17 Months on the Market - Sold!!!!

[Mermaid]

My question who would buy a Gulf front condo in PCB or even Destin which has low elevation where the sand under the condo could be washed away in the next hurricane and is burdened with sky high condo fees, and flood and windstorm insurance expenses?

There will always be people who are suckers for a good view, especially one as beautiful as the Gulf of Mexico. They buy with their eyes, not their logic.

 

[BMBWalker]

For some it was a good year... For others it was a bad year. Personally, not a bad year.

Nice to hear you're having a good year! How many closings of condos, homes and land have you had this year?

 

[spinDrAtl]

Another realtor friend of mine told me that there has been hundreds of foreclosures in PCB.

Preconsturction buyers are backing out and the condo is being resold for less than half of the original preconstruction price!

My question who would buy a Gulf front condo in PCB or even Destin which has low elevation where the sand under the condo could be washed away in the next hurricane and is burdened with sky high condo fees, and flood and windstorm insurance expenses?

Having some of these overbuilt monstrosities go under and some folks go out of business is good for the overall market. It will be painful for some but that is the way free markets work. Everyone and their brother rushed down from Atlanta and other areas to be real estate agents and that herd needs to be thinned a bit.
The demise of some of these 'bad' projects will only enhance the quality places in the future, IMO.

 

[Bobby J]

Nice to hear you're having a good year! How many closings of condos, homes and land have you had this year?

Mostly raw land. I had some decent deals throughout the year. Not alot but enough to keep my head up. I feel we all got a little spoiled so when I say I had a decent year I base it on what an agent would normally make in a normal market. 2004 and 2005 were odd years. If you are an agent thinking that income was the "norm" you are in for a big disappointment.

 

[Babyblue]

No, that seems to be the smart person's point of view. I don't see any investors "sneaking" into the market. In fact, some have been downright bold as with SJ's $50M man/woman. And, even with those folks lurking, it doesn't appear that anything much is moving. Virtually no sales in Alys, Seaside, The Preserve, Cypress Dunes, for a while now and only one or two a month in WaterSound, Watercolor and Rosemary.

It took a long time for everyone to see the writing on the wall that was apparent to some back in mid 2005 and it's going to be a long, long time before things turn upward. When, and only when, inventories fall drastically will the market turn around. As long as inventory is very high and builders/investors are sitting on lots and homes that really need to move, the market will continue to fall. Check out the monthly stats in the Sun and you will see a picture painted of a crash between 2005 and 2006. Anytime average prices in a market fall 15 to 20% or more it's called a crash.

You are correct. The numbers say it all.

 

[Camp Creek Kid]

On the other hand, I know several families who have moved here in the last few months because they felt could get in to the market now. There are many options available for those who plan to live in SoWal.

 

[Bobby J]

On the other hand, I know several families who have moved here in the last few months because they felt could get in to the market now. There are many options available for those who plan to live in SoWal.

:clap_1:

 

[fisher]

On the other hand, I know several families who have moved here in the last few months because they felt could get in to the market now. There are many options available for those who plan to live in SoWal.

That's great. I'm sure they will enjoy their new homes in a very beautiful place. But, I hope they enjoy the houses and plan to live in them long term because they were underwater the minute they bought the homes and will remain underwater for a long time to come.

 

[Camp Creek Kid]

That's great. I'm sure they will enjoy their new homes in a very beautiful place. But, I hope they enjoy the houses and plan to live in them long term because they were underwater the minute they bought the homes and will remain underwater for a long time to come.

You have no idea about individual circumstances. People who are buying now are shopping around and finding fair deals. And I'm sure they DO plan on living in their homes for awhile and bought them to LIVE in, not only as an investment.

 

[Bobby J]

That's great. I'm sure they will enjoy their new homes in a very beautiful place. But, I hope they enjoy the houses and plan to live in them long term because they were underwater the minute they bought the homes and will remain underwater for a long time to come.

You are joking.... Right?