Correction: Panhandle real estate sell off just starting
- Thread starter GaltsGulch
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I'm with you on not owning condo - supply can proliferate too quickly. We also had single family (Seagrove Beach) until we sold almost one year ago now. I can see why you might consider selling, only since you're so far away - (not because you have to) - but it really says something that people from California love the beach in the Panhandle.
- We will be looking to re-enter the market again, but are in no hurry as our young children are hitting those busy years soon, where weekends will be so busy with practices/games/other, that numerous regular trips to the beach will be difficult.
Do you ever rent your Grayton place out by chance? Any links i may look at to check availability for us?
- We will be looking to re-enter the market again, but are in no hurry as our young children are hitting those busy years soon, where weekends will be so busy with practices/games/other, that numerous regular trips to the beach will be difficult.
Do you ever rent your Grayton place out by chance? Any links i may look at to check availability for us?
What's a "patio home", Donna? We have what is called a Land Condo -- has association fees and shared property, but the homes are free standing. It has been much easier for us to maintain the place and create a nice little community from afar by going the condo/land condo route. Don't sell your SoWal home because you'd miss us all and we'd miss you!
One has 45 days from the date of sale to I.D. an exchange property and 180 days from date of sale to close on the exchange property. It makes sense to choose an exchange once an offer is rec'd on the property to be sold. However, the longer listings stay on the market for the exchange, the more likely one will be able to perform on those identified during the initial 45-day period. Also, the more that is on the market to choose from, the better for exchange purposes. Worst case scenario for an exchange is few properties on the market in one's targeted area and high prices resulting in buyers bidding for those available, combined with lots of activity. Squeeeeeeeze!
"I believe the pre-construction condo and spec single-family home group may well be in for some pain. The jury is still out on lot sales. Then again, I have never been one for investment opportunities related to condo development. It is wonderful for a person who wants a place away from home without the headaches of maintenance. But usually not a sound plan for long-term investment, because there is such a tendency toward proliferation of attached product. Lots of this product can go into the ground too quickly..."
Donna..there is very little that you post that I disagree with, but your take on condo ownership as a long-term investment does not reflect the facts.
Quite simply, the operating principle is the age old "buy low sell high".
I bought a condo fro $300,000 and will sell for 1 mil plus down the road..unless you think that condos will not appreciate with time...at all?
Why would any builder/developer build any condominum complex unless they see that there will be a market for that real estate. If they can see that condos are a bad or even a poor investment, as you and GG seem to see, then I can assure you there will be no further condo building.
The same applies to your vacation home. If builder/investors see they can make a profit building homes they will and they will make a profit and there will be more vacation homes.
Will there be a correction in prices across the board? yup.
Did your home appreciate faster than my condo..probably.
But 5 years down the road, we will both make money, I assure you.
And my acquisitions in SoWal are 1031 delayed exchanges.
Donna..there is very little that you post that I disagree with, but your take on condo ownership as a long-term investment does not reflect the facts.
Quite simply, the operating principle is the age old "buy low sell high".
I bought a condo fro $300,000 and will sell for 1 mil plus down the road..unless you think that condos will not appreciate with time...at all?
Why would any builder/developer build any condominum complex unless they see that there will be a market for that real estate. If they can see that condos are a bad or even a poor investment, as you and GG seem to see, then I can assure you there will be no further condo building.
The same applies to your vacation home. If builder/investors see they can make a profit building homes they will and they will make a profit and there will be more vacation homes.
Will there be a correction in prices across the board? yup.
Did your home appreciate faster than my condo..probably.
But 5 years down the road, we will both make money, I assure you.
And my acquisitions in SoWal are 1031 delayed exchanges.
I agree that condos can do well. Our "land condos" in SoWal have been excellent investments as well and have gained a lot in value since we bought them (one in mid-2003 and one in early 2004). We have no plans to sell for a two - three decades, though, because we bought them to enjoy with family and friends, to have a sweet place to retire to someday, and to give us some financial discipline.
Would I buy a place now if I didn't own these already? Probably, if I wanted to keep the place a while and make 30A a home or a home-away-from-home rather than just an investment. I've seen what look to be some decent deals lately.
Would I buy a place now if I didn't own these already? Probably, if I wanted to keep the place a while and make 30A a home or a home-away-from-home rather than just an investment. I've seen what look to be some decent deals lately.
New York Times front page article last week (sorry but I don't remember which day) discussed the stand off between buyers and sellers on the coasts. Sellers don't want to reduce their offer price, buyers, hearing about the upcoming(?) drop in values, do not want to pay the asking price.
Since I know nothing about real estate but do know this site has plenty of opinions, who do you all think will bink first???
Since I know nothing about real estate but do know this site has plenty of opinions, who do you all think will bink first???