I'm no expert, and not a realtor, but I have lived in the area since 1987 and seen the many ups and downs of the market here. Unfortunately I graduated college and came home to find the now infamous "up" in 2004. I remember looking for a place to buy that summer and in doing a search in Okaloosa county the only thing I could find under $200,000 was a 1964 trailer on a quarter acre in Val-p. I also drove through sowal trying to find "hidden" locations that only us locals knew about, only to find lots well north of 30a for $300,000+. I cant begin to tell you how dis-heartening it was to discover that I had been priced out of the area I grew up in and love. I was continually urged by friends and family to still buy whatever I could to flip and strike while the iron was hot, but my morals got in the way (in hindsight a good thing). I thought then as I do know, that a home should be just that, a home. A place that you buy to live, enjoy, raise a family, etc. Unfortunately its taking this housing "recession" for more people to realize this. Money comes and goes but a home should be a more permanent fixture in our lives. I began looking again this past week for properties and from what I've seen thus far I have to agree with the 2011 forecast. After going through parcel map after parcel map on the property appraisers website its obvious that there is still some trouble ahead. Its amazing to see how many properties are owned by banks, and also seeing how much some of them were purchased for. In all honesty I think its a good thing though, as the uncertainty will hopefully keep away the fly by night investors, allowing those of us that live and love it here to once again have the chance to own a piece of property in this paradise we call home, the only catch being that financing is more of a challenge and will continue to be for some if not all of 2011. Another challenge the market is facing is deliquent property taxes. Anyone familiar with the process knows that holders of tax liens have to wait two years before they can petition the court for a foreclosure/forced sale. I think we will see a spike in these in 2011 as holders of 2008 tax liens (a year of very high prop taxes) can begin this process mid year. I truly hope that there is a silver lining behind all of this, and believe there is in the form a more communal community, where our residents are more permanent which in turn forms a more involved and tightly knit sowal.
Thats simply my two cents and hope 2011 is a year where balance is found, dreams become realities, and homes become homes again...and hopefully I can find my own!
