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Beachlover2

Beach Fanatic
Jun 17, 2005
811
51
SoWal
Bobby J

Are they looking for vacation homes - second properties or investing in a fire sale?

I just was talking to a friend last night - the townhome next to them just sold - listed for 500 (way too high in my opinion) sold for 285!!!!:eek: :eek:

Really do appreciate all the insight off these posts - both bull and bears.
 

fisher

Beach Fanatic
Sep 19, 2005
822
76
The market seems to be all over the place right now.

A large oceanfront home in Rosemary sold for $7.2 million while another home one lot back from the beach sold for around $2.9 million. A very large home in Phase I of Watercolor is under contract for around $3.8 million, or around $750 per square foot while the auctioned property noted above sold for under $400 per square foot. A St. Joe home in Phase II of Watercolor just sold for $670k but St. Joe paid 2% closing costs and gave a $40k decorating allowance for a net price of just over $600k or $400 per square foot.

The very desirable, high end homes of $3 million and above seem to be doing okay even though they may stay on the market for a long period of time. Below that level, things seem to in pretty bad shape with prices nestling in at or below 2004 prices.

There have been numerous closings recently on lots in Watersound and Watercolor at fairly significant losses of up to 35%. Unfortunately, there will likely be more losses for people that need to get out in a difficult market. You can review recent sales information on the Walton County website.
 

Bobby J

Beach Fanatic
Apr 18, 2005
4,043
599
Blue Mountain beach
www.lifeonshore.com
What happened to the "good investments" the current sellers bought over the last couple of years?

Many current sellers still feel they have made "good investments". If you open up Newsweek or you look around on the computer for every doom article you may have concerns. If you can't run with the big dogs you should have stayed on the porch....
 

00seer00

Beach Lover
Oct 12, 2006
112
3
PCB
30A property, not realy allot of it, many who bought at the top will get a haircut but when it all shakes out I dont think you could buy into a better place in the state of not the country. This is why the BIG $ stuff has slowed but is still selling. If you want to spend 4M on a house and are somewhere from the South will you buy in PCB or Pensacola, how about Mexico Beach. Dont think so. The less expensive properties will levle out when all the blood has been consumed buy the BIG FISH like Smiley Joe. This is what I see. I am right less than 50% of the time ask my wife.
 

InletBchDweller

SoWal Insider
Feb 14, 2006
6,804
263
52
Prairieville, La
BobbyJ, The clients I have been working with seem to be the same as yours. They are actually investigating the property and asking questions. Not walking in my office, looking for an hour or two and then writing within 4 hours.
dont worry about the doomsayers ;-) :D :love:
The market does seem to be changing very slightly. Almost dread writing this because of backlash by the doomsayers. Maybe I should just say I have had alot more people in my car wanting to gather information about property. We shall see...
 

Babyblue

Beach Fanatic
Mar 1, 2006
528
6
Seagrove Beach
BobbyJ, The clients I have been working with seem to be the same as yours. They are actually investigating the property and asking questions. Not walking in my office, looking for an hour or two and then writing within 4 hours.
dont worry about the doomsayers ;-) :D :love:


Writing contracts? What type of property and price range? :dunno:
 

Babyblue

Beach Fanatic
Mar 1, 2006
528
6
Seagrove Beach
Bobby J

Are they looking for vacation homes - second properties or investing in a fire sale?

I just was talking to a friend last night - the townhome next to them just sold - listed for 500 (way too high in my opinion) sold for 285!!!!:eek: :eek:

Really do appreciate all the insight off these posts - both bull and bears.


That is what the market is telling us. 4 now..
 
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