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Mermaid

picky
Aug 11, 2005
7,871
335
SHELLY said:
"Dorm Life!" :love: Ah...the American Dream lives on! And do they pay to ship the workers back to the Ukraine during the "off season?" Or do they just drop them off the bus in downtown Mobile? (Hey, as long as there's no scum in the pool, who cares. :dunno: )


SHELLY, that comment was both unkind and uncalled for. Surely you can do better than that to defend your position?
 

WiLe

Beach Comber
Nov 24, 2005
28
0
SHELLY said:
WiLe,

The way that it works is that you take out a home equity line of credit on your primary residence for any cash portion of the down payment over and above your "letter of credit".....THEN when the developer comes knocking for the MORTGAGE on the finished unit, you go and get the ZERO down optional ARM. Got it? ;-)

I know that. However, the link that you posted had an "owner occupied" requirement and borrowing limits. To take advantage of what they have to offer, you really can't already be in debt up to your ears. I know that there are always going to be those who get in over their heads and end up overextended and in trouble... I just don't see that happening here on anything approaching serious. Its not that easy for most people to get in a half million $ PRIMARY residence. Its a lot harder than that to get in a half million $ secondary or investment property. Those than CAN do that are not GENERALLY the same people who will easily walk away from a hefty down payment and ruin their credit.

From my observations, I don't see people buying who aren't aware of the risks and don't have Plan B's and C's. I invest in property. I've been doing it since I first bought in 93. I've made lost a little, broke even and made money. I'd have never lost on anything, if I had have been patient. There are always cycles - and most of them can't be predicted. I sold a beach home (actually a lagoon home, across from the beach) for $235,000 in 1998. That home's worth a million right now. It might go down to $900,000 next year - but 10 years from now I'll bet you it'll be closer to $2 million than it will be to a million. Between here and there, it will get scary. But end the end, prime property always wins. It always has and there is no reason to think that it will be any different in the future. PCB might look like a mess now with all the building. There might be too much on the market too soon. Prices might drop. Long term it won't matter. People who bought today will look like real estate genuises in 10 years. That will even be more so the case in Mexico Beach, because its cheap now.

Where would be a better place to put your money anyway? Cash pays nothing. I sold my businesses in 1994 and put most of my money in the stock market. Between 2000 and 2003, I lost 40% of it. Through some good moves, I got it up to where it was in 1994 - trouble is though I ran it through an "adjusted for inflation" analysis and found that my money was worth only 70% of what it was in 1994... Now contrast that to some of the real estate that I've owned (and some of it I sold):


Pelican Point (Beach condo) $169.9 to High 7's in 12 years
Beach House $200 - $1 million in 8 years
Back Bay Condo (Perdido Grande) $250,000 to Low 6's in 6 years
Present Home - $169.9 to mid 3's - 3 years
Romar Lakes Lakes (wood condo across from beach) $115,000 to $500,000 - and this is going to be demolished and I'l get a preconstruction priced $930,000 condo)

We'll cycle down for sure. Long term its UP.

A couple summers without hurricanes would be the best thing that could happen to us. Katrina was the worst thing that could happen to us. Much worse than the increase in interest rates.
 

Kurt

Admin
Staff member
Oct 15, 2004
2,233
4,925
SoWal
mooncreek.com
WiLe is getting back to the subject. For better or for worse, HWy 98 from Gulf Shores to Carabelle is going to look like Clearwater in the near future. With a little Sea Island and Marco Island thrown in here and there.

Thus the title: "Panhandle real estate boom just starting".
 

beachmouse

Beach Fanatic
Dec 5, 2004
3,504
741
Bluewater Bay, FL
SHELLY said:
"Dorm Life!" :love: Ah...the American Dream lives on! And do they pay to ship the workers back to the Ukraine during the "off season?" Or do they just drop them off the bus in downtown Mobile? (Hey, as long as there's no scum in the pool, who cares. :dunno: )

I seem to remember seeing ads for jobs at Sandestin where international travel expenses to and from the job area would actually be covered up to a certain level as long as the employee kept the job from the beginning of the contract season to the end of it.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
Mermaid said:
SHELLY, that comment was both unkind and uncalled for. Surely you can do better than that to defend your position?

The intent of my remark was to evoke a response from WiLe to confirm my suspicions--WiLe's response was exactly what thought it would be. I already know what my position is when it comes to indentured servants.
 

WiLe

Beach Comber
Nov 24, 2005
28
0
SHELLY said:
The intent of my remark was to evoke a response from WiLe to confirm my suspicions--WiLe's response was exactly what thought it would be. I already know what my position is when it comes to indentured servants.

I'm sure you're sharing all that you have with the people with less.

Who needs a beautiful home on the beach when there's so many with so much less?

You're an inspiration.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
WiLe said:
I'm sure you're sharing all that you have with the people with less.

Who needs a beautiful home on the beach when there's so many with so much less?

You're an inspiration.


Thanks, I try.
 

Rita

margarita brocolia
Dec 1, 2004
5,209
1,634
Dune Allen Beach
SHELLY said:
The intent of my remark was to evoke a response from WiLe .....


:roll: Right! Evoking a response is what it's all about.

WiLe, I was curious as to how you were so informed. I see from one of your posts that not only are you well read but you've been around the block a time or two with experience. I appreciate learning the positives and negatives, but will always take some folks with a grain of salt.
 

WiLe

Beach Comber
Nov 24, 2005
28
0
Rita said:
:roll: Right! Evoking a response is what it's all about.

WiLe, I was curious as to how you were so informed. I see from one of your posts that not only are you well read but you've been around the block a time or two with experience. I appreciate learning the positives and negatives, but will always take some folks with a grain of salt.

Thanks. If I know anything, its from paying attention to what's going on around me. I've seen this place grow from a sleepy little beach town to something thats on its way to a major tourist destination. Every time something new gets built, there's less room for something else. All of the property we're talking about is prime, the less of it there is, the higher the price is going to go. The more development, the more reason more people have to join in. I've seen a ton of people get wealthy here and I see a ton of smart people throwing more money into bigger and better things.

Not only I, but I have other family members who are heavily invested on the beach - all the way from here to Mexico Beach. I'm holding for the long term.

I appreciate your kind words.
 
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beachmouse

Beach Fanatic
Dec 5, 2004
3,504
741
Bluewater Bay, FL
I don't see what's wrong with dorm housing. They've done it or something similar for Great Lakes resort areas like Mackinac Island or Cedar Point for decades. Get a mostly college age workforce, and charge them a rent that still allows them to save for the school year (I think it cost about $40/week for rent when I was thinking about working at Cedar Point in the early 90s) and both employers and employees seem happy with the arrangement.
 
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