And then we could multiply that number by 3 to find out what the replacement cost w/ a decent contractor would be! :roll:
Great Depression II
- Thread starter robertsondavies
- Start date
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Me too.
That sure seems unfair. I'm not trying to be mean, I just don't think it's right ScooterBug.
I agree about the Bungalows. I'm not in the market for anything (already got my happy place on 30A, not at the Bungalows). But I like the Bungalows. Wish they had bigger porches (and I think they're 2 bedroom), but if I were getting one there, I'd get one that was near some of the greener areas of the Bungalows so I'd have a sense of green space around me. I'd ask what the homeowner dues are each month because those never go away (though they sure make it easier to maintain the place from from away). And I'd check to make sure the association is really invested in keeping the place nice. If I were looking for something in the relatively inexpensive price range, the Bungalows would be on my list.
I thinks he's resurfaced.
robertsondavies,
Almost a year has gone by since you originally posted -so I am curious as to what your current prediction would be.
I think SWGB was referring to Uncle Timmy being back, since he has been MIA for a while. Welcome back, Uncle Timmy!
I hear people talk about inventory, and I continue to point out that much of that so-called inventory isn't really property which is for sale. So much is so over-priced, that we may as well put every property in existance on the market, because everything is for sale for the right price, isn't it?
When there are 100 homesites for sale in a subdivision, and four are priced at $50,000, and recent REO sales for similar lots is $45,000, and the remaining 96 of those homesites are priced at $175,000 +, "REAL inventory" is 4, not 100. If you look at the median price of pendings and solds, vs median price of actively listed and expired listings, you will see quite a difference in price. Actively listed and expired listings are pretty close, and they are typically about 20% higher than the median price of the pendings, which is fairly close to the median selling prices. If sellers become realistic with the amount buyers are willing to pay, we will see many sales. If not, I suspect many of those properties will go back to the banks and the banks will have to get realistic with their prices, enough to spark buyers. Either way, (and this is no prediction, just a EWAG) I think we will continue to see strong sales and price stabilization of lots.
As others mention, only time will tell. Today, one can buy a Gulf front lot for $850,000 which would have cost about $3 million in 2006. For the end-user buyer or long term investor, today's ready-to-sell properties look like a steal.
I hear people talk about inventory, and I continue to point out that much of that so-called inventory isn't really property which is for sale. So much is so over-priced, that we may as well put every property in existance on the market, because everything is for sale for the right price, isn't it?
When there are 100 homesites for sale in a subdivision, and four are priced at $50,000, and recent REO sales for similar lots is $45,000, and the remaining 96 of those homesites are priced at $175,000 +, "REAL inventory" is 4, not 100. If you look at the median price of pendings and solds, vs median price of actively listed and expired listings, you will see quite a difference in price. Actively listed and expired listings are pretty close, and they are typically about 20% higher than the median price of the pendings, which is fairly close to the median selling prices. If sellers become realistic with the amount buyers are willing to pay, we will see many sales. If not, I suspect many of those properties will go back to the banks and the banks will have to get realistic with their prices, enough to spark buyers. Either way, (and this is no prediction, just a EWAG) I think we will continue to see strong sales and price stabilization of lots.
As others mention, only time will tell. Today, one can buy a Gulf front lot for $850,000 which would have cost about $3 million in 2006. For the end-user buyer or long term investor, today's ready-to-sell properties look like a steal.