Market Value for Townhouse in Blue Mt. Beach?

Discussion in 'Real Estate' started by meyer, Nov 6, 2005.

  1. meyer

    meyer Beach Crab

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    Hi All-
    Can anyone give me opinion about the value of a Townhouse in Blue Mt. Beach. 2B/2Ba, Approx. 100 yards from the beach-really no view.

    I'm considering purchase and placing on the short-term rental market. What are the prospects for TH rental in Blue Mt??
     
  2. Smiling JOe

    Smiling JOe SoWal Expert

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    What neighborhood/ street? Which townhomes?
     
  3. Landloc

    Landloc Beach Comber

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    On Blue Mt. Beach Road next to public beach access. Mirasol Townhomes
     
  4. Franny

    Franny Beach Fanatic

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    The last t'home that sold in Mirasol was unit #8, an end unit, for $385,000 in October of 2004. This unit is the closest one to 30-A. It was on the market for two days. There has been no activity since that closing. I don't see why it would not do well as short term rental. Call local rental companies and ask for their opinion. Good luck.
     
  5. SHELLY

    SHELLY SoWal Insider

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    What's the asking price? If coffee shot out of your nose when you heard it, it's a clear indication that it is overpriced. (Consider the increase in taxes and the increase for insurance (if you're lucky to get it at all) that close to the water.

    If you've got the cash and the time, you're now in the catbird's seat when it comes to real estate.
     
  6. FoX

    FoX Beach Fanatic

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    As a general rule that is always true in real estate. But I assume you mean the here and now. I disagree. If it were such a great time to buy we would be seeing a lot more contracts being signed. We have a lot of sellers who aren't concerned with selling and a lot of potential buyers who don't wish to deal with them.
     
  7. Smiling JOe

    Smiling JOe SoWal Expert

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    Perhaps you should establish a working relationship with a good Realtor. There are a few out here.:idontno:
     
  8. Mermaid

    Mermaid picky

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    I was thinking along those lines too. A good realtor will give you the comps and info on rental histories. I don't know that I'd try to buy something without professional advice!
     
  9. Miss Kitty

    Miss Kitty Meow

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    I'd listen to Mermaid and SJ if I were you!
     
  10. Landloc

    Landloc Beach Comber

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    I have been presented with the oppty to purchase the Townhome mentioned above for 550K. Now how does that sound based on your experience with the Blue Mt. area. (100 yards from Beach, but no view).
     
  11. RiverOtter

    RiverOtter got any pics?

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    Sounds good to me. What are the TH's like? Are they newer? Sq Footage? High ceilings? How are they finished? :idontno:
     
  12. Mermaid

    Mermaid picky

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    We paid a bit less than $500/sq ft for our condo, 150 yards from beach access on the north side of the road. We paid less than the going average because our place was completely outdated and thus far we have spent in the neighborhood of $8K in upgrades. This is something you should consider, if the townhome needs work. That should figure into any offer you make. How much will it cost YOU if you buy it, and will returns on rental justify the expense? In our case, it will, making it a worthwhile project.

    Even still, I would find myself a good realtor who could present you with solid facts. You shouldn't buy anything for that amount of money based on the opinions of people who don't know you on a message board! :idontno:
     
  13. Landloc

    Landloc Beach Comber

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    Many thanks to all that responded! Of course this deal is FSBO. Which is in part reflective of the sales price. I am also interested in your opinion about the appeal to Blue Mt. Beach (rental)? There are other areas that appear to be far more popular.

    RiverOtter- These are older units. Believe the property is 17 years old. Well maintained. Tiles roof, 2 levels. Approx. 1400sq ft. Unit is in need of some fixture/appliance updating.
     
  14. RiverOtter

    RiverOtter got any pics?

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    I'd say that's why its $550K. Still, if these are on the south side of 30A sounds like pretty good price view or not. I really like BM because it's close to Grayton and several good restaurants. It's also much closer to Destin for those dreaded runs. If I lived down there full time BM would be great. Our units are in Seacrest Beach which is great but everything we do is around Grayton, BM, and (I don't like to admit it) Destin.
     
  15. Rita

    Rita margarita brocolia

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    This statement concerns me. It is not uncommon to find FSBOs overpriced. (Of course I would have absolutely no idea if that is the case in this situation.)
    Realtor's comps can often help sellers price according to the market at the time. I'm sure you know this and are in the process of making a determination as to whether this particular FSBO is on target. But if it were me and I wasn't in the area to follow the market very closely, I'd at least use a Realtor on the buying end (Most FSBOs will work with Realtors at some lower %).
    Good luck!
     
  16. Smiling JOe

    Smiling JOe SoWal Expert

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    Those townhomes are not to pretty to look at. I think there are better values out there, with better looks. That is just my personal opinion.
     
  17. RiverOtter

    RiverOtter got any pics?

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    Speaking of which, I checked the website and I didn't realize there will SFD in Eagle Bay too :idontno:
     
  18. Smiling JOe

    Smiling JOe SoWal Expert

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    Yes, the SFD homes will be along the northern parameter and along the wouth side of the canal.
     
  19. wetwilly

    wetwilly Beach Fanatic

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    Maybe you already checked but I would hit http://www.emeraldcoasthomesonline.com/ or www.realtor.com and do a search on Condos in the area that you are interested in (sowal) and at least you will see what the listing prices are and go from there.

    I agree with SJ that there are probably some better complexes in the area but the prices may vary. Also as Mermaid said, you need to include any renovation and remodelling costs as you shop.

    Good luck.
     
  20. SHELLY

    SHELLY SoWal Insider

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    Not so...it "was" for the last couple of years a seller's market, now the shoe is on the other foot. Sellers are panicing if their properties are sitting on the market for over a WEEK!! (eeeeck!) :eek:

    IMO real estate has already topped and leveled and now will begin to creep down. Buyers are beginning to realize this (Toll Brothers blinked today too) and dreading buyer's remorse, buyers will be slow to pull the trigger as more properties enter the market. The well-placed homes will pretty much retain their values; the well-placed condos will trickle down a bit; but the lots and high-rise condos (many in the hands of speculators who are experiencing tightness in their chests and night sweats) are, however, gonna get ugly.
     
    Last edited: Nov 8, 2005

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