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Pirate

Beach Fanatic
Jan 2, 2006
331
29
You sure that's not from a Carlton Sheets workbook?
 
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Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
its not about gambling...its about opportunity cost and diversification.

I would submit its more risky to own 1 property vs. 10 and its also more risky to have 100% equity in an investment than 10%, but you are rite to each his own. seems like your strategy has worked for u in the past and i hope it continues to do so.
I think this statement only works if your properties are very diversified. One example of it not working is when you buy 10 units in the same condo complex.

Each person does have to take into account how much risk they want to put on the line. It should be unique to each person. Since people are involved, it is not about only the numbers, though I think we all understand your examples of return on cash invested.
 
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Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
I'm pleased to report that the huge sign, illegally placed on the side of the road at hwy 98/CR 283N, is no longer there. :clap_1: Unfortunately, judging by the frame of the sign on the ground, I suspect the auction company didn't remove it. It would seem odd that Code Enforcement would strip the two big signs from the frame, but maybe they had to do so to fit in their truck. Those signs did not fit in the back of the truck of the guy who posted them. They were hanging out of all three sides of the pickup truck.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,775
802
OK, who has the scoop on today's auction results at Heron's Watch Condos?

7 Condos--no reserve--Absolute.


.
 

FLSunChaser

Beach Lover
Apr 26, 2006
66
0
Anywhere between 130k and 150K with the exception of 1 of the properties which included commercial space and that went for 260K (I think). But all properties did sell.

On another auction note, Roebuck's Auction was yesterday also and nothing sold. The highest bid on a Silver Beach Towers 11th floor, three bedroom, was $705K. The highest bid on a Magnolia Village in Sandestin was $650K just to give you an idea.
 

egrp

Beach Lover
Sep 22, 2005
122
3
Based on $1,000/month rental income may not be a great buy at $140 - $170K + 10%, but based on construction prices...it may be about right. These are 1,000 SF units and I doubt you could replace them for ~$150/SF.

Thanks for the info everyone, this auction should set a ceiling on those other units listed in MLS.
 

fisher

Beach Fanatic
Sep 19, 2005
822
76
I was there; the units went from $140,000 to $170,000 plus a 10% Buyers Premium. The combo units (2 that sold together) went for $245,000.

Those sales are similar to prices paid on resale units in the same complex in 2003 and about 50% of the high water mark for a couple of resales in the same complex in 2005.

But, for someone looking for a small second home (not an investment) near some of the most gorgeous beaches anywhere, $150k doesn't sound too bad.
 
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