If anyone knows of or has the need to dump a property, or development project, please let me know. You may pm me the info. Other agents welcome. Bring me your hip pocket if it is priced right. Willing to spend up to 50M, cash, quick closings. Doesn't have to be one big property. Gulf Front is acceptable. Price should be reflective of "needing to dump."
Thanks
sj
Replies
136
Beach Lover
Since we are on the subject, I have a 5th floor unit at Moreno Point down by the Destin bridge that needs to be off my plate too. It's about 2000 square ft. with 3 BR & 3 Baths. Needless to say there is NOT another view like this one. It overlooks Crab Island, Destin Harbor and Choc. Bay. I'll take $895,000. These a choice units in this location.
I also have a unit at the Village of Blue Mountain that I would sell for $425,000 - furnished!
All these units are for rent.
I also have a unit at the Village of Blue Mountain that I would sell for $425,000 - furnished!
All these units are for rent.
Beach Fanatic
I think a key question is how many properties were built as investments to sell with no intention of living/vacationing there. If you can separate the volume into true buyers vs investors building to resell, that would be instructive. I was in Starbucks the other day and noticed a guy sharing the table with me that was on the phone, quite animated, for quite a while. Turns out, he has about 10 houses going up from Destin down to San Blas, even had a couple in Orlando area. He had a separate file for each one, bursting with papers. Each one was a spec he was hoping to resell prior to closing. In a word, he is screwed and he knows it. Told me he is just trying to get out with his skin at this point. He was not a prof builder, had a day job, which is lucky for him. You never want to be the last guy in....
Thanks for sharing that-very interesting.
Until speculators like the one you saw in Starbucks capitulate, the market will not have bottomed.
What will happen to all the lending institutions when they get all these properties back that are now worth less than the mortgage?
SoWal Insider
Thanks for sharing that-very interesting.They will get a nice write-off and the next owner benefits by the reduced price. Not an end-of-world scenario. Same thing happens daily regarding credit card chargeoffs and bad installment loans.
Until speculators like the one you saw in Starbucks capitulate, the market will not have bottomed.
What will happen to all the lending institutions when they get all these properties back that are now worth less than the mortgage?
SoWal Insider
Thanks for sharing that-very interesting.
Until speculators like the one you saw in Starbucks capitulate, the market will not have bottomed.
What will happen to all the lending institutions when they get all these properties back that are now worth less than the mortgage?
Unlike in years past, the lending institutions aren't holding as many full mortgages. Most of the mortgages have been "sliced and diced" and sold off as Mortgage Backed Securities (MBS). Some of "junk mortgages" that brokers have unloaded are now beginning to find their way back home in the form of "buybacks"--some are not, and the holders of MBS's are going to be left holding the bag (retirees, insurance companies and banks, foreigners). This big can of worms will ooze its way through the entire economy over the next couple of years. The Fed will make sure the banks come through OK--the same can't be said for the sleazy brokers, MBS holders and "investulators."
SoWal Insider
I think a key question is how many properties were built as investments to sell with no intention of living/vacationing there. ....
68 Pine Needle Way in Watercolor, on the block for quite a while...listed for sale at $1.7M, then at $1.4M, then went to auction this past weekend. A single bidder...SOLD! for $860K. (Whah..whaw...whaw)
Edited
Beach Fanatic
68 Pine Needle Way in Watercolor, on the block for quite a while...listed for sale at $1.7M, then at $1.4M, then went to auction this past weekend. A single bidder...SOLD! for $860K. (Whah..whaw...whaw)
Looks like 50% of high market to me.
Beach Lover
Regarding what level of pricing that we may return to, a little back of the napkin math is interesting. This assumes $250 per sf for the house and peak lot pricing, and $ 175 per sf this winter-contractors are getting hungry post peak and post Katrina. And you know lots have dived as well.
2005 2007
Lot $ 500,000 $ 300,000
House 2000 sf 500,000 350,000
Total $1,000,000 $650,000 (35%)
Granted this is really rough and it's impossible to generalize, but I dont think its far off
2005 2007
Lot $ 500,000 $ 300,000
House 2000 sf 500,000 350,000
Total $1,000,000 $650,000 (35%)
Granted this is really rough and it's impossible to generalize, but I dont think its far off
Beach Fanatic
68 Pine Needle Way in Watercolor, on the block for quite a while...listed for sale at $1.7M, then at $1.4M, then went to auction this past weekend. A single bidder...SOLD! for $860K. (Whah..whaw...whaw)
That is probably what is was worth. :shock:
Beach Lover
Say Its So Joe, I have Noticed a few bottom Fishers Latley
Beach Fanatic
Say Its So Joe, I have Noticed a few bottom Fishers Latley
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...
Beach Fanatic
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!!!!
Really do appreciate all the insight off these posts - both bull and bears.
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!!!!
Really do appreciate all the insight off these posts - both bull and bears.
Beach Fanatic
Fire or just good investments.
Beach Fanatic
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.
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.
SoWal Insider
just good investments.
What happened to the "good investments" the current sellers bought over the last couple of years?
Beach Fanatic
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....
Beach Lover
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.
SoWal Insider
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 ;-)
dont worry about the doomsayers ;-)
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...
Beach Fanatic
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 ;-)
Writing contracts? What type of property and price range?
Beach Fanatic
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!!!!
Really do appreciate all the insight off these posts - both bull and bears.
That is what the market is telling us. 4 now..
Beach Fanatic
Writing contracts? What type of property and price range?
I have been writing contracts on acreage peices. The buyers seem to be gathering info and getting ready to move on a few things. Many of the buyers feel we may be at the bottom and do not want it to slip on by.
SoWal ExpertAuthor
Looks like 50% of high market to me.I am not so sure that I agree. I don't think you are too far off, but I do note a difference. First of all, this is an auctioned property, which is sold as is, without contingencies, including financing contingencies, and secondly, the high list price was not the high selling price. Currently, the numbers I see are more like 30-35% off the highs, but then again, I don't know that there are enough sales to actually use the numbers as good statistics.
Beach Fanatic
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.
These types of homes are normally a different breed of buyer anyway, and because of that, many times stay on the market for a long time, regardless of the economic climate, boom or bust.
Beach Fanatic
These types of homes are normally a different breed of buyer anyway, and because of that, many times stay on the market for a long time, regardless of the economic climate, boom or bust.
There will always be two types of buyers. The first time home buyer and the ultra wealthy.
SoWal Insider
There will always be two types of buyers. The first time home buyer and the ultra wealthy.
The first-time home buyers have been priced out of the market.
SoWal Insider
What we (company I work for) have been selling have been detached single family, furnished homes, east end/north of 30-A, price per sq. ft average $330 and up. To my knowledge the buyers are in it for the long haul and are not planning on selling anytime soon. Prices have been $700,000 - $850,000
Writing contracts? What type of property and price range?
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