By Patrick Donohue Freedom News Service
.... Loblolly Drive is one of the streets within Driftwood Estates subdivision in Walton County, a subdivision that saw home prices fall almost $100,000 in the past six months.
Duncan Hudnall, Adams Homes regional manager for Northwest Florida, said falling prices in Driftwood Estates were the result of a significant number of finished, unoccupied homes, once under contract. Hudnall said the price decreases were attempts by the company to find a price point where the market would revive.
Apparently they?ve found it.
Adams Homes has sold more than 20 homes in Driftwood Estates in the past month.
Prices for homes fell from the mid-$400,000 range to prices between $330,000 and just over $350,000.
Hudnall said while there may be some current residents in Driftwood who feel slighted because they paid substantially more for their home ? which in many cases is identical to the one next to it ? he believes they?re in the minority.
?Most of the people are sophisticated buyers and understand the market does fluctuate,? Hudnall said. ?It won?t be long before the property values go back up to where they originally paid or higher.?
Two such people are The Sneeds.
Robert and Donna Sneed bought their home in Driftwood Estates in January of 2006 for $441,000, a price that itself was reduced almost $50,000.
Upon hearing Adams Homes had greatly reduced their asking price, The Sneeds decided to purchase another home, this time at a price of $351,000.
Robert isn?t particularly upset over the prospect of paying more for his home than someone down the street.
?That?s just the way the market goes,? he said, shrugging his shoulders. ?It?s a buyer?s market now.?
Donna is happy to see houses in the area come down to a price range that is more affordable and realistic for the Emerald Coast?s families.
?We?re happy everyone is getting in here at low cost,? she said.
The Sneeds hope to have made some money on their recent investment in a year or two. With a pool slated to be built in the subdivision, development nearby, and Choctawhatchee Bay across the street, Robert thinks the investment his family made has the potential to be a profitable one.
?The upside in this area is really good,? Sneed said. ?They?re offering Crestview prices per-squarefoot.?
Richard Eimers of the Eimers Group thinks that investors like the Sneeds have the right idea and that if they?re are able to hold onto their properties for a year or two then they should begin to see returns.
?They (homebuyers) will do fine if they can hold onto their properties until Spring 2008,? Eimers said. ?If you got into something that?s over your head, you should get out of it and take your losses.?
As Adams Homes continues to sell-off more of their inventory homes in Driftwood Estates, Hudnall does not forsee the prices falling any lower than current levels.
.... Loblolly Drive is one of the streets within Driftwood Estates subdivision in Walton County, a subdivision that saw home prices fall almost $100,000 in the past six months.
Duncan Hudnall, Adams Homes regional manager for Northwest Florida, said falling prices in Driftwood Estates were the result of a significant number of finished, unoccupied homes, once under contract. Hudnall said the price decreases were attempts by the company to find a price point where the market would revive.
Apparently they?ve found it.
Adams Homes has sold more than 20 homes in Driftwood Estates in the past month.
Prices for homes fell from the mid-$400,000 range to prices between $330,000 and just over $350,000.
Hudnall said while there may be some current residents in Driftwood who feel slighted because they paid substantially more for their home ? which in many cases is identical to the one next to it ? he believes they?re in the minority.
?Most of the people are sophisticated buyers and understand the market does fluctuate,? Hudnall said. ?It won?t be long before the property values go back up to where they originally paid or higher.?
Two such people are The Sneeds.
Robert and Donna Sneed bought their home in Driftwood Estates in January of 2006 for $441,000, a price that itself was reduced almost $50,000.
Upon hearing Adams Homes had greatly reduced their asking price, The Sneeds decided to purchase another home, this time at a price of $351,000.
Robert isn?t particularly upset over the prospect of paying more for his home than someone down the street.
?That?s just the way the market goes,? he said, shrugging his shoulders. ?It?s a buyer?s market now.?
Donna is happy to see houses in the area come down to a price range that is more affordable and realistic for the Emerald Coast?s families.
?We?re happy everyone is getting in here at low cost,? she said.
The Sneeds hope to have made some money on their recent investment in a year or two. With a pool slated to be built in the subdivision, development nearby, and Choctawhatchee Bay across the street, Robert thinks the investment his family made has the potential to be a profitable one.
?The upside in this area is really good,? Sneed said. ?They?re offering Crestview prices per-squarefoot.?
Richard Eimers of the Eimers Group thinks that investors like the Sneeds have the right idea and that if they?re are able to hold onto their properties for a year or two then they should begin to see returns.
?They (homebuyers) will do fine if they can hold onto their properties until Spring 2008,? Eimers said. ?If you got into something that?s over your head, you should get out of it and take your losses.?
As Adams Homes continues to sell-off more of their inventory homes in Driftwood Estates, Hudnall does not forsee the prices falling any lower than current levels.
He talked out of both sides of his mouth and I didn't even see his lips move!! Amazing!!
