Calling The Bottom

Discussion in 'Real Estate' started by spinDrAtl, Jan 30, 2008.

  1. robertsondavies

    robertsondavies Beach Fanatic

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    "
    I also wonder how much longer service industry workers will be able to swing a daily trip from Defuniak, Freeport, Niceville, Crestview and Panama City into SOWAL without a substantial raise. Of course the raise would have to be recouped from the tourists who may be going 'on the cheap' if they elect to visit in the first place. That is a mighty slippery slope...[/QUOTE]"

    Unfortunately some businesses may not be able to push that rope, if people are going to eat more meals in their condo as a result of costs being passed on.. My point is that those increased labor costs may just as easily be "recouped" by businesses, in the form of lost profits, or worse.

    no more doom and gloom, its time to put a lime in the gin and take in the view. SoWal will be a truly great place to ride out the supposedly coming 2nd great depression.
     
  2. DuneLaker

    DuneLaker Beach Fanatic

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    I don't think it is fewer tourists on 98 between Miramar Beach and Navarre that is making the traffic lighter. I think it is fewer overweight trucks that can't be on the cracked bridge in Destin. I've driven to Pensacola from SoWal a few times the last few months and it has been quite nice without the extra truck traffic. I did say a prayer before I crossed over the bridge next to Emerald Grand by Bos.
     
  3. SHELLY

    SHELLY SoWal Insider

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  4. traderx

    traderx Beach Fanatic

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    Which bridge is cracked?

    BTW, Goldman Sachs has forecasted $200/barrel oil which should translate into $6.00 - $7.00/gallon gasoline.
     
  5. hnooe

    hnooe Beach Fanatic

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    Absolutely my thoughts exactly--I am all for getting gas to $5 a gallon--RIGHT NOW--it will speed up America's current non-commitment to the conservation of crude!
     
    Last edited: May 6, 2008
  6. DuneLaker

    DuneLaker Beach Fanatic

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    You can Google "Cracked Destin Bridge" and get lots of stories on Marler Bridge being cracked especially in archives of Northwest Florida Daily News.
    For example on April 25, 2008 Robbyn Brooks stated
    The Florida Department of Transportation says Destin?s ?structurally deficient? Marler Bridge should be repaired by next June.
     
  7. fisher

    fisher Beach Fanatic

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    March stats are now updated on the Walton County website and April stats are now available too.
     
  8. 30ashopper

    30ashopper SoWal Insider

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    [​IMG]

    Updated! The blue sections are estimated values based on the number of missing sales at the end of April. So for example, only 21% of March sales were listed in the database at the end of April. So it's reasonable to assume only 21% of April sales are listed in May. I took that back three months. The listing accuracy was:

    1 month - 21% of sales represented
    2 months - 71% of sales represented
    3 months - 94% of sales represented
    4 months - 99% of sales represented

    I re-counted the sales numbers back to September.
     
  9. 30A Skunkape

    30A Skunkape Mr. Small Box

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  10. 00seer00

    00seer00 Beach Lover

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    I have some Good acerage if you need it.With the cost of fresh vegies it makes sence to have a few acres with a pond on it. With Eric living next door you can have (Fish and Chips). That was bad, I know it.

    seer
     
  11. Bobby J

    Bobby J Beach Fanatic

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    Don't tell anyone in our office this. We are slammed! It kind of reminds me of the bumble bee theory.
     
  12. Sandcastle

    Sandcastle Beach Fanatic

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    I was surprised to see a canal-front lot on Ricker St. in Daughettes sell for $95,000. That lot sold for $395,000 in 2005. It looks like we are approaching the bottom, unless the seller pays someone to take his/her property.:dunno:
     
  13. 30A Skunkape

    30A Skunkape Mr. Small Box

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    Hang in there, something tells me you will be more slammed in about two or three years:D
     
  14. Bobby J

    Bobby J Beach Fanatic

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    There is a little more to the story on this lot(one day transaction). I just put another canal front lot under contract. Can not disclose price yet but the asking is $169,000 and we are close.
     
  15. Bobby J

    Bobby J Beach Fanatic

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    Hard to tell. It sure feels good to get things moving again. Garner and I have had 6 closings already this month. We have 2 more left to close the month out. June is filling up and we already are working on July! Wow! If we will be more slammed in 2-3 years I will be ready! I think we may be more stable in 2-3 years which means we will probably be less slammed. Right now, folks are gobbling up the A plus properties!
     
  16. SHELLY

    SHELLY SoWal Insider

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    What's the average price range of the sales? Are they in the $500,000 - $1.5M price range?


    .
     
    Last edited: May 24, 2008
  17. Bobby J

    Bobby J Beach Fanatic

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    Really across the board. Just really good deals. From $80,000 to $640,000 (solds).
    Pending and contingents range from $169,000 to $899,000.
     
  18. monty

    monty Beach Comber

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    Being busy doesn't mean that the bottom has arrived or that the market in general is good. Sales volume continues to trend down in Walton county and prices continue to slide.

    We are a long way from the bottom. Prices along 30A will continue to fall. Prices in the major developments have been falling for a couple of years and that trend will continue. Unfortunately, a lot of people have lost a lot of money in real cash terms and on paper after buying in 2004, 2005 and 2006. Prices off the beach in most of the big dollar developments have been moving down to the 500, 400 and even 300 dollar per square foot levels. The value of the actual brick and mortar has come down some, but it is the value of the land that has cratered. Land values will continue to slide and it will bring house and condo prices down too. Those lots in Watersound, Watercolor, Alys, Rosemary, etc that sold in 2001 for $150k or so and then for $700k or more at the peak will eventually move back down to the 2001 or earlier levels.

    Five years plus before any upward movement begins in overall price levels after bottoming out in 2011. Prices won't move up until inventory levels come way, way down, most of the investors get weeded out of the market and the banks unload all of the foreclosures and short sales that will continue to hit the market.
     
    Last edited: May 24, 2008
  19. Bobby J

    Bobby J Beach Fanatic

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    A am not sure what being busy right now really means at all other then I have many closings and contracts from buyers that are choosing to jump into the market. I think anything other then that would be speculation which got us all into this trouble. I am not going to speculate on an up or a down. I just think this is a really cool place to live and if I learn to concentrate on the positive aspects of the area my sales go up. Go figure.:dunno:
     
  20. 30ashopper

    30ashopper SoWal Insider

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    That sounds like a pretty fair spread. Most of the sales I've seen are in that area, with buyers offering on average 15% below asking. Some are getting good deals compared to estimated values (there are few comps really), and some are jumping at prices maybe 10% above what they could get if they did their due dilligence and haggled a bit. It also looks like inventory and time are helping to slowly push "reasonably priced" property down. But there's no major depreciation once it's reasonably priced, it seems more like normal market forces at work.

    ..and then there are those who list at 90K + what they paid in 2005.. and the property just sits. Ho hum.

    I wish the month was over and Walton's site was up to date, I'm really interested in seeing some more April and some of the May sales!
     

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