and wait.

Im not sure that the 30A market has ever been stable to this generation of buyers....... Either a straight line up for the early 2000's or the straight line down currently. My guess is that the first 10 years of Seaside would be the only time frame that might be characterized as stable.