General State of the Real Estate Market?

Discussion in 'Real Estate' started by lenzoe, Mar 18, 2005.

  1. lenzoe

    lenzoe Beach Fanatic

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    What's the general feeling on the current state of the real estate market in So. Walton? Seems like pre-construction development opportunities are still being snapped up at a furious pace, but what about the re-sale market? I've been watching the MLS listings for the past year and I'm wondering if the pace of sales of existing units has slowed.

    I don't have any hard statistics, but I do see units that have been on the market for quite a few months at the same price. I've even seen a couple listings where the price was dropped, which was a shocker.

    I suppose late Fall and Winter MLS viewing doesn't give a complete picture, but I keep wondering -- more units on the market, more development, higher prices, rising interest rates, etc...

    Of course that's just from browsing the MLS remotely here. Everytime I visit the area I still get the strong urge to buy everything in sight. I think it's something in the water.
     
  2. kurt

    kurt Admin Staff Member

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    It's not something in the water. It IS the water. :lol:

    I expect this summer will be very active.
     
  3. Just_In_Thyme

    Just_In_Thyme Beach Lover

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    It seems to me around Seagrove the prices continue to rise and they still sell. I keep thinking it will slow, but I haven't seen it yet.
     
  4. Camp Creek Kid

    Camp Creek Kid Christini Zambini

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    I've been told by a property appraiser that property owners in S. Walton can expect a 6-16% appreciation PER MONTH. That is opposed to last year when it was 6-12%. My home's value has literally doubled in 1 year. Also, the demographics of who is buying has changed. "Regular people" have been priced out of the market--they'll have to start looking in Freeport or PCB. Now most buyers in S. Walton are very wealthy.

    This appraiser said the market in Destin is now comparable to Naples, FL and everything is moving East. PCB is booming with redevelopment and Mexico Beach, Appalachicola are next.
     
  5. RiverOtter

    RiverOtter got any pics?

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    I rented a house in Port ST Joe several years ago. The house was asesome! The beach stunk! The water was murkey / dirty. Cannonball jelly fish eveywhere. I didn't like it much. Mexico Beach looked nice but that was before the hurricane. SJ said Mexico Beach is kinda loud due to military jets.
     
  6. Smiling JOe

    Smiling JOe SoWal Expert

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    ... and it has the same fishy, murky water as Appalachicola and Port St Joe. However, the water has not stopped the buyers. The property in that area may look attractively priced unless you see the beautiful emerald green water here first. As Kurt stated earlier, it "is the water" that sells people on buying here. In Port St Joe, it is the price, not the water.
     
  7. kurt

    kurt Admin Staff Member

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    Some properties that are pushing the price ceiling are going to be on the market for a few months, especially in the winter, and then the market catches up.

    Some properties in demand are selling same day.

    There is a huge shortage of certain properties that sell before they hit the MLS, like pre-construction, gulf front and near gulf front land, houses, and condos.
     
  8. lenzoe

    lenzoe Beach Fanatic

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    That's interesting, but I've always felt appraiser's are better at telling you what has happened than predicting the future.

    Are prices in Destin higher than South Walton? I was thinking it was the other way around. Last time I did comparisions about a year ago, that's the way it seemed to me.

    I've heard the comparisons to Naples before -- as in, if you think So Wal is high, just look at Naples, we've got a way to go. But I don't know what the figures on comparable Naples sales are.
     
    Last edited: Mar 19, 2005
  9. Paula

    Paula Beach Fanatic

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    Just curious... What makes the So. Walton water emerald and the other water murky? Thanks.
     
  10. Smiling JOe

    Smiling JOe SoWal Expert

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    The absence of rivers flowing into the Gulf, make the waters emerald. Look at a map and you will be able to see. Rivers tend to have decaying plant matter which darkens the water, just like Western Lake. When Western Lake flows out into the Gulf, the water around that area becomes saturated with the darker water too.
     
  11. kurt

    kurt Admin Staff Member

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    The Gulf of Mexico along the beaches of Destin & SoWal is so clear because no large, sediment-heavy rivers directly influence the waters. The water coming out of the Apalachicola River, the primary source of our Gulf water, is filtered through the estuary of Apalachicola Bay. While passing through this bay and out past the barrier islands in that area, the Gulf water deposits most of the silt and other sediments, that for example, make the Atlantic less translucent. The Gulf water along the beaches of Destin & SoWal appears aqua green because of the purity and hence crystal clarity of the water. The shallowness of the Gulf and the high reflectivity of light off our sugar-white sands also help to create our beautiful translucent water.

    The sand on Destin & South Walton's beaches is extremely fine. This is due to the enormous amount of travel the sand went through to reach its destination. The sand along Beaches of Destin & SoWal was once part of the southern Appalachian Mountains. Over millions of years, as the mountains weathered, particles of quartz were washed into riverbeds and transported by the river to the ocean. The flow and ebb of the water over this long distance broke down the particles and buffed the edges making them as fine as sugar when they finally rested along the shore in the area. ​
     
  12. Smiling JOe

    Smiling JOe SoWal Expert

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    bravo! well stated!
     
  13. RiverOtter

    RiverOtter got any pics?

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  14. Cork On the Ocean

    Cork On the Ocean directionally challenged

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    Doesn't look like things are slowing down.

    Areas 17 & 18 DSF: Sold 01/01/04-03/28/04
    Total # of Sales 106
    Lowest Price Listing $125,000
    Highest Price Listing $3,650,000
    Average Price $830,055
    Ave Price/sq ft $376.20
    Avg. Days on Market 171


    Areas 17 & 18 DSF: Sold 01/01/05-03/28/05
    Total # of Sales 107
    Lowest Price Listing $217,000
    Highest Price Listing $5,200,000
    Average Price $1,048,975
    Ave Price/sq ft $506.64
    Avg. Days on Market 102


    Areas 17 & 18 Condos: Sold 01/01/04-03/28/04
    Total # of Sales 78
    Lowest Price Listing $119,000
    Highest Price Listing $3,000,000
    Average Price $696,019
    Ave Price/sq ft $446.63
    Avg. Days on Market 130

    Areas 17 & 18 Condos: Sold 01/01/05-03/28/05
    Total # of Sales 82
    Lowest Price Listing $213,000
    Highest Price Listing $2,950,000
    Average Price $913,319
    Ave Price/sq ft $622.29
    Avg. Days on Market 114

    Areas 17 & 18 Res Land: Sold 01/01/04-03/28/04
    Total # of Sales 205
    Lowest Price Listing $49,900
    Highest Price Listing $6,300,00
    Average Price $428,600
    Avg. Days on Market 160

    Areas 17 & 18 Res Land: Sold 01/01/05-03/28/05
    Total # of Sales 163
    Lowest Price Listing $30,000
    Highest Price Listing $18,000,000
    Average Price $709,590
    Avg. Days on Market 69
     
  15. lenzoe

    lenzoe Beach Fanatic

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    Hey, these are good statistics. Much better to have data than the ancecdotal and somebody told me something rumors. Thanks.

    Do you have access to the total number of units on the market for the same periods?
     
  16. Cork On the Ocean

    Cork On the Ocean directionally challenged

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    Good Question. I think you're wanting to know how many were available versus how many sold. Am I right?

    Yes, can run the number of units on the market during that period but that won't give us what we need because active listings will be on the market for 69-171 days so active listings during the same time frame will show up sold or expired at a later date. The sold ones were actually active over the previous 69-171 days.

    Also, expired listings won't give us that data because some people could list for 2 weeks and some for 3 months. The ones for 2 weeks will show expired 6 times over the 3 months so we'd get duplications of those numbers. Will need to think on that one. If you're looking for percent sold, don't know. Can run the percentage of asking price that they actually sold for. The ballpark average was that DSF's sold for about 5.2% less than asking price.
     
  17. Paula

    Paula Beach Fanatic

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    A belated thanks for the information about why the water and sand so beautiful in Destin and South Walton. This is all news to me. Thanks!
     
  18. GraytonBound

    GraytonBound Beach Fanatic

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    WOW :shock:
    Thanks for the info!
     
  19. Cil

    Cil Beach Fanatic

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    In terms of water clarity, are the barrier islands any better? What about places such as St George Island, Cape San Blas, Dog Island? (I notice St George allows dogs at the Franklin County beaches.)

    I know that SoWal and Denver, Colorado could not be more different, but in terms of real estate, I see similarities. When prices began rising about ten years ago, we waited for the bubble to burst. And waited. And waited. Houses in our old, established neighborhood are now going for three, four and five hundred dollars a square foot.

    But I think the similarities only go so far...the beach will likely be more popular than the mountains for all the aging Boomers who seek retirement spots.
    And the changes we've observed over occured over a longer period of time.

    I think we might well be priced out of SoWalton. We never wanted a trophy home, but now I'm not sure if we could even afford a condo.
     
  20. lenzoe

    lenzoe Beach Fanatic

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    Yes, that's what I'm wondering -- how many sold vs. available in the same time frame.

    I realize the number of active listings wouldn't necessarily match up to the sold pool, it still would be interesting to know the numbers active for each type vs. the same period the prior year, and I would think that would be easier to identify than trying to exactly match things up, as you point out. Just curious.
     

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