Walton Sun:
As the value of real estate skyrockets in the Panhandle, ?affordable housing? has become a buzzword in Walton and neighboring counties.
?We?re not talking
about teachers and police officers,? Executive Director of Walton County Housing Ingrid Burmeister said. ?It?s those working at McDonald?s or the elderly.?
?Affordable housing? is often defined as not costing the occupant more than 30 percent of his or her total income. For someone making $10 an hour, that would equal roughly $480.
Housing and Urban Development attempts to make housing affordable for those on low or reduced incomes through vouchers. Approximately 60 HUD vouchers have been given to Walton County residents that have yet to be used.
The rental seekers can?t find anything because so many rental properties have been taken off the market, Burmeister said. ?Landlords are just selling their units.?
Angella, who asked her last name not be used, is a single mother working towards a degree. Without assistance from HUD she couldn?t afford to live in Walton County.
?It?s getting more expensive. If it weren?t for HUD, I wouldn?t be able to pay the bills,? Angella said.
Walton County?s housing problem is ?not unique,? since housing around the country is rising. However, the problem generally occurs in large metropolitan areas, HUD spokesperson Donna White said.
To help alleviate the problem locally, the Walton County Board of Commissioners voted to pursue the purchase of state land to provide workforce housing.
The BCC?s approval was necessary for the Walton Community Development Corporation, a non-profit organization, to begin negotiating the purchase of state land to create a community land trust, Chairman Joe Burton said.
?We?re structured to work with local and state to make this a reality,? he said.
Seven lots listed located north of 393 and a 10-acre parcel off of J.D. Miller Road are currently being investigated. The land tracts are not contiguous with any state park lands, Burton said.
Many within the county are concerned that a lack of affordable housing may thwart Walton County?s economic growth.
?If we can?t find housing that?s attainable, then we?re going to be severely limited to what we can do in the future,? Commissioner Cindy Meadows said.
?A lack of employees is linked to affordable housing,? Burton said.
Groups continue to discuss affordable housing, but ?I don?t know where those homes are at,? Commissioner Kenneth Pridgen said. ?How can a medium income family find a home??
?It?s an issue we?ve got to deal with,? Meadows said. ?I think we?re at the critical stage now.?
Replies
61
Beach Fanatic
Demographic info for zip code 32549- Santa Rosa BeachHopefully Bueller never shows to answer ..at $140k thats bad news for egb.
http://www.zipskinny.com/index.php?zip=32459
Median household income is $42,359 a year, which is lower not only than Destin ($52K a year) but also Niceville ($54K a year, and surprisingly the highest family income zip code in the central/western Panhandle) Shalimar ($51K a year) and several other places along the coast.
So for an average family looking to buy a first home in the 32549 would be looking for something less than $140K. Five years ago, you could find a small but nice home in Flamingo Village at that price. Now, Bueller? Bueller?
Beach Fanatic
Thanks for all the info Donna. Affordable housing, especially for the elder, is one thing but McDonald's is quite another. I hope we can keep all the junk food places and the trash they create out of South Walton. I am truly amazed already at the litter on the beach and roadsides in such a beautiful gift from God and Mother Nature. We are all so blessed to even be able to see such beauty.
Wonder if there is any special housing for the elderly in South Walton?
we love Thomas' donuts' down there on Laguna Beach when we're down there! Burgers, malts-even a fish burger! Cheap too.
Anyone looking for a very affordable vacation rental in Seacrest Beach check out our townhouse www.a1vacations.com/217515.
which listing is yours, when I go to that link I get multiple listings.
Beach Comber
Alright maybe not 150k, but close, you get my point though.
SoWal Insider
which listing is yours, when I go to that link I get multiple listings.
Minnie,
This is one of those "flashback" threads. The post you are quoting was written in MARCH 2006. (19 months ago)
Suffice to say....."affordable" housing, since the RE frenzy, was, is, and will continue to be extinct in South Walton county.
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Edited
Beach Fanatic
Minnie,
This is one of those "flashback" threads. The post you are quoting was written in MARCH 2006. (19 months ago)
Suffice to say....."affordable" housing, since the RE frenzy, was, is, and will continue to be extinct in South Walton county.
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What do you consider "affordable housing"? I think you are correct. SoWAl lost that title a long time ago.
SoWal Insider
What do you consider "affordable housing"? I think you are correct. SoWAl lost that title a long time ago.
In my opinion, "Affordable Housing" is when the carry cost (PITI) of the house is less than 35% of the household income. (Considering the median income of the county, housing in South Walton is "unaffordable" to the majority of the county's citizens)
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Edited
SoWal Insider
Doesn't unaffordable equate with desirable?
SoWal Insider
Doesn't unaffordable equate with desirable?
Unaffordable for purchase down here by someone who pulls median income (@ $42,400, about $1236 per month)....bubble-priced purchase principle + interest + taxes + insurance--$1236 can't touch it. Rentals can be had during off season, or in investulators' flip-flops--but you risk being kicked to the curb once the tourists or the bank's foreclosure agent shows up (I guess I would say this isn't desirable).
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Beach Fanatic
i do not know anyone who thinks the government housing of the 60's was a big success yet our local government is determined that they will be the savior of the little guy who can't afford a house in walton county...they want to build houses for county workers in freeport from 84k to 125k or so
and think people will line up for these deals...only problem is there are major strings attached about when you can sell and for how much and on and on...now no banking institutions want to make loans on this type of project so it sits in limbo...recently the project was touted as wanting to build 240 houses to start but the numbers have been reduced to 150...i'm pretty sure that there are only about 100 homes a year that sell in freeport if you look at the last 10 years or so...
and think people will line up for these deals...only problem is there are major strings attached about when you can sell and for how much and on and on...now no banking institutions want to make loans on this type of project so it sits in limbo...recently the project was touted as wanting to build 240 houses to start but the numbers have been reduced to 150...i'm pretty sure that there are only about 100 homes a year that sell in freeport if you look at the last 10 years or so...
Christini Zambini
My husband is starting a project south of Freeport and just north of the bay off of 331 (LaGrange Road area) which could be considered "affordable housing" for real people. It will be a nice development with 1/4 to 1/3 acre lots in a subdivision of 42 homes. Homes will be nice and well built between 1300 and 1500+ sq. ft. with prices starting at around $180,000. There will not be any string attached to the mortgages
Just wanted to let everyone know. Model homes should be completed this Spring.
Just wanted to let everyone know. Model homes should be completed this Spring.
Beach Fanatic
which listing is yours, when I go to that link I get multiple listings.Oops, I let that one expire and built my own on godaddy. Check it out at www.seacrestinsouthwalton.com or on the RE Forum under FSBO or Rentals if you'd like more info.
Thanks.Beach Fanatic
way to go cc kid...there are hundreds of places to live under 200k in north walton and a few south of the bay...heck there are some pretty nice places around for under 150K...and i'd be willing to bet all the new condos on 331 will be under 150k...plantation at freeport says it will begin prices at 189k or so...lots are cheap these days all over freeport...maybe the comissioners should work on some form of public transportation which would be of great benefit to nw citizens and relieve the traffic situation on 331 as well...and leave the market to decide what ownership of a home should cost...how about some nice apartments from developers...there sure are some nice ones on back beach road in P City Beach...
SoWal Insider
way to go cc kid...there are hundreds of places to live under 200k in north walton and a few south of the bay...heck there are some pretty nice places around for under 150K...and i'd be willing to bet all the new condos on 331 will be under 150k...plantation at freeport says it will begin prices at 189k or so...lots are cheap these days all over freeport...maybe the comissioners should work on some form of public transportation which would be of great benefit to nw citizens and relieve the traffic situation on 331 as well...and leave the market to decide what ownership of a home should cost...how about some nice apartments from developers...there sure are some nice ones on back beach road in P City Beach...
IMO 150K - 200K (EXCLUDING high taxes & insurance) isn't affordable in a service-worker driven economy. The days of "fog a mirror, qualify for a no-down-payment mortgage" are over. In today's credit market, the service workers are finding it difficult to float a loan for a used Yugo.
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Christini Zambini
IMO 150K - 200K (EXCLUDING high taxes & insurance) isn't affordable in a service-worker driven economy. The days of "fog a mirror, qualify for a no-down-payment mortgage" are over. In today's credit market, the service workers are finding it difficult to float a loan for a used Yugo.
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Well, when the lowest price homes south of Defuniak are older single wide trailers for the $170,000s, at least our development will give real people the opportunity to purchase a real home.
SoWal Insider
Well, when the lowest price homes south of Defuniak are older single wide trailers for the $170,000s, at least our development will give real people the opportunity to purchase a real home.
So what does that say about a market that's trying to sell the "older single wide trailers" in Defuniak? What pricepoint would you put on those trailers?
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Edited
Christini Zambini
So what does that say about a market that's trying to sell the "older single wide trailers" in Defuniak? What pricepoint would you put on those trailers?
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It says about the market that people should pass on the trailers and buy a house from my husband instead.
SoWal Insider
It says about the market that people should pass on the trailers and buy a house from my husband instead.
Got any info to post about those houses for sale and who is providing the financing?
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Beach Fanatic
My husband is starting a project south of Freeport and just north of the bay off of 331 (LaGrange Road area) which could be considered "affordable housing" for real people. It will be a nice development with 1/4 to 1/3 acre lots in a subdivision of 42 homes. Homes will be nice and well built between 1300 and 1500+ sq. ft. with prices starting at around $180,000. There will not be any string attached to the mortgages
Just wanted to let everyone know. Model homes should be completed this Spring.
I don't understand why anyone would build more homes right now...the big problem with this market is the overbuilding and huge inventory...and, this price point seems high for the "affordable" definition..
The truth is very little is selling, no matter what the price. What am I missing here?
Beach Fanatic
shel name me a place where a service worker driven economy has affordable housing...i'm sure you have noticed the importation of eastern europeans to work as waiters in seaside, watercolor etc...i doubt those kids are looking for a house to buy anyway...and i'm sure you are familiar with the apartments that san destin built in walton county for it's workers...as far as local kids go i imagine those that want to stay here will find it hard to own what you would consider an affordable home but many will find opportunities for a good place to live without government subsidies...
SoWal Insider
shel name me a place where a service worker driven economy has affordable housing
Florida, pre-Real Estate Bubble
...i'm sure you have noticed the importation of eastern europeans to work as waiters in seaside, watercolor etc...
Noticed it??.....I predicted it.
as far as local kids go i imagine those that want to stay here will find it hard to own what you would consider an affordable home but many will find opportunities for a good place to live without government subsidies..
Yeah, their bedroom at Mom & Dad's house.
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Beach Fanatic
Orlando has historically done well in terms of affordability. Same goes for pre-2K Las Vegas. If you've got a situation where there's ample buildable land, then you get affordability. The affordability problem usually comes with geographic (island, small ski valley surrounded by federal land) and regulatory/zoning issues.
Skunky
What is all the fuss about? Here is a Watercolor condo for 155k. ;-)
http://homes.realtor.com/search/lis...8512db78&lid=1074312752&lsn=6&srcnt=39#Detail
http://homes.realtor.com/search/lis...8512db78&lid=1074312752&lsn=6&srcnt=39#Detail
SoWal Insider
I don't understand why anyone would build more homes right now...the big problem with this market is the overbuilding and huge inventory...and, this price point seems high for the "affordable" definition..
What am I missing here?
Builders only have two choices:
(1) Stop building and go bankrupt
(2) Continue to build at razor-thin margins
Some money is better than no money. As long as current sellers of used homes refuse to meet market prices, there is money to be made by homebuilders--albeit not the 50%+ margins they got used to during the frenzy.
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Christini Zambini
Got any info to post about those houses for sale and who is providing the financing?
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We've got some good financing options and the banks have been happy to work with us. When a decent project is presented, they are still willing (eager) to do business.
Shelly, sounds like you're a potential buyer! I'll give you the special naysayer's preconstruction price.
Edited
Beach Fanatic
pre bubble housing in walton was still to high for your average service worker...
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