Area sales...

[Bobby J]

I'm ready to buy in the 30-a area, but sorry to tell you Bobby J, there is no amount of "work" a "Real" Estate agent can do that will interest me... it will be the price of ownership vs. price of renting....

I applaud your work ethic nonetheless... keep up the good work, but the reality is, you want to generate sales, and desperately seem not to want prices to fall... since that seems obvious to me now, I'll show my cards too: I would really like to see prices fall another 50%(back to 2001) so I can justify owning vs. renting. That's also known as 'equilibrium' in some circles..

I think that's where we's headed Bobby... I can't believe you missed the auction in Grayton Beach of hot commercial property
.

Momma always said there would be days like this..... I have some great buys you maybe interested in. Prices falling are way above little ol Bobby. I will be here doing what I do if they go up or down. I am embarrased I seem desperate. This has not been my intent. Someones got to yell out for this market! I would like to see a normal market and feel we are very close. We will have more pain in the new year but would bet the market will not be as bad as many on the boards predict. "Its a gut thang" If I am wrong I will eat a bug!!! How about that! Anyone wanna play my game!

I knew about the auction but had no clue it would go so cheap. Stll probably high though considering the "build out".

 

[Beachbummette]

Momma always said there would be days like this..... I have some great buys you maybe interested in. Prices falling are way above little ol Bobby. I will be here doing what I do if they go up or down. I am embarrased I seem desperate. This has not been my intent. Someones got to yell out for this market! I would like to see a normal market and feel we are very close. We will have more pain in the new year but would bet the market will not be as bad as many on the boards predict. "Its a gut thang" If I am wrong I will eat a bug!!! How about that! Anyone wanna play my game!

I knew about the auction but had no clue it would go so cheap. Stll probably high though considering the "build out".

I'll play with ya Bobby J:clap_1: I still think we have the most special beaches....anywhere....let's just keep them to ourselves....Plus...you and I both know things are still selling....

 

[Bobby J]

Whatcha gonna eat?

 

[Pirate]

If the prices fall to 2001 levels that would mean old beachfront houses for 700-900k. If that happens I will take half a dozen of them and at least 10 more would be taken by friends.

 

[Franny]

Whatcha gonna eat?

I refuse to eat the mushy ones, what other bug choices do I have Bobby?

 

[fisher]

If the prices fall to 2001 levels that would mean old beachfront houses for 700-900k. If that happens I will take half a dozen of them and at least 10 more would be taken by friends.

Ahoy Matey!

I did a quick scan of the Walton County real estate database for older Seagrove oceanfront homes (likely teardowns in this day and age). Based on looking at sales in 2001, it appears that the average price paid for these places was about $1.3 million. Much higher than the figure you quoted above. I do believe that prices for older beachfront teardowns (meaning the value of the land) could fall to these 2001 levels. Given beach erosion, skyrocketing insurance, hurricane worries, and the general price erosion in the market, I believe beachfront lots could easily dip to $1.2 to 1.6 million in the next few years. Then you put a $1 to 1.5 million house on the lot and you are looking at beachfront investment in the range of $2.2 to $3.0 million.

I do agree that if prices reach that level there will once again be healthy demand for these properties.

 

[TooFarTampa]

This seems like years past. It is the off season. This is the norm. The last 2 years was not normal. We are back to "real" estate. Lots of real work! People will always want to own a peice of paradise but now will do it on their time. They will be kicking around after Christmas. Then it will be slow again until each holiday arrives. Warmer weather months will bring more sales but I feel we all have to understand the market is ever changing and we may never experiance anything like that boom again. Now I just would like to see a normal leveling period.

Keep an open eye on commercial properties ;-) .

Interesting points Bobby. I think the upcoming legislative session will have an impact one way or another. There are a lot of people in high places pushing the legislature to do something big and dramatic during the insurance special session in January -- there are a few big changes on the table already, but people want a revolution. I actually think they will get one, if not during the special session, then during the regular session. Property tax changes may be in the works in the next 1-2 years also.

Because the insurance and tax issues are affecting a LOT of little old ladies, teachers, firefighters, etc., the state is going to have to do something to avoid destroying the economy. I assume once the ship is righted the market as a whole will pick up. That should affect SoWal. I imagine that a lot of people are sitting on the sidelines waiting to see what happens. They may not be back in the market until 2008. Right now it seems like a perfect storm.

 

[supermom262]

Working, playing, whatever you call it, I'm in too. I'm not afraid of hard work! Hiss boo to all the naysayers. I thank GOD to be healthy, to live, work and play in BEAUTIFUL, South Walton! I wouldn't want to be anywhere else. I also refuse to eat worms!

 

[Beachbummette]

Whatcha gonna eat?

I'll eat a bug witch'ya! Just make mine crunchy...nothing slimy

 

[Pirate]

Ahoy Matey!

I did a quick scan of the Walton County real estate database for older Seagrove oceanfront homes (likely teardowns in this day and age). Based on looking at sales in 2001, it appears that the average price paid for these places was about $1.3 million. Much higher than the figure you quoted above. I do believe that prices for older beachfront teardowns (meaning the value of the land) could fall to these 2001 levels. Given beach erosion, skyrocketing insurance, hurricane worries, and the general price erosion in the market, I believe beachfront lots could easily dip to $1.2 to 1.6 million in the next few years. Then you put a $1 to 1.5 million house on the lot and you are looking at beachfront investment in the range of $2.2 to $3.0 million.

I do agree that if prices reach that level there will once again be healthy demand for these properties.

If your figures for the sales price are right I agree with you. It seems I recall many under $1m though. If I bought one of these I would be happy leaving the old house and using/renting it just freshened up a bit.