Said you (meaning anybody) can buy a 1bd / 1ba "Gulf Front" condo in PCB for under $300,000 :shock: .
Just Got An Email From A Realtor
- Thread starter RiverOtter
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Not hard to find them. Here's one: >$300,000 Condo in PCB
If you've got some time and money to spare there will be more coming along at better prices.
If you've got some time and money to spare there will be more coming along at better prices.
SHELLY said:
That place is an old dump! With all the new stuff in PC, no one wants those old units, gulf front or not.
dbuck said:
Seychelles in Panama City Beach according to the email.
A whopping 600 s/f unit. Doesn't look like such a deal to me.
dbuck said:
I wouldn't recommend getting in the game if you don't have the money. As these pre-construction condos start flooding the markets it's going to get real ugly, real fast.
The buying frenzy is SO over...it is the sellers who will be grovelling at buyers' feet this time.
A $300,000 30-yr 5.85% prin/int will come to @ $1750-and-change per month. AND ON TOP OF THAT...add management fees, association fees, taxes and insurance! Watch the market, keep saving your money, and if you want to go to the beach, rent a place--there will be plenty of deals--enjoy the sun, sand and surf, and leave the headaches to the owners.
People considering purchasing a home or vacation home in this area need to get a well-rounded view of the costs/potential. It makes a lot of sense for some people to buy in SoWal (or Panama City Beach) now, and not much sense for other people to buy in SoWal (or Panama City Beach) now. It's silly to be overly optimistic or pessimistic about this area or any area or any investment...or to let any message board commentators influence your home-purchase decision in any way other than food for thought or entertainment (but not considered balanced or "looking-out-for-your-best-interests" advice).
Our personal experience is this: We are so happy that bought into the SoWal community and that we made some wise well-thought out lifestyle and financial choices. We did a lot of "homework" before buying here. We listened to naysavers, advocates, and good friends who lived in the area and had a realistic view of the benefits and costs (and who introduced us to a realtor who would look out for our best interests). Most importantly, we met with our unbiased accountant who made sure we weren't getting in over our heads and could afford to weather a bad market if necessary for a while (he told us where he thought our financial limits were and, though we planned to have rental income, he told us not to count on rental income to pay the mortgage). Also, we didn't buy into SoWal as an "investment" so we don't have the "time the market" worries. We bought here to enjoy the area and figured over the long-term our property would gain value at least at an average rate. We also figured it was better spending our income on real estate than new cars and other things that don't increase in value (I read the books The Millionaire Next Door and Rich Dad/Poor Dad which influenced our decision to put money toward mortgages rather than into things that don't gain value.)
It would be useful to hear other stories about people's experiences buying in SoWal, including stories of people who lost a lot of money. These first-hand experiences would provide useful advice as well. Other than one (maybe two) people on this board, I haven't heard any gloom and doom stories because most buyers are thoughtful about their decisions -- and few people who purchase in places like SoWal think owning real estate anywhere is free from risk so they plan accordingly. Most people already know that markets go up and down, so that's nothing new.
Every now and then out of curiosity I look at the real estate listings in the area and I still see some homes/condos that seem reasonably priced now. They're not cheap, of course, (though some seem to be reasonable to me for a place on the coast) but SoWal isn't the area to look for great deals anymore, just lovely places that will build memories for family and friends and that have the potential to be solid investments.
The only thing that worries me about the area is the risk of hurricanes. To make sure I keep perspective, I have to keep reminding myself that (1) the odds of a home being severely damaged by hurricanes is still very low even if hurricane activity increases; (2) our places are built to recent hurricane codes and we're up on high dunes so we're protected somewhat from storm surge; (3) we have insurance and keep some savings in the banks in case we need it to take care of our SoWal property; (4) even after the most recent hurricanes, the area still looked beautiful to me (the sunset is still awesome);(5) I sure gained more appreciation for Mother Nature, learned about the changing coastline, and felt even more a part of the community for having weathered a few storms together (and this message board was an absolutely wonderful source of information and support before and after the hurricanes thanks to Kurt and others who kept us all informed with your photos and up-to-date information).
Our personal experience is this: We are so happy that bought into the SoWal community and that we made some wise well-thought out lifestyle and financial choices. We did a lot of "homework" before buying here. We listened to naysavers, advocates, and good friends who lived in the area and had a realistic view of the benefits and costs (and who introduced us to a realtor who would look out for our best interests). Most importantly, we met with our unbiased accountant who made sure we weren't getting in over our heads and could afford to weather a bad market if necessary for a while (he told us where he thought our financial limits were and, though we planned to have rental income, he told us not to count on rental income to pay the mortgage). Also, we didn't buy into SoWal as an "investment" so we don't have the "time the market" worries. We bought here to enjoy the area and figured over the long-term our property would gain value at least at an average rate. We also figured it was better spending our income on real estate than new cars and other things that don't increase in value (I read the books The Millionaire Next Door and Rich Dad/Poor Dad which influenced our decision to put money toward mortgages rather than into things that don't gain value.)
It would be useful to hear other stories about people's experiences buying in SoWal, including stories of people who lost a lot of money. These first-hand experiences would provide useful advice as well. Other than one (maybe two) people on this board, I haven't heard any gloom and doom stories because most buyers are thoughtful about their decisions -- and few people who purchase in places like SoWal think owning real estate anywhere is free from risk so they plan accordingly. Most people already know that markets go up and down, so that's nothing new.
Every now and then out of curiosity I look at the real estate listings in the area and I still see some homes/condos that seem reasonably priced now. They're not cheap, of course, (though some seem to be reasonable to me for a place on the coast) but SoWal isn't the area to look for great deals anymore, just lovely places that will build memories for family and friends and that have the potential to be solid investments.
The only thing that worries me about the area is the risk of hurricanes. To make sure I keep perspective, I have to keep reminding myself that (1) the odds of a home being severely damaged by hurricanes is still very low even if hurricane activity increases; (2) our places are built to recent hurricane codes and we're up on high dunes so we're protected somewhat from storm surge; (3) we have insurance and keep some savings in the banks in case we need it to take care of our SoWal property; (4) even after the most recent hurricanes, the area still looked beautiful to me (the sunset is still awesome);(5) I sure gained more appreciation for Mother Nature, learned about the changing coastline, and felt even more a part of the community for having weathered a few storms together (and this message board was an absolutely wonderful source of information and support before and after the hurricanes thanks to Kurt and others who kept us all informed with your photos and up-to-date information).
Wonderfully put Paula - my sentiments exactly