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Bobby J

Beach Fanatic
Apr 18, 2005
4,043
600
Blue Mountain beach
www.lifeonshore.com
I don't believe every media crisis du jour (since based on their reporting we should have already experienced Armageddon) but I haven't heard conflicting reports from anyone in my social or business circles as to the current local economic climate. Everyone says its bad/slow.

I don't think we'll see tumbleweeds blowing down 30-A or anything, as people will always want to live and vacation near the beach. This area will rebound within a few years, and a price correction was necessary and overdue, but that doesn't change the current situation.

Your "very educated buyer/seller" was off by a factor of more than 20. Hope he's not doing his own taxes :funn:


He is surely not doing his own taxes. I hope. What would your guess had been.....? I agree it is bad but we are anything but slow.
 

fisher

Beach Fanatic
Sep 19, 2005
822
76
I guess the good news it is better then 2006. We have quite a hole to dig out of but truly believe the perception is a little off. Many folks seem to focus on the negative but in reality the picture is getting better. I think we have a good way to go but believe folks are not getting all the correct info:
A client called the other day and asked if I was selling "anything". I laughed and said of course but realized his perception of the doom and gloom was a little off. I asked him to play a little excercise with me.
How many condos do you believe sold in areas 14 and 15 (Destin, Sandestin) since 01/01/2007? He anwered, 30. The real answer is 693. His perception is a bit distorted. My job most the days are sitting folks down and educating them on the reality of the market. We try to look at all the "facts" not just the doom and gloom. Many people are buying in this "doom and gloom". I wonder if they know something others don't?

How many of those condos were actually "sold" several years ago preconstruction???
 

Capricious

Beach Fanatic
Jul 11, 2005
423
42
"...Thats all anyone ever hears. Kinda my point. I just randomly clicked on MLS 459422, they paid $61,000 in 2004 and sold for $250,000 in 2007. .."




So just exactly what is Multilist 459422?
 

fisher

Beach Fanatic
Sep 19, 2005
822
76
I guess the good news it is better then 2006. We have quite a hole to dig out of but truly believe the perception is a little off. Many folks seem to focus on the negative but in reality the picture is getting better. I think we have a good way to go but believe folks are not getting all the correct info:
A client called the other day and asked if I was selling "anything". I laughed and said of course but realized his perception of the doom and gloom was a little off. I asked him to play a little excercise with me.
How many condos do you believe sold in areas 14 and 15 (Destin, Sandestin) since 01/01/2007? He anwered, 30. The real answer is 693. His perception is a bit distorted. My job most the days are sitting folks down and educating them on the reality of the market. We try to look at all the "facts" not just the doom and gloom. Many people are buying in this "doom and gloom". I wonder if they know something others don't?

YTD August Real Trend Report for Walton County--

Home sales down 14%, BUT average sales price UP 11%

Condo sales up 4%, AND avg sales price UP 39%

Lot sales down 50% and avg price down 13%

Volume was slowing through August, and I believe September will show a huge decrease across the board versus last year. However, it is encouraging to see that prices are actually up on average for homes and condos. Raw land continues to be a very tough sell.
 

aha

Beach Comber
Jul 6, 2006
32
3
Santa Rosa Beach
"You can't go anywhere without hearing people talk about "the real estate bubble." Such talk drives me to distraction, and I'll tell you why. It's because there is no real estate bubble. Bubbles are for bathtubs."

.

:lolabove:
Great quote, Shelly! The wicked part of me hopes that woman is selling off her diamond earrings & mink coats to pay her mortgage payments this month.

Another factor that I didn't mention in my original post -- I would bet that some people are in trouble due to the increases in insurance. My monthly mortgage payment was around $800 when I refinanced 3 years ago, now it's over $1,200, because my homeowners insurance has quadrupled. I certainly haven't had a 50% increase in my salary to compensate for the 50% increase in my monthly mortgage obligation over the past 3 years. Nope, instead I had a kid. :love: A whole 'nother kind of investment, & a much sweeter one.

Let's all hope the situation improves. It looks like property is starting to move again. Maybe some of these folks can sell and downsize instead of losing their homes.
 

Busta Hustle

Beach Fanatic
Apr 11, 2007
434
34
about 2/3 of the 693 were pre construction price closings from 05 to this year...Ariel Dunes, Emerald Grande (whole and fractionals), Grand Dunes to name a few...
But it is a great time to be a cash buyer these days...there is also 1 other little stat to consider on the foreclosure side of things and that is the dreaded "short sale" where the bank does not foreclose but accepts a deal from a new buyer basically for near the amount of the loan...those type of listings are outnumbering actual foreclosed properties probably some where around 4 to 1 ...for now
 
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Bobby J

Beach Fanatic
Apr 18, 2005
4,043
600
Blue Mountain beach
www.lifeonshore.com
2/3 seems a bit high from what I am looking at.... I am not sure it really matters. My point was how people are perceiving the market due to the latest "trends" the media talks about.

Meanwhile, the sophisticated buyer is gobbling up really great deals! Had a client the other day tell me we are cheaper then Costa Rica. As far as insurance goes keep looking around. My coverage was canceled by Allstate and my new company (Palms) came in cheaper. Thanks Allstate!:D
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
I asked him to play a little excercise with me.
How many condos do you believe sold in areas 14 and 15 (Destin, Sandestin) since 01/01/2007?

Did he ask how many condos have come on the market in areas 13 and 15 since 01/01/2007? And what is the present total?


.
 
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SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
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