The real trend report for January for all of Walton County showed the following data--
Home sales--units down 20% to 111, total dollar volume down 38% to $48.5 million, and average price down about 20% to $437k.
Lot sales--units down 50% to 193, total dollar volume down 64% to $19.8 million and average price down 28% to $102k.
Condo sales--units up 184% to 136, total dollar volume up 308% to $116.8 million and average price up 44% to $850k.
Home sales and lot sales continue to move ever lower in the county in spite of the increase in activity discussed by several realtors on the board.
The condo sales look interesting and I would be interested to hear from some realtors as to what happened in January. Were there a large number of closings on condos sold preconstruction during the boom? Or, is this a true uptick in condo activity?
Replies
67
Beach Fanatic
I just say, "Thank God we're not California!" $500,000 won't get you a treehouse 2 hours from the beach!
Beach Comber
Re: I've grow tired of the real estate rhetoric...
I wouldn't argue that the daytraders didn't play a significant role. And I'm not smart enough to go research what % of the market their trades represented. I do know how many of my Physician clients were getting calls from broker reps trying to get them to get on board however. It was a daily event. You can't argue that realtors and/or brokers cannot or do not influence bad trends. I'm not buying.
I wouldn't argue that the daytraders didn't play a significant role. And I'm not smart enough to go research what % of the market their trades represented. I do know how many of my Physician clients were getting calls from broker reps trying to get them to get on board however. It was a daily event. You can't argue that realtors and/or brokers cannot or do not influence bad trends. I'm not buying.
Skunky
It is not just this area that is being affected by the Real Estate slump. The entire country is in the same dilemma. I just read an article saying that Venice Beach led the country with an 18% drop in the 4th quarter. Springfield, Illinois dropped off 16.2%. Everyone gets upset about Realtors touting the market turnaround. I don't think we have hit bottom yet, but I think we are close. Where is the bottom in your opinions? When is the market going to turn around? Please shed your mighty wisdom on us all.
We will only realize the bottom has been reached after hitting and then rebounding. That can be determined via objective data. More subjective signs that the bottom is behind us will be realtors no longer 'throwing-in' a Mercedes Benz with that new home purchase!:funn:
Beach FanaticAuthor
If I understand correctly the logic of the nattering nabobs of negativity (i.e. day traders), it is not to buy real estate in a buyer's market.
Depends on how long the buyers market lasts and how low it goes. You don't want to buy in the beginning of a buyers market if it's going to last 5 years and prices fall the entire time.
It was a buyers market last year at this time too. So, as prices have continued to fall, those buyers in a "buyers market" are now under water. the perfect time to buy is just as a buyers market is turning to a sellers market. Next best time would be in the early stages of a runup/sellers market (ie: SoWal in 2003).
Timing is everything.;-)
Beach Comber
Josh,
You can't make your point without the insult? Where did I call you out personally? And while your at it, show me where I proclaimed myself as the all-wise one? That's a cheap shot.
Since I am so ignorant, why don't you impart the wisdom? I've driven by your personal home. It's nice and from the web shots, it is nicely furnished. Why hasn't it sold? Let me guess, it is due to real estate being down all over the country. I should have known. Could price have anything to do with it? Or maybe the abundant supply of houses for sale within 10 miles of your street? How does it feel to be stuck in the middle of a stagnant market?
I don't know when the bottom will come. And I'll make the best choice that I can personally and hope for the best. I just refuse to believe things aren't going to change in the next few months. There are too many signs (both literally and figuratively) that shouldn't be ignored.
I don't expect everybody to agree with me, nor did I ask for such in my posts. (I've got to learn how to post under the correct heading.)
You can't make your point without the insult? Where did I call you out personally? And while your at it, show me where I proclaimed myself as the all-wise one? That's a cheap shot.
Since I am so ignorant, why don't you impart the wisdom? I've driven by your personal home. It's nice and from the web shots, it is nicely furnished. Why hasn't it sold? Let me guess, it is due to real estate being down all over the country. I should have known. Could price have anything to do with it? Or maybe the abundant supply of houses for sale within 10 miles of your street? How does it feel to be stuck in the middle of a stagnant market?
I don't know when the bottom will come. And I'll make the best choice that I can personally and hope for the best. I just refuse to believe things aren't going to change in the next few months. There are too many signs (both literally and figuratively) that shouldn't be ignored.
I don't expect everybody to agree with me, nor did I ask for such in my posts. (I've got to learn how to post under the correct heading.)
Edited
Beach Comber
Re: Anything North of Freeport is Yankeytown...
Well. I haven't gouged a customer in years.
Well. I haven't gouged a customer in years.
Skunky
Josh,
You can't make your point without the insult? Where did I call you out personally? And while your at it, show me where I proclaimed myself as the all-wise one? That's a cheap shot.
Since I am so ignorant, why don't you impart the wisdom? I've driven by your personal home. It's nice and from the web shots, it is nicely furnished. Why hasn't it sold? Let me guess, it is due to real estate being down all over the country. I should have known. Could price have anything to do with it? Or maybe the abundant supply of houses for sale within 10 miles of your street? How does it feel to be stuck in the middle of a stagnant market?
I don't know when the bottom will come. And I'll make the best choice that I can personally and hope for the best. I just refuse to believe things aren't going to change in the next few months. There are too many signs (both literally and figuratively) that shouldn't be ignored.
I don't expect everybody to agree with me, nor did I ask for such in my posts. (I've got to learn how to post under the correct heading.)
Give 'em hell beach dad!
SoWal Insider
A "Buyer's Market:" 
An exchange on a November showing of FOX's Cavuto on Business, guest is Real Estate Diva Barbara Corcoran:
Neil Cavuto: If home prices slip will it lead to a housing bust or a major buying opportunity? Barbara Corcoran says a dip in home prices is a big buying opportunity! So, Barbara I don?t mean to be cynical but you?re in the business so you?re going to hype it all you can.
Barbara Corcoran: Well, no I?m not going to hype it all I can. I?m also a buyer in the business and a seller in the business. There?s so much uncertainty in the market right now that it really is a great time to buy. And I don?t think it?s going to last very long. Come January, everyone who doesn?t buy their house right now for the price they can afford is going to wish they had because they?re going to be paying more in January.
Jim Rogers: What?s going to make them go up in January?
Barbara Corcoran: In January you can set your watch to Super Bowl Sunday.
.
An exchange on a November showing of FOX's Cavuto on Business, guest is Real Estate Diva Barbara Corcoran:
Neil Cavuto: If home prices slip will it lead to a housing bust or a major buying opportunity? Barbara Corcoran says a dip in home prices is a big buying opportunity! So, Barbara I don?t mean to be cynical but you?re in the business so you?re going to hype it all you can.
Barbara Corcoran: Well, no I?m not going to hype it all I can. I?m also a buyer in the business and a seller in the business. There?s so much uncertainty in the market right now that it really is a great time to buy. And I don?t think it?s going to last very long. Come January, everyone who doesn?t buy their house right now for the price they can afford is going to wish they had because they?re going to be paying more in January.
Jim Rogers: What?s going to make them go up in January?
Barbara Corcoran: In January you can set your watch to Super Bowl Sunday.
.
SoWal Insider
A "Buyer's Market:"
An exchange on a November showing of FOX's Cavuto on Business, guest is Real Estate Diva Barbara Corcoran:
Barbara Corcoran: Well, no I’m not going to hype it all I can. I’m also a buyer in the business and a seller in the business. There’s so much uncertainty in the market right now that it really is a great time to buy. And I don’t think it’s going to last very long. Come January, everyone who doesn’t buy their house right now for the price they can afford is going to wish they had because they’re going to be paying more in January.
Jim Rogers: What’s going to make them go up in January?
Barbara Corcoran: In January you can set your watch to Super Bowl Sunday.
Oh crap! Did I forget to mention that this interview was done in
NOVEMBER.........2005 (!)
Edited
Beach FanaticAuthor
Oh crap! Did I forget to mention that this interview was done in
NOVEMBER.........2005 (!)
:funn:
Beach Lover
Re: Anything North of Freeport is Yankeytown...
I yield to the Senator from Trafficville. Why don't you move down here permanently? You better hurry. There's a rumor on the streets that they aren't making any more groceries you know. Southern food is in great demand down here and people are buying like it is going out of style. You could sell GA peaches for $10 each. You can make a killing.
BTW, we used to say anything north of Huntsville is Yankeytown. I guess you slipped in. And War Eagle you UGA lovin bullpup, but get it right will ya? It's not grits... it's Georgia ice cream.
Georgia Ice Cream? Where are you from?
I don't need to hurry down there permanently. My house cash flows just nicely, paying the mortgage, insurance, taxes and all my incidental expenses, even leaving me a little extra. I'm in no hurry, because I did my research and bought at the right time, for something that met my needs and even in a down market has exceeded my expectations in a return on investment. I get to come down with my family and enjoy the wonderful area.
Beach Fanatic
"the perfect time to buy is just as a buyers market is turning to a sellers market."
Very insightful - you must have slept in a Holiday Inn Express last night with Shelly.
Very insightful - you must have slept in a Holiday Inn Express last night with Shelly.
SoWal Insider
"the perfect time to buy is just as a buyers market is turning to a sellers market."
Very insightful - you must have slept in a Holiday Inn Express last night with Shelly.
.......smoked my last cigarette and didn't even leave cabfare on the nightstand as promised!!
.
Beach Comber
Re: Anything North of Freeport is Yankeytown...
Sounds like a great situation that has worked out well for you. Also sounds like your research payed off. I couldn't agree with you more about it being a wonderful area.
I grew up in Bham and heard that Georgia ice cream comment a long time ago. Thought I would pull your leg a bit.
Sounds like a great situation that has worked out well for you. Also sounds like your research payed off. I couldn't agree with you more about it being a wonderful area.
I grew up in Bham and heard that Georgia ice cream comment a long time ago. Thought I would pull your leg a bit.
SoWal Expert
Depends on how long the buyers market lasts and how low it goes. You don't want to buy in the beginning of a buyers market if it's going to last 5 years and prices fall the entire time.I'm not sure that I completely agree. Yes, you can get lucky so timing is important, but you cannot accurately predict the market, so how do you know when the market becomes a seller's market, rather than just a slight uptick, ie - false bottom? ;-)
It was a buyers market last year at this time too. So, as prices have continued to fall, those buyers in a "buyers market" are now under water. the perfect time to buy is just as a buyers market is turning to a sellers market. Next best time would be in the early stages of a runup/sellers market (ie: SoWal in 2003).
Timing is everything.;-)
It isn't timing the market, it is time in the market. With time, you will see prices increase.
One other thing I disagree with in your statement is that you say it was a buyers market this time last year. I disagree. Prices were still much higher than any buyer was willing to pay. A buyer's market is when prices reach levels where it is attractive for buyer's to buy. I am seeing some properties in this category right now, but the truth is that the overpriced properties outweigh the value buys right now. That doesn't mean that you cannot shop for a value right now, but it does show me that inventory of listings is not an accurate indicator of the market. When there are two identical lots side by side with a price fluctation greater than 40%, at least one of those two lots isn't really for sale. ;-)
On a bigger picture, I understand what you are saying in your post.
EDIT: revisting that which I stated earlier, the buyers and sellers set the market price, not the Realtors. If Realtors set the market price, we would see many more sales today than we are seeing.
Edited
SoWal Expert
Re: Anything North of Freeport is Yankeytown...
The market sets the price. If you do not understand that, you should keep your money in CD's.
end of message
Well. I haven't gouged a customer in years.Beach Dad, you state that you didn't personally attack Josh McLean, but you attacked many of us when you throw all Realtors into a group of "gouging" people. Not all people are the same. ;-) If you want to blame someone, blame a seller for placing the price so high. Oh, wait a minute... what is wrong with the sellers putting a high price on their property when three offers come in simultaneously, and the buyer will sell to someone else at a simultaneous closing, leaving the original seller out the extra $100K or two, which seller number two will take without having to come up with more than their Earnest Money Deposit?
The market sets the price. If you do not understand that, you should keep your money in CD's.
end of message
SoWal Expert
Even a better example of people not being able to time the market. The market will do its thing, and people will see ups and downs only in retrospect.
Oh crap! Did I forget to mention that this interview was done in
NOVEMBER.........2005 (!)
Beach Fanatic
I wish we had the power to affect an entire market! I am guilty of getting excited about what I am selling. It was the same in the art business. As a "salesperson" you get sales when you have enthusiasm about your product. Folks seem to get upset when that product is real estate. Almost bitter! BTW, I have a funny feeling the Feb sales trend will be up over January;-) . My office and many other agents I have spoken with have been very busy. I posted 3 new sales last week alone. If this weekend is a sign of things to come I will need to hire more agents to join my team. Please Pm if interested.
BTW, selling a product like SOWAL makes is easy to be enthusiastic!
BTW, selling a product like SOWAL makes is easy to be enthusiastic!
Beach Fanatic
For SJ,
You can't stop the waves from breaking but you can learn to surf!!! :clap_1:
You can't stop the waves from breaking but you can learn to surf!!! :clap_1:
SoWal Expert
For SJ,Thanks, Bobby J! I love that quote. One day, I will enscribe it on my dining table.
You can't stop the waves from breaking but you can learn to surf!!! :clap_1:
Beach Fanatic
This saying only applies to people with good knees!!!!:funn:
Beach FanaticAuthor
It isn't timing the market, it is time in the market.
I think those that bought at the peak of this cycle--say $850 or $950 per square foot for a home in areas where they are now going for $600 or less--will need to be in the market a long, long time (if ever) before they make any money and even then, the rate of return will be nominal.
One other thing I disagree with in your statement is that you say it was a buyers market this time last year. I disagree. Prices were still much higher than any buyer was willing to pay.
Then why were more homes and lots sold in January 2006 than in January 2007?;-)
Beach FanaticAuthor
I wish we had the power to affect an entire market! I am guilty of getting excited about what I am selling. It was the same in the art business. As a "salesperson" you get sales when you have enthusiasm about your product. Folks seem to get upset when that product is real estate. Almost bitter! BTW, I have a funny feeling the Feb sales trend will be up over January;-) . My office and many other agents I have spoken with have been very busy. I posted 3 new sales last week alone. If this weekend is a sign of things to come I will need to hire more agents to join my team. Please Pm if interested.
BTW, selling a product like SOWAL makes is easy to be enthusiastic!
Historically, isn't February always better than January? If so, I won't be surprised either. However, I doubt that February 2007 will be better than February 2007. We shall see.
Beach Fanatic
Historically, isn't February always better than January? If so, I won't be surprised either. However, I doubt that February 2007 will be better than February 2007. We shall see.
I think Feb 2007 will be the same as Feb 2007. Exactly, dead even!
SoWal Expert
This saying only applies to people with good knees!!!!:funn:One doesn't have to surf to understand surfing. ;-)
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