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I have a friend that has a lot in there. Paid around $400K, looking to sell now at $200K with no takers. I think the lot sales were 90% "investors" :funn:

IMO the real key is to get Southwest into PCB with $79 fares to just about anywhere....THAT will drive tourism for sure.

Hi Paula- I send you a message, yes I want the full week. Thanks to all who replied.

Interested in condo or house that will accomodate 2 adults and 3 kids.

http://finance.yahoo.com/real-estate/article/102870/Realtors-Forecast-Falling-Home-Prices This is pretty funny, gee now that prices are falling, let's issue a forecast for falling prices. I can't understand why Lerach (or for that matter any "economist" employed by a group with an obvious...

Boy, things are getting tough out there.....next thing you know, they will want to verify income.

I was wondering if "option ARMs" are allowed or popular on vacation or second homes (of course it seems there are NO rules...) Read this: http://www.latimes.com/business/la-fi-option11dec11,0,6789284.story?coll=la-home-headlines Do we have this problem in SoWal? I think lenders require a...

NY Times articles on "Real" price shrinkage rates http://www.nytimes.com/2006/12/06/business/06leonhardt.html?n=Top%2fReference%2fTimes%20Topics%2fPeople%2fL%2fLeonhardt%2c%20David&_r=1&adxnnl=1&adxnnlx=1165438523-EaeTLEwmm1CRlj04vuk/gA

.....unless Hans bought it because he likes Florida and plans to vacation there quite a bit and does not plan on selling anytime soon. Prior to 2000 or so, people bought beach houses for enjoyment. They turned into "investments" at some point...

Nope, just pointing out some trivial info. Doom and gloom is really popular right now; I think we're in for several years of meager GDP growth while the overall system digests all the debt out there.

That's where the term "Con Man" came from, selling false confidence.

Winter 07/08 however "bottom" implies values will start rising again. I think it will be flat or very modest appreciation for several year until all the inventory clears out. Someone made the point that as Boomers retire that will continue to drive growth. Based on what I have read & seen...

Well, you know a whole lot more than I do on these issues, so thanks for the comments. The bank site I was on did say these same guidelines were moving down to state chartered bank level as a next step, I will see if I can find the link. Either way, sounds like things are tightening up...

surprised this has not gotten more press: http://www.occ.gov/toolkit/newsrelease.aspx?JNR=1&Doc=M3ZM5FQW.xml These are the new lending guidelines for large FIs. State lenders have to comply next month. Basically: 1) Income has to be verfied via IRS link, no more liar loans 2) Borrowers...

That guy is a a fraud, habitual liar and a moron. Anyone who feels sorry for him is an idiot as well. I love the fact he seems to have no remorse whatsoever, just looking for the next deal to bail him out. The system didnt use him, he used the system. Next stop BK and possibly jail if the...

Speaking of homebuilders and investment climate, does this graph bother anyone? Looks scary.... http://photo.xanga.com/russwinter/f8b1c74138103/photo.html

Regarding what level of pricing that we may return to, a little back of the napkin math is interesting. This assumes $250 per sf for the house and peak lot pricing, and $ 175 per sf this winter-contractors are getting hungry post peak and post Katrina. And you know lots have dived as well...

I think a key question is how many properties were built as investments to sell with no intention of living/vacationing there. If you can separate the volume into true buyers vs investors building to resell, that would be instructive. I was in Starbucks the other day and noticed a guy sharing...

Greenspan has a truly awful record at calling market inflection points. In 1972, he made the call for a roaring bul market. 1973 was a chlling bear market and the whole seventies were awful for stocks. He was way too early in 1996 on the "irrational exuberance" thing. In 2000, he became a...

Thanks for all the input, it's certainly a very nice development.

It's called aspirational pricing, or the non-technical version: fooling yourself. Properties will start moving when sellers capitulate to reality. I remember sellers giving me the snub in 2004, shoe is other foot now. Anyone with a gppd DP and good credit is going to be in great shape next...

Was a looking at a home in there, noticed there were almost 70 listings in the development- is something wrong in there or just a sign of the times?

I agree. To attract tourists and business, you need good access, which means a good airport these days. Worked for Atlanta :funn:

I remember when (not too long ago), vacation homes were bought with enjoyment in mind, with a reasonable DP, good credit and a fixed rate loan, not as a short term "investment". IMO were getting back to that. BTW, buyers waiting since "it'll be cheaper next year" is exactly what happens in a...

I was wondering why this has taken so long to build out...does anyone know what B/O timing is there? Only a few homes have been built.

I read this guy's book. He's employed by the NAR which obviously has a very large desire to keep people buying. Surprised university research would include quotes from parites that I would have a hard time calling impartial.

What about Cypress Breeze? Went through there the other day, my impression is that there are some very good buys relative to the market as a whole but the negatives seem to be 1) a hike to beach 2) land is bare and not that pretty 3) seems to be no arch standards 4) strange pool (op costs??)...

http://www.dallasnews.com/sharedcontent/dws/bus/columnists/all/stories/0906dnbusDiMartino.29cbf31.html As to how HELOCs effect the SoWal market, I guess there is no way to determine how many downpayments were made with HELOCs.

Wow, I would have not guessed that at all. How many weeks on average is considered good?

Not everyone who is looking for a beach house is investing in the sense that it must produce income. In my case, not planning on renting, just want to get in at a good price point and hold long term for personal enjoyment. If it appreciates, that's icing. I would be curious to guess what pct of...

I personally would not trust any commentary from paid pimpers and pumpers in ANY industry. Their job is to spin you. If a house cost $200 sf to build and there are no buyers at that price, you will have to sell it at less than cost to move it if you need to sell it NOW. Everyone should go...

In the true American tradition, now everyone that can't make their mortgage payment is a "victim"...class action lawsuit and govt bailout to follow! I have used ARMs and option ARMs in the past to good effect. The first time my salary income was modest but I had a substantial guaranteed...

Commodities

Exaggeration? The Wamu facts 'n figures were right out of their annual report... I was amazed that banks can recognze negative equity increases as earnings.

Interesting take on this issue from thebigpicture.com Thursday, August 24, 2006 | Permalink | Comments (37) | TrackBack (0) Is a Housing Crisis Approaching?in Consumer Spending | Economy | Federal Reserve | Real Estate Our conversation yesterday -- and the weak Existing Home Sales...

I looked at CD last year and wondered the same thing....reminds me of visiting the guests at Southern Nevada Correctional in Jean, just south of Las Vegas. They can see the lights of Vegas from there. So near, but so far..:shock: What is the point of paying premium price for "near...

Technical analysis can be befuddling- the 2 year chart shows a different relationship...

IMO that will keep a "crash" from transpiring, although to Shelly's point, a 20% price drop is probably a crash for an overleveraged speculator. FYI I saw this happen first hand in Las Vegas. CA speculators flooded the market in 03-05, now prices have come down around 20% and rents are lower too...

Food and atmosphere and great, I agree, and these places are rapidly dissapearing in SoWal. Only caveat I would add is that it's very disorganized if crowded. Go there early or late. And cash only.

All I can say is that I have been vacationing in SoWal for 20 years. I never saw anything so frothy as prices 2002-2004. Just returned from 2 weeks on 30A and now I can say I have never seen so much inventory for sale along 30A :eek: Some of the developments I jogged thru had 75-80% of the lots...

I looked at that development to buy when it first was announced, sold out in like 15 seconds or something. Now there's plenty for sale. That kinda sums it up for me, in terms of the market. PS- I think it's pretty funny how on the MLS listings they have a field for "PreConFlip" :funn:

FWIW, I just hired a guy that moved here from SF- put his house on the market (after much consultation and research with Realtors) for 1.2M last week. Had numerous offers in first weeked, sold for 100K over asking price. And before someone says this, no, it was not priced way too low, was priced...

FUnny you mention the Half Backs....mountain and lake property in N Ga, SC, etc is showing very good gains and interest for those very reasons. You can get a decent new home right on one of the SC lakes for $500K. It's not the beach, but the lake is a very nice lifestyle and appealing for many...

Ugly earnings release....and the concerning thing is that the analysts generally felt Runnell, etal were ducking and weaving on the questions. If Wall St. loses confidence in management, the stock will really tank. I think entry point is key and LT it will be a good stock but pretty ugly right...

I have read both books, and yes, there are many pearls in there. What I think is misleading is they recommend just about everyone get leveraged to the hilt and buy up property. Yes, it works if you do your homework, yes its hard work, unless you are just in the right market at the right time...

I think the views of these two groups ( investulators trying to flip for quick profits and people who want an second home at the beach) obviously are quite different. MId and Long term, no worries. On the other hand, those who bought for the quick buck on shaky financing, well, thats why they...

It's gonna be a long , hot summer for folks who have leveraged property that's been bought in anticipation of short term flips.... I was down in SoWal last week (along with the rest of Atlanta :blink: ) and was amazed at the number of houses being built spec...more inventory that I think I...

http://cgi.ebay.com/WaterColor-Building-Lot_W0QQitemZ4455117461QQcategoryZ15841QQssPageNameZWDVWQQrdZ1QQcmdZViewItem Is this is new section behind the Publix? I drove thru there the other day, seems like the houses are a littel closer together than in the main section of WC- any thoughts?

Actually, at the least the Faux Med is not the same "Florida cottage" as 90% of the houses in SoWal.

Thanks. I didnt mean it as any kind of insult, I just figured there had to be some sort of story behind it given that every other area on 30A has gentrified in a major way (look at old seagrove), given the lots in most cases are worth more to builders than an older, smnaller out of style...