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James Bentwood

Beach Fanatic

I don't see demand letting up for awhile, if ever. 

Summer is always busy for South Walton real estate.

All real estate is local as they say. South Walton has always been its own animal pretty much when it comes to real estate. We are seeing inventory at historic lows, lots of new people moving here, and a commercial boom. 

Lumber and other material prices have pushed up prices of new homes, as has demand from new residents moving here. Watersound is the last large tract of undeveloped land in South Walton. Prices near the beach are going to continue to climb. We've seen this no matter the national trends.

So many closed sales in SoWal are cash. As long as stocks continue the hot streak people will have cash. If the market dips they will take money out and buy real estate.

I don&#039;t see demand letting up for awhile, if ever. 
 
Summer is always busy for South Walton real estate. 
 
All real estate is local as they say. South Walton has always been its own animal pretty much when it comes to real estate. We are seeing inventory at historic lows, lots of new people moving here, and a commercial boom. 
 
Lumber and other material prices have pushed up prices of new homes, as has demand from new residents moving here. Watersound is the last large tract of undeveloped land in South Walton. Prices near the beach are going to continue to climb. We&#039;ve seen this no matter the national trends. 
 
So many closed sales in SoWal are cash. As long as stocks continue the hot streak people will have cash. If the market dips they will take money out and buy real estate.

Camp Creek Kid

Christini Zambini

Was discussing this yesterday with a real estate attorney. He and I have been in the area for 20 years and went through the 2004-2012 fiasco. This time around is totally different. The most important difference is that most people are paying cash and not financing. In addition, people are buying primary homes to relocate here, or second homes that they do not intent to rent out. Buyers are not speculating; they are buying for their own use and are not going into debt so even if the market slows we won't see massive foreclosures and underwater mortgages like we did last time. Incidentally this attorney has done closing from primary homes for people moving here from all over the country, and even internationally.

Was discussing this yesterday with a real estate attorney. He and I have been in the area for 20 years and went through the 2004-2012 fiasco. This time around is totally different. The most important difference is that most people are paying cash and not financing. In addition, people are buying primary homes to relocate here, or second homes that they do not intent to rent out. Buyers are not speculating; they are buying for their own use and are not going into debt so even if the market slows we won&#039;t see massive foreclosures and underwater mortgages like we did last time. Incidentally this attorney has done closing from primary homes for people moving here from all over the country, and even internationally.

bob bob

And the hundreds of massive homes near the beach that are being built as rentals and immediately on a rental program. Monster houses popping up everywhere. I'm not sure if these are individual owners, groups, or maybe even large investment groups.

And the hundreds of massive homes near the beach that are being built as rentals and immediately on a rental program. Monster houses popping up everywhere. I&#039;m not sure if these are individual owners, groups, or maybe even large investment groups.

Matt J

SWGB

I think the bubble pops in 8-10 months. The Siren never lies.

30A Skunkape

Skunky

PoppaJ

SoWal Insider

Of course it will end. Is is impossible for the price of anything to continue to escalate nonstop. There is a point where you have no more buyers.

Alglover

Beach Comber

The housing market and prices of homes going up isn’t  just something happening in Walton County. It is happening all over the US. They say 2 years and it will crash. We will see.

30ashopper

[QUOTE="Ohio Girl, post: 928941, member: 2554"]
Just curious what others think about the soaring prices of homes in our area?  I know the economic conditions are not the same as the previous real estate bubble, but I'm wondering how long these rising prices can be sustained.
[/QUOTE]

Low interest rates are the primary driver, and we likely won’t see a large change in those for a while. As long as money is cheap to borrow, consumers are going to buy property. Couple that with the pandemic coming to an end, you’ll see more inventory and more buyers enter the market. (It’s a good time to be a real-estate agent!)

I’d say the current boom will continue for a while. For rates to increase, you need strong economic growth and as a side effect inflation.  If we see things start to heat up the FED will start to raise rates, and that in turn will cool the housing market. Those increases take years to play out, so we have a long way to go on rates before they become prohibitive to home purchasing. 

Also I would ignore current chatter about inflation rising right now, that’s largely a result of lack of production caused by a workforce that’s still sitting at home waiting on the end of the pandemic. I’d bet we’ll hear about rising wages too, as producers get more aggressive in trying to find workers. Overall though this should mellow out over the next year or so as people continue to get vaccinated and Covid fades away.

It’s a good time to buy, build, and especially refinancing an existing loan. If you buy now you may be purchasing at a higher price point, but waiting on a major downturn could take years, and lower rates mean you’ll end up spending less anyway compared to what you might spend when rates are higher.

<blockquote class="xfBb-quote" data-name="Ohio Girl">Just curious what others think about the soaring prices of homes in our area? I know the economic conditions are not the same as the previous real estate bubble, but I&#039;m wondering how long these rising prices can be sustained.</blockquote> 
Low interest rates are the primary driver, and we likely won’t see a large change in those for a while. As long as money is cheap to borrow, consumers are going to buy property. Couple that with the pandemic coming to an end, you’ll see more inventory and more buyers enter the market. (It’s a good time to be a real-estate agent!) 
 
I’d say the current boom will continue for a while. For rates to increase, you need strong economic growth and as a side effect inflation. If we see things start to heat up the FED will start to raise rates, and that in turn will cool the housing market. Those increases take years to play out, so we have a long way to go on rates before they become prohibitive to home purchasing. 
 
Also I would ignore current chatter about inflation rising right now, that’s largely a result of lack of production caused by a workforce that’s still sitting at home waiting on the end of the pandemic. I’d bet we’ll hear about rising wages too, as producers get more aggressive in trying to find workers. Overall though this should mellow out over the next year or so as people continue to get vaccinated and Covid fades away. 
 
It’s a good time to buy, build, and especially refinancing an existing loan. If you buy now you may be purchasing at a higher price point, but waiting on a major downturn could take years, and lower rates mean you’ll end up spending less anyway compared to what you might spend when rates are higher.

leeboy

Just my opinion, we are going to see one hell of a post-pandemic boom with pent up demand for goods and travel. Things usually do well under Democrats anyway.

[QUOTE="30ashopper, post: 929053, member: 7378"]
Low interest rates are the primary driver, and we likely won’t see a large change in those for a while. As long as money is cheap to borrow, consumers are going to buy property. Couple that with the pandemic coming to an end, you’ll see more inventory and more buyers enter the market. (It’s a good time to be a real-estate agent!)

I’d say the current boom will continue for a while. For rates to increase, you need strong economic growth and as a side effect inflation.  If we see things start to heat up the FED will start to raise rates, and that in turn will cool the housing market. Those increases take years to play out, so we have a long way to go on rates before they become prohibitive to home purchasing.

Also I would ignore current chatter about inflation rising right now, that’s largely a result of lack of production caused by a workforce that’s still sitting at home waiting on the end of the pandemic. I’d bet we’ll hear about rising wages too, as producers get more aggressive in trying to find workers. Overall though this should mellow out over the next year or so as people continue to get vaccinated and Covid fades away.

It’s a good time to buy, build, and especially refinancing an existing loan. If you buy now you may be purchasing at a higher price point, but waiting on a major downturn could take years, and lower rates mean you’ll end up spending less anyway compared to what you might spend when rates are higher.
[/QUOTE]

That's just a drawn out way of saying, "now's the time to buy".

<blockquote class="xfBb-quote" data-name="30ashopper">Low interest rates are the primary driver, and we likely won’t see a large change in those for a while. As long as money is cheap to borrow, consumers are going to buy property. Couple that with the pandemic coming to an end, you’ll see more inventory and more buyers enter the market. (It’s a good time to be a real-estate agent!) 
 
I’d say the current boom will continue for a while. For rates to increase, you need strong economic growth and as a side effect inflation. If we see things start to heat up the FED will start to raise rates, and that in turn will cool the housing market. Those increases take years to play out, so we have a long way to go on rates before they become prohibitive to home purchasing. 
 
Also I would ignore current chatter about inflation rising right now, that’s largely a result of lack of production caused by a workforce that’s still sitting at home waiting on the end of the pandemic. I’d bet we’ll hear about rising wages too, as producers get more aggressive in trying to find workers. Overall though this should mellow out over the next year or so as people continue to get vaccinated and Covid fades away. 
 
It’s a good time to buy, build, and especially refinancing an existing loan. If you buy now you may be purchasing at a higher price point, but waiting on a major downturn could take years, and lower rates mean you’ll end up spending less anyway compared to what you might spend when rates are higher.</blockquote> 
That&#039;s just a drawn out way of saying, &quot;now&#039;s the time to buy&quot;.

redfisher

[QUOTE="30A Skunkape, post: 928965, member: 2468"]
Where is Shelly?
[/QUOTE]
Wow, I haven't heard that name in a long time.  Where is Shelly? 

We are definitely in a bubble.  It was June '05 when the last one started to burst and its just a question of timing.  Maybe a year or two.  I don't think it matters, cash buyers or not, because its never the last catalyst that causes it.   There will be something new and unforeseen and it will burst.

Anybody who can look at the ECAR numbers and think its sustainable wasn't around in '05

<blockquote class="xfBb-quote" data-name="30A Skunkape">Where is Shelly?</blockquote>Wow, I haven&#039;t heard that name in a long time. Where is Shelly? 
 
We are definitely in a bubble. It was June &#039;05 when the last one started to burst and its just a question of timing. Maybe a year or two. I don&#039;t think it matters, cash buyers or not, because its never the last catalyst that causes it. There will be something new and unforeseen and it will burst. 
 
Anybody who can look at the ECAR numbers and think its sustainable wasn&#039;t around in &#039;05

[HEADING=2]If you want a home not skyrocketing in value at the moment this may be for you, but for many the stink will be hard to live with. Yes it’s the same “genius” business man who lost money owning casinos.[/HEADING]
[URL unfurl="true"]https://www.msn.com/en-us/news/world/trump-tower-in-new-york-selling-less-per-square-foot-than-city-condominium-average/ar-AAKIyCQ[/URL]

<h3 class="bbHeading"><a class="u-anchorTarget" name="-if-you-want-a-home-not-skyrocketing-in-value-at-the-moment-this-may-be-for-you-but-for-many-the-stink-will-be-hard-to-live-with-yes-it%E2%80%99s-the-same-%E2%80%9Cgenius%E2%80%9D-business-man-who-lost-money-owning-casinos"></a>If you want a home not skyrocketing in value at the moment this may be for you, but for many the stink will be hard to live with. Yes it’s the same “genius” business man who lost money owning casinos.&#8203;<a class="hoverLink" href="#-if-you-want-a-home-not-skyrocketing-in-value-at-the-moment-this-may-be-for-you-but-for-many-the-stink-will-be-hard-to-live-with-yes-it%E2%80%99s-the-same-%E2%80%9Cgenius%E2%80%9D-business-man-who-lost-money-owning-casinos" title="Permanent link"></a></h3>
	<div>
		<a href="https://www.msn.com/en-us/news/world/trump-tower-in-new-york-selling-less-per-square-foot-than-city-condominium-average/ar-AAKIyCQ"
			class="link link--external"
			target="_blank"
			rel="nofollow ugc noopener"
			data-proxy-href="">
			Trump Tower in New York Selling Less Per Square Foot Than City Condominium Average
		</a>
	</div>

Apparently someone dropped the California model here. Just heard of a listing this weekend for a decent neighborhood with no real amenities other than limited bay access for a million bucks. I think it's going to get more insane before long.

Apparently someone dropped the California model here. Just heard of a listing this weekend for a decent neighborhood with no real amenities other than limited bay access for a million bucks. I think it&#039;s going to get more insane before long.

[QUOTE="Matt J, post: 929878, member: 4760"]
Apparently someone dropped the California model here. Just heard of a listing this weekend for a decent neighborhood with no real amenities other than limited bay access for a million bucks. I think it's going to get more insane before long.
[/QUOTE]
Read or saw a story recently where a family in a hot market sold their home and were now looking for another. They are now finding it difficult to stay in their city with their budget. The wife said they took the first offer for their home which was eight percent above list.  
Here’s the good part. She was prepared for her home to sell above asking, but not prepared to do the same when buying another. Why do people not realize they are selling and buying in the same market? 
They now had to travel forty minutes away from their city before they found what they could afford.
At the end they were still renting a place and searching while prices continue to rise. I believe it was Austin, TX.

<blockquote class="xfBb-quote" data-name="Matt J">Apparently someone dropped the California model here. Just heard of a listing this weekend for a decent neighborhood with no real amenities other than limited bay access for a million bucks. I think it&#039;s going to get more insane before long.</blockquote>Read or saw a story recently where a family in a hot market sold their home and were now looking for another. They are now finding it difficult to stay in their city with their budget. The wife said they took the first offer for their home which was eight percent above list. 
Here’s the good part. She was prepared for her home to sell above asking, but not prepared to do the same when buying another. Why do people not realize they are selling and buying in the same market? 
They now had to travel forty minutes away from their city before they found what they could afford. 
At the end they were still renting a place and searching while prices continue to rise. I believe it was Austin, TX.

Lake View Too

[QUOTE="Poppaj, post: 929884, member: 30199"]
Read or saw a story recently where a family in a hot market sold their home and were now looking for another. They are now finding it difficult to stay in their city with their budget. The wife said they took the first offer for their home which was eight percent above list. 
Here’s the good part. She was prepared for her home to sell above asking, but not prepared to do the same when buying another. Why do people not realize they are selling and buying in the same market?
They now had to travel forty minutes away from their city before they found what they could afford.
At the end they were still renting a place and searching while prices continue to rise. I believe it was Austin, TX.
[/QUOTE]
So, in effect, this is just general inflation but at an accelerated speed. Same thing with lumber prices and cars. Everything just going up, but faster.

<blockquote class="xfBb-quote" data-name="Poppaj">Read or saw a story recently where a family in a hot market sold their home and were now looking for another. They are now finding it difficult to stay in their city with their budget. The wife said they took the first offer for their home which was eight percent above list. 
Here’s the good part. She was prepared for her home to sell above asking, but not prepared to do the same when buying another. Why do people not realize they are selling and buying in the same market? 
They now had to travel forty minutes away from their city before they found what they could afford. 
At the end they were still renting a place and searching while prices continue to rise. I believe it was Austin, TX.</blockquote>So, in effect, this is just general inflation but at an accelerated speed. Same thing with lumber prices and cars. Everything just going up, but faster.

[QUOTE="Lake View Too, post: 929891, member: 9756"]
So, in effect, this is just general inflation but at an accelerated speed. Same thing with lumber prices and cars. Everything just going up, but faster.
[/QUOTE]
There will be a point where it will be best to just have patience and let the bubble burst. For me it was luck not any special insight on my part.
Back in the mid 2000’s my neighborhood was all new construction when the home next door sold pre-construction for $215 sf. Eighteen months later the builder sold to me for $118 sf with closing costs paid.

<blockquote class="xfBb-quote" data-name="Lake View Too">So, in effect, this is just general inflation but at an accelerated speed. Same thing with lumber prices and cars. Everything just going up, but faster.</blockquote>There will be a point where it will be best to just have patience and let the bubble burst. For me it was luck not any special insight on my part. 
Back in the mid 2000’s my neighborhood was all new construction when the home next door sold pre-construction for $215 sf. Eighteen months later the builder sold to me for $118 sf with closing costs paid.

I'm thinking we'll have a soft pop once pent up demand is met and builders frantically ramping up inventory end up overbuilding a bit. Inflation and rising rates will help cool things and the frenzy that leads to overpaying will end.

I also think some people are going to come out of this better than ever and some will have made bad moves and end up house poor. The good news is that lenders are careful from2008 and the pandemic and are vetting borrowers so long term trouble in the mortgage market should be avoided.

Having said all that, SoWal has passed the point of no return with a high growth rate that will continue for decades. Freeport to I-10 is set to boom, as well as Panama City Beach north along 79 to I-10.

I&#039;m thinking we&#039;ll have a soft pop once pent up demand is met and builders frantically ramping up inventory end up overbuilding a bit. Inflation and rising rates will help cool things and the frenzy that leads to overpaying will end. 
 
I also think some people are going to come out of this better than ever and some will have made bad moves and end up house poor. The good news is that lenders are careful from2008 and the pandemic and are vetting borrowers so long term trouble in the mortgage market should be avoided. 
 
Having said all that, SoWal has passed the point of no return with a high growth rate that will continue for decades. Freeport to I-10 is set to boom, as well as Panama City Beach north along 79 to I-10.

blindrid

Beach Lover

Markets will slow, maybe not crash. I believe RE market is a bit of a fairy tale as I’ve seen houses sell over value and that has to catch up as well as the current admin driving us further in debt. I personally have put two cash offers with no contingencies in the past few weeks getting  beat by way over market bids being financed. It has to end.

[QUOTE="blindrid, post: 929936, member: 34426"]
Markets will slow, maybe not crash. I believe RE market is a bit of a fairy tale as I’ve seen houses sell over value and that has to catch up as well as the current admin driving us further in debt. I personally have put two cash offers with no contingencies in the past few weeks getting  beat by way over market bids being financed. It has to end.
[/QUOTE]
Since you opened this door how much whining did you do when the previous admin raised the debt from 19+ trillion to 28 trillion?

<blockquote class="xfBb-quote" data-name="blindrid">Markets will slow, maybe not crash. I believe RE market is a bit of a fairy tale as I’ve seen houses sell over value and that has to catch up as well as the current admin driving us further in debt. I personally have put two cash offers with no contingencies in the past few weeks getting beat by way over market bids being financed. It has to end.</blockquote>Since you opened this door how much whining did you do when the previous admin raised the debt from 19+ trillion to 28 trillion?

Ohio Girl

Just curious what others think about the soaring prices of homes in our area?  I know the economic conditions are not the same as the previous real estate bubble, but I'm wondering how long these rising prices can be sustained.

Just curious what others think about the soaring prices of homes in our area?  I know the economic conditions are not the same as the previous real estate bubble, but I&#039;m wondering how long these rising prices can be sustained.

Are we entering a real estate bubble?

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