Calling The Bottom

[Zebraspots]

I am constantly hearing positive news & posts from 2 realtors and severe gloom & doom from EVERYONE else in a variety of industries along 30-A.

Unfortunately, I'll wait to call the bottom and believe it is turning around when the numbers aren't quite so skewed.

 

[flyguy]

I agree with you on the reasonable prices part, and gave you credit for my edit in the above post.

Flyguy

One correction to that based on my observations - "There is a limited amount of really good property.. at reasonable prices." This will change over time. It's a great time to be a buyer in this area, there's no rush, there's no reason to feel as though you're being pressured into paying more than you feel something is worth. If you like a property but feel it is overpriced, another similar opportunity is available or will show up later. I think this will last for quite some time to come.

 

[SHELLY]

I am constantly hearing positive news & posts from 2 realtors and severe gloom & doom from EVERYONE else in a variety of industries along 30-A.

As the old saying goes: "Never ask a barber if you need a haircut."

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[flyguy]

I haven't seen many oceanfront purchases lately. Where was your purchase, in Walton County?

No matter--wherever it was, my take is you will never make a decent return on your investment. All oceanfront is still way, way overpriced. It too will be coming down.

JMHO

It was in Panama City Beach. And I honestly don't think most people would believe me if I told them what I paid per square foot.

Anyway, your opinion is just as valid as mine about prices except you are wrong about the investment part. I did not purchase it as an investment. It is my second home and getaway for friends and family. It has already given us great returns.

JMHO,
Flyguy

 

[SHELLY]

It was in Panama City Beach. And I honestly don't think most people would believe me if I told them what I paid per square foot.

Anyway, your opinion is just as valid as mine about prices except you are wrong about the investment part. I did not purchase it as an investment. It is my second home and getaway for friends and family. It has already given us great returns.

JMHO,
Flyguy

FG,

I think buying opportunities for PCB/Destin/Sandestin beachfront condos will continue for quite some time--there's currently several years of inventory on the books.

A lot of the panhandle condo inventory belongs to folks of modest means who wanted a condo on the beach like they wanted a Chinese pacemaker implant. These condo-owers are still holding out hope to AT LEAST break even on their "investment" and have kept a death-grip on to their asking prices--even as they continue to pay out carrying costs month-in and month-out. Soon their interest-only/ARM will adjust and that increase, combined with tossing hundreds of dollars a month into the assessment-fee-black hole, will take them to the brink of being sucked financially dry. Then, this inventory will be added to several thousand that currently languishes on the MLS.

You've got the right idea for someone who is considering buying now: that is, buying for pleasure and not caring about the "future monetary investment quality" of the property.....it's going to take time to shake others out that mindset--if ever.

 

[flyguy]

Shelly,

I won't argue over the tremendous amount of condos for sale or the direction of the market in general. But I will point out that there is a lot of what I consider to be junk on the market. If you want a high floor condo with parking a quarter mile from your unit and long elevator waits then time is on your side. While these units are selling, the inventory is huge.

I wanted a low floor, 180 degree view, parking near my front door, and one flight of stairs to the beach. The reasonably priced inventory for these is in the single digits and the selling prices have held steady since last fall. (Except for what I paid;-))

I think we are back to prices (maybe 2001/02 if you buy right) where beachfront property is close to cash flowing if you rent it, but as a pure investment probably not the best if you really don't want to own it for your personal enjoyment.

JMHO,
Flyguy

 

[30ashopper]

Hmm.. speaking of "resonably priced" - 20 feet of beachfront in Dune Allen listing at 885K? I think this classifies as reasonably priced, anyone care to comment? It sure seems like a bargain to me! I never thought I'd see beach front around here for under 1 mil.

http://details.sellingdestinfl.com/details.aspx?MLS=1455782&AGE=1

 

[Bobby J]

As the old saying goes: "Never ask a barber if you need a haircut."

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I think that pretty much covers every industry known to man Shelly. Never ask a builder if you should build... Never ask a painter if your home needs painting... Never ask a dentist if your teeth need cleaning... :roll:

 

[Bobby J]

I am constantly hearing positive news & posts from 2 realtors and severe gloom & doom from EVERYONE else in a variety of industries along 30-A.

Unfortunately, I'll wait to call the bottom and believe it is turning around when the numbers aren't quite so skewed.

It really depends on how you look at it. Many sellers talk about "doom and gloom". Many buyers we are working with are very happy and love this market.

 

[SHELLY]

I think that pretty much covers every industry known to man Shelly. Never ask a builder if you should build... Never ask a painter if your home needs painting... Never ask a dentist if your teeth need cleaning... :roll:

...never ask a Realtor, "Is this a great time to buy?" ;-)


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